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Goldman executive earning over $100M set to ‘retire’ amid CEO clash

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A senior executive at Goldman Sachs, who has reportedly earned more than $100 million since 2020, is said to be stepping down from their position following ongoing conflicts with CEO David Solomon, according to recent reports.

This unexpected development has sent shockwaves through the financial world, as the executive’s departure marks the end of a highly lucrative and influential career at the prestigious investment bank.

The executive, who has chosen to remain anonymous for now, is believed to have clashed with Solomon over various strategic decisions and leadership approaches within the firm. Insider sources suggest that these disagreements have become increasingly irreconcilable, leading to the executive’s decision to “retire” from Goldman Sachs.

This departure raises questions about the future direction of the investment bank, as the executive had played a significant role in the company’s recent successes and profitability. Investors and analysts will be closely watching for any potential ripple effects on the bank’s performance and stock price in the coming months.

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Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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