Danske Bank, Apple Bill, Chinese Retaliation: CEO Daily for September 19, 2018
- The CEO of Denmark’s largest bank has fallen on his sword over one of Europe’s worst-ever money laundering scandals.
- Danske Bank’s slack controls allowed its Estonian operations to be used for money laundering from 2007 through 2015.
- While it isn’t sure how much money-laundering took place, it knows it made $235 million from the suspicious customers—and what the authorities don’t confiscate from that sum, Danske will donate to an independent foundation that fights international financial crime.
- The Estonian authorities launched a criminal investigation into the money-laundering at the end of July, prompted by a complaint by none other than Hermitage Capital chief Bill Browder, one of the Kremlin’s bêtes noires.
- Browder reckons much of the laundered cash came from the Russian state, and alleges that dozens of Danske employees in Estonia were linked with organized crime.
Before and after photos show how quickly ice is disappearing on Swiss glaciers
- The Rhone Glacier, a popular tourist spot in the Swiss Alps, has been shrinking quickly over the last several years.
- Glaciers and their streams, which were abundant many years ago, are disappearing due to climate change.
- According to Reuters, glaciologists say half of the small glaciers in Switzerland, as well as the glacier-fed streams, will be gone in less than 30 years.
- To reduce the amount that disappears, nearby residents have been wrapping the glacier in blankets over the past eight summers, Quartz reported.
- According to Swiss glaciologist David Wolken, the method may be reducing the melting by up to 70%.
- Take a look at how the amount of ice on the Rhone Glacier has changed since 2008.
Trade War, Auto Antitrust, Musk Suit: CEO Daily for September 18, 2018
- Good morning.
- Is AI really taking off in business?
- That’s the subject of a new MIT/BCG study.
- And the answer is “yes”… but only if you are talking about the roughly one-fifth of companies that the study characterizes as “pioneers”—or early adopters.
- Second, the “pioneers” are rapidly accelerating their applications of AI, moving from focused tests to enterprise-wide applications.
- Those who aren’t in the pioneer group are moving much more slowly.
- “There is a feedback effect,” says BCG’s Martin Reeves, one of the authors.
- “The more you know, the more you can do.” In short, the gap between the AI “haves” and “have-nots” is growing.
- More news below.
- This edition of CEO Daily was edited by David Meyer.
- Find previous editions here, and sign up for other Fortune newsletters here.
Sephora sets up shop in David Jones
- Four years after spurning offers from Myer and David Jones, LVMH's global cosmetics chain Sephora has entered into a partnership with David Jones and will open its first shop-in-shop before Christmas.
- The partnership, announced on Tuesday, promises to reinvigorate David Jones' beauty and cosmetics offering by introducing new and exclusive brands, boosting foot traffic and attracting a new generation of selfie-obsessed shoppers.
- Sephora will open its first shop-in-shop in David Jones' Melbourne Bourke Street flagship in the next three months - with interactive technologies and facilities enabling customers to experiment with products - and more stores are expected to follow over the next year.
- David Jones chief executive David Thomas said the partnership with Sephora, the world's largest beauty retailer, would deliver an exciting and experiential new offering for customers.
- Sephora's deal with David Jones comes two weeks after Myer secured exclusive department store distribution for beauty brand Aesop.