Wells Fargo names Charles Scharf as Chairman
Charles Scharf is an American business executive and is currently serving as the CEO and President of Wells Fargo. Scharf has previous experience at Visa Inc. and BNY. He has done his Executive MBA at the Stern School of Business.
Steve Black (Current Chairman, Wells Fargo) said, ' We are thrilled to recognize Charles' significant contributions to Wells Fargo and are planning to appoint him as the chairman of the board. We also plan to appoint a lead independent director to maintain independent board leadership.'
'The special equity award is designed to acknowledge Charles' role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the company for the future,' Black added.
The statement reflected the board's desire to retain Charles Scharf as the CEO of the company due to its previous transformative initiatives for the future success of the company.
Charles Scharf also welcomed the decision of the board and highlighted his intent to contribute to organizational development during the current momentum.
UNI SAS GNK
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
23 minutes ago
- Business Standard
Tariff impact on India's iPhone exports unclear despite US exemption
American President Donald Trump has announced that even while he plans to impose 100 per cent duty on imported semiconductors and chips, companies like Apple Inc (and manufacturers of laptops and personal computers) that have their manufacturing base of critical components in the United States (US) but assemble their products (like iPhones) in foreign countries will continue to be exempt from duty. Apple Inc Chief Executive Officer Tim Cook has announced the company is increasing its investment in the US by another $100 billion-600 billion in four years. In a press conference with Cook at the White House, Trump said: 'We will be putting a tariff of 100 per cent on semiconductors and chips, but the good news for companies like Apple Inc is that if you are building in the US, we are committed not to charge them (tariffs on the final product). ' The announcement came just a few days before the report of the Department of Commerce on investigation under Section 232 (of the Trade Expansion Act), aimed at protecting national security on semiconductors and embedded products with semiconductors (mobiles, laptops, personal computers, etc), and is expected to be placed before the President soon. However, the impact of the move on India could be varied compared to what it plans to do with China. Currently tariffs on mobile phones imported from India have zero duty, but China has been slapped a fenytyl tax of 20 per cent. However, experts in the business say the advantage India has on tariffs is neutralised by two factors: The cost of producing iPhones in India is around 10 per cent higher than in China. Hence despite the production-linked incentive (PLI), there is a handicap. And, because of a vibrant supply chain, China can absorb another 10-12 per cent of the increase in cost due to tariff through subsidies from the government and the advantage of scale. The PLI scheme for mobile devices in India is ending next year and the supply chain is in its infancy. The scenario could change even more if the US removes the fenytyl tax on China, bringing it down to zero like that for India and hectic negotiations are on between the two countries to do so. Regardless of Trump's position on duty, the reality under Section 232 is that it has not imposed the same tariffs on all countries. This is evident in the differential tariffs on the United Kingdom and the European Union on various products compared to others. And considering its latest salvo against India, it could well impose a hefty duty on semiconductors for India and leave China out. In simple calculation, a 100 per cent duty effectively means a 40 per cent duty on a smartphone as 35-40 per cent of its cost of production is from semiconductors.
Economic Times
23 minutes ago
- Economic Times
Elon Musk's Starlink to store Indian data locally: Govt
Synopsis Starlink's India operations will store network data and traffic locally, ensuring domestic user traffic isn't mirrored on foreign servers, according to Minister Pemmasani. Having secured necessary clearances, Starlink, along with Eutelsat OneWeb and Reliance Jio-SES JV, is poised to tap into India's rapidly growing satcom market. The sector is expected to generate employment through network installation, operation, and maintenance. TNN & Agencies The network data, traffic and other details accumulated by Elon Musk's Starlink satellite internet service from its operations in India will be locally stored, minister of state for communications Chandra Sekhar Pemmasani said in Parliament on user traffic will also not be mirrored to any system or server located abroad, Pemmasani said in a written reply in the Rajya Sabha. "Security conditions, inter-alia, include the establishment of earth station gateway(s) in India for providing satellite-based communication services with no user traffic originating from or destined for India to be routed through any gateway located outside India, no copying and decryption of the Indian data outside the country, and the Indian user traffic is not to be mirrored to any system/server located abroad," Pemmasani said. US-based Starlink is the third satcom operator after Bharti-backed Eutelsat OneWeb and Reliance Jio-SES JV to secure all clearances for offering commercial broadband from space services in India, a market expected to grow exponentially in the coming received its Global Mobile Personal Communication by Satellite (GMPCS) permit last month. The Indian National Space Promotion and Authorization Centre (IN-SPACe) authorised Starlink's Gen 1 constellation to provide satellite communication services in India. Gen 1 is Starlink's low-earth orbit (LEO) network of 4,408 satellites, which can offer 600 Gbps throughput in minister, meanwhile, said the satcom sector is expected to generate employment as it is an emerging area."Satellite-based communication services is an upcoming area and, as any new economic activity would do, it is also expected to generate employment in the country, as it involves, inter alia, the installation, operation and maintenance of the telecom network including user terminal equipment," Pemmasani said in his now needs to acquire spectrum from the government and establish ground infrastructure for its other global satcom majors-Jeff Bezos-owned Amazon Kuiper and Apple's satcom partner Globalstar-are also awaiting approvals from Indian authorities.
Time of India
23 minutes ago
- Time of India
The Turning Tables: Geopolitics behind the tariffs
Dr. Shalini Saxena is currently working as a Professor in Political Science and International Relations in the Department of Political Science and Public Administration, Royal School of Humanities and Social Sciences, The Assam Royal Global University, Guwahati, Assam, India. Prior to this, she served as a Professor of Political Science in the Department of Political Science, Amity Institute of Social Science, Amity University, NOIDA. She completed her Ph.D. from Lucknow University in March 2010. Before that, she earned her from the Centre for International Politics, Organization and Disarmament, School of International Studies, Jawaharlal Nehru University (JNU), New Delhi, specializing in International Politics. She also holds an M.A. in Political Science from the Department of Political Science, University of Lucknow. Her core interest areas include international relations, state and local governments, international organizations, campaign management and polling, journalism, electoral politics, research, and university and college teaching. She has published numerous research articles and book chapters in reputed national and international journals. In addition to convening national conferences and workshops, she has edited a book titled 'Rethinking Contemporary Indian Polity.' She is also a course developer and content creator in the fields of Political Science and International Relations. LESS ... MORE The recent US tariffs on Indian goods have sparked a debate that goes beyond economics. At first glance, these measures look like responses to trade imbalances or industrial subsidies. Looking closer, however, there is a deeper shift underway. This shift is rooted in changing alliances and strategic positioning. New power blocs are emerging quietly. These tariffs seem less about fixing trade deficits and more about sending a signal. The US aims to show strategic displeasure. The tariffs are not only punitive, intended as a penalty, but also preventive. They are meant to deter India from leaving the US-led global order. By imposing tariffs, the US sends a calculated message: return to the Western fold or face consequences. India has not responded as the US may have expected. Instead of backing down, India reinforced its multipolar foreign policy with new assertiveness. After the Pahalgam attacks, India reportedly refused several US demands. These may have included calls for more Western alignment, trade concessions, or less engagement with Russia. Instead, India softened its stance toward China. This was an unexpected diplomatic move and led to a rare, cautious warming of India-China ties. This shift has quietly set the stage for a potential India-Russia-China (IRC) axis, a scenario that has long haunted US foreign policy circles. For decades, preventing a cohesive alliance among these three powers has been a strategic imperative for the US, given the potential of such a bloc to challenge US hegemony in both Eurasia and the Indo-Pacific. Meanwhile, the US has found some success in re-engaging with Pakistan, which had drifted into China's sphere of influence due to its reliance on the China-Pakistan Economic Corridor (CPEC). Pakistan's gradual pivot back toward the US has provided Washington with a crucial regional counterbalance. The recent visit of Pakistani Army Chief General Asim Munir to Washington, including a high-profile lunch interpreted by many as a symbolic 'thanksgiving', highlights this new alignment. The reestablishment of the US-Pak ties is strategically important as Iran, China, and Pakistan signal increasing cooperation, threatening the US interests in the broader region. In contrast, India's refusal to be boxed into a singular alliance system has not gone unnoticed in the US. Its growing closeness with Russia and slightly improved ties with China are seen as defiant acts in an increasingly polarised global environment. With the US dollar's dominance being questioned, and alternative financial and strategic frameworks emerging, these developments point to larger, tectonic shifts in the global order. The US, once the uncontested architect of global rules, now finds itself responding to a new reality, one where power is dispersed, alliances are fluid, and influence must be earned rather than assumed. As India charts its course with strategic autonomy, and regional dynamics continue to evolve, the tariff war may only be the opening salvo in a broader contest over the shape of the emerging world order. Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
