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☆ Andy Sieg is quickly shaking up Citi's wealth business. At least 11 senior execs have left since his arrival.
▼ + stars: | 2024-04-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Citi's wealth unit has seen at least 11 senior execs exit since Merrill Lynch veteran Sieg joined in September. The latest departure is David Bailin, chief investment officer for the global wealth division, who announced his departure on Monday. Sieg's mandate is to turn around the wealth business, which was barely profitable this past quarter. Sieg also plans to expand Citi's already successful wealth business in Asia. At least two other senior Asia executives have left.

Persons: Andy Sieg, Merrill Lynch, Sieg, David Bailin, Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merril Lynch, Don Plaus, Hale Behzadi, Citi David, Eduardo Martinez Campos, Keith Lee Hong, Fernando Lopez Munoz, Luigi Pigorni, Jeff Sutton, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Citi, Business, Bankers, Citi Wealth, Citi Global Wealth, North America, Eduardo Martinez Campos Head, Mark, Mark Mills Regional, Fernando Lopez Munoz Head, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Keith Lee Hong Kong, Mark Mills, Shyam Sambamurthy South Asia, America, West China, hcuccinello@businessinsider.com

☆ Cuban President Sacks Economy Minister as Controversy Grows Over Price Hikes
▼ + stars: | 2024-02-02 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

HAVANA (Reuters) - Cuban president Miguel Díaz-Canel sacked economy minister Alejandro Gil on Friday, state media reported, as controversy continued to grow over the delay of recently announced measures to hike the price of fuel and transportation fares in the communist-run country. The Council of State, under Diaz-Canel`s direction, has appointed Central Bank president Joaquín Alonso, 60, to replace Gil. The upheaval comes just two days after the government put off an unpopular five-fold hike in gasoline prices planned for Feb. 1, saying a cyberattack from outside Cuba had thwarted implementation. Former economy minister Gil had advocated for the unpopular plan to raise prices for many government subsidized services, and has long been criticized for his management of the country`s near-bankrupt economy. Gil's planned price hikes, initially announced in December and early January, rocked Cuba, where residents have long depended on a vast program of state subsidized food, fuel and medicine.

Persons: Miguel Díaz, Canel, Alejandro Gil, Diaz, Joaquín Alonso, Gil, Elba Rosa Perez, Eduardo Martinez, Alberto Lopez, Manuel Santiago Sobrino, Nelson Acosta, Dave Sherwood, Kirsten Donovan Organizations: of State, Central Bank, Technology, Food Industry Ministry Locations: HAVANA, Cuban, Cuba, Santa Clara

Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Citigroup declined to comment on all the personnel moves, and none of the leaders named responded to requests for comment. The full reorganization could involve thousands of layoffs, according to a source familiar with the situation who was not authorized to speak publicly. Preparations for Monday's announcements were communicated verbally in meetings last week, according to another source familiar with the situation. Final announcements related to the overhaul will be made early next year, Fraser said in a memo to employees.

Persons: Jane Fraser, Eduardo Martinez Campos, Andy Sieg, Andrew Kelly, Valentin Valderrabano, Patricia Dorosz, Nacho Gutiérrez, Carmen Haddad, Fahad Aldeweesh, Haddad, Jose Miguel Salvador Nasur, Peter Babej, Ernesto Torres Cantú, Brad Wayman, Chris McCullough, Wayman, Patrick Gallagher, Lucy Baldwin, Sandeep Arora, Fraser, Mark Mason, Tatiana Bautzer, Lananh Nguyen, Andres Gonzalez, Saeed Azhar, Bayliss, Echo Wang, Isla Binnie, Nick Zieminski, Stephen Coates, Marguerita Choy Organizations: Citigroup, Citi, Citi Wealth Services, Citibank, New York Stock Exchange, REUTERS, Svea Herbst, Thomson Locations: Manhattan , New York City, U.S, Europe, Saudi Arabia, Chile, New York, London, Svea

☆ Focus: In Mexico, private cash races to plug nearshoring energy crunch
▼ + stars: | 2023-07-26 | by ( Isabel Woodford | Thomson Reuters | Isabel Is A British-Spanish Journalist Based In Mexico City. She Joined Reuters In As Part Of The Latin America News Hub | ) www.reuters.com time to read: +7 min

Sergio Arguelles, president of the Mexican Association of Private Industrial Parks (AMPIP), said parks' investment in state energy assets today is unprecedented. "Mexico would be very well positioned to take advantage of nearshoring if it didn't have such an energy problem," he said. THE SHRINKING STATEMexico's approach to its groaning electricity grid is in contrast to its fast-growing peers, which tend to either incentivize private energy contractors or have state utility companies with deep pockets. Still, there is some hope for the new wave of 47 planned industrial parks. Yet critics say Mexico's push for state control over energy distribution while also neglecting it is self-sabotage.

Persons: Daniel Becerril, Sergio Bermudez, Barbie, Mattel, Bermudez, …, Eduardo Martinez, Sergio Arguelles, Aaron Gallo, Gallo, Andres Manuel Lopez Obrador's, David Gantz, Electrobras, AMPIP's Arguelles, Lopez Obrador, Ramses Pech, Hans Joachim Kohlsdorf, Zonia Torres, Alfredo Nolasco, Isabel Woodford, Marguerita Choy Organizations: Federal Electricity Commission, REUTERS, MEXICO CITY, Unilever, Mexican Association of Private Industrial Parks, American Industries, Industries, CFE, U.S, Baker Institute, Thomson Locations: Mexico's, Santa Catarina, Monterrey, Mexico, MEXICO, Nuevo Leon, Brazil, Guanajuato

☆ Colombia and Venezuela sign deal to revive trade
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +3 min

[1/4] Colombian President Gustavo Petro and Venezuelan President Nicolas Maduro react during a meeting for signing the Partial Scope Agreement Number 28 that will resume bilateral trade between Colombia and Venezuela at the Atanasio Girardot International Bridge on the border between Colombia and Venezuela, in San Antonio del Tachira, Venezuela, February 16, 2023. Colombian Presidency/Handout via REUTERSBOGOTA/CARACAS, Feb 16 (Reuters) - Colombia and Venezuela on Thursday signed an agreement to revive trade between the two countries during a ceremony on a border bridge at which Colombia's President Gustavo Petro and Venezuela's President Nicolas Maduro both signed. The deal "updates everything having to do with tariffs, with goods traded, (and) lays the foundations for a new dynamic, for the expansion of trade between Colombia and Venezuela," Maduro said at the event broadcast on Venezuelan state television. "We have to fill these bridges with trade," Petro said, warning that "there is lots still to do because it is not a question of whether these bridges are filled with trade but rather than they are filled with people." Caracas broke off relations with Bogota in 2019 after Venezuelan opposition activists tried to send aid trucks from Colombia.

☆ This startup enables companies to launch their own embedded finance products. Check out the 16-slide pitch deck Toqio used to raise $19.2 million.
▼ + stars: | 2022-09-29 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Toqio, a London-based fintech SaaS startup, has raised $19.2 million in Series A funding. The startup's platform enables companies to launch their own fintech products. London-based fintech startup Toqio has raised $19.2 million in fresh funding. Companies can access a range of different banking and embedded finance products from the startup's platform. The startup believes its platform and marketplace offer a more cost-efficient way for companies to launch their own financial products.

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