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Image: Siphiwe Sibeko / Reuters
Wake up to the shifts shaping the future.
From boardroom shakeups and billion-dollar bets to the latest tech breakthroughs rewriting the rules, The Company Brief is your front-row seat to the stories moving markets and mindsets.
We cut through the noise so you can stay ahead of the curve, one bold business move at a time.
Trump sues JPMorgan, CEO Jamie Dimon for $5 billion over alleged debanking
US President Donald Trump filed a $5 billion lawsuit against JPMorgan Chase and its CEO Jamie Dimon on Thursday, accusing them of debanking him by closing several of his accounts to further a political agenda. The lawsuit, filed in a Florida state court in Miami-Dade County, accused the largest U.S. bank of violating its own policies by singling out Trump to ride the "political tide." JPMorgan denied that it closes accounts for political or religious reasons. "While we regret President Trump has sued us, we believe the suit has no merit," it said. "We respect the President's right to sue us and our right to defend ourselves."
Amazon plans thousands more corporate job cuts next week
Amazon is planning a second round of job cuts next week as part of its broader goal of trimming some 30,000 corporate workers, according to two people familiar with the matter. The company in October cut some 14,000 white-collar jobs, about half of the 30,000 target first reported by Reuters. The total this time is expected to be roughly the same as last year and could begin as soon as Tuesday, the people said, who asked not to be identified because they were not authorised to discuss Amazon’s plans. An Amazon spokesperson declined to comment.
Magnum accuses former Ben & Jerry's board chair of 'serious misconduct'
Ben & Jerry’s years‑long struggle to defend its progressive mission from parent‑company pressure escalated this week, as The Magnum Ice Cream Company accused the brand’s former board chair of misconduct and said its once eight‑member board had been reduced to just two directors. Unilever, which acquired the quirky, socially conscious Ben & Jerry's in 2000, spun off its ice cream unit into Magnum in December and retains a 19.9% stake. In a filing dated January 20 in that U.S. District Court case in New York, Magnum said that Ben & Jerry's CEO and a Unilever appointee were now the only members on its board. After Magnum deemed her unfit to serve, Ben & Jerry's Board Chair Anuradha Mittal was ousted in mid-December, and two long-serving directors left as Magnum introduced nine-year term limits. In its new filing, Magnum said Mittal "had engaged in serious misconduct that rendered her ineligible to serve on the board" and that an Ernst & Young audit of the Ben & Jerry's Foundation, a separate U.S. non-profit funded by the brand, led to concerns of conflicts of interest.
Denel faces a salary crisis as labour raises urgent concerns
Denel has remained mum as labour and political parties have sounded strong alarm bells after employees at Denel PMP and Denel Dynamics were informed that the divisions are unable to pay salaries for this month, in what appears to be another salary crisis at the state-owned company. Strong views have been expressed calling for the appointment of a new, permanent board with appropriate expertise in the defence industry, engineering, finance and project execution; consequence management for the non-implementation of board-approved strategies; a new management approach with zero tolerance for corruption; and serious consideration of public–private partnerships to restore sustainability, protect strategic capabilities and secure jobs. The National Union of Metalworkers of South Africa (Numsa), which, among other labour organisations has been involved in charting a turnaround plan, said the entity failed to implement a plan estimated at R120 million, which would have delivered results.