Good morning Sébastien Bazin, CEO of the Accor Group, said that he left the financial industry for a “super narcissistic” reason: “After 25 years in finance and being, I had no idea whether I was lucky or smart.”
It turns out that he is smart and that the hotel group based in Paris has expanded from a portfolio of the 13 Economy to the hotel brands mainly based in Europe with a medium level, a global hotel giant with 360,000 people, which in 110 countries and 47 brands, the Fairmont, Raffles, Mövenpick, Ibis, Mercure and Novotel. After he had created a “monster that was super complex”, he separated the business two years ago and hired three other CEOs to do different units to keep the supervision of luxury and lifestyle division, “because this is probably the risk. Now he is now focusing on sustainability, expansion in markets such as India and AI to help his employees have a better service.
When it comes to decision -making, he first trusts his instincts: “What does my stomach tell me about this situation? Then I have to go to heart because it will tell me how the decision is influenced by others. And the brain tells you a thing when you have to make a decision that begins with the brain.
From the finances, he said: “I have the costs of a dollar and how to assess the risk of a dollar to be invested.” At Accor he learned that the execution of a vision takes time. “You have to put it on paper, share it with your board of directors and as soon as you have your blessing, you actually have to explain it to your management team so that you can understand where to go.”
Apart from luck, he offers three tips that have served him well over the years. “Be always an actor in your own life; never a viewer,” he says. “Anyone who is waiting for tomorrow is only an idiot because a decision that is made later is usually worse than today.” And he always tries to be in a good mood. “Your people may only see you in the quarter or once in life, and you owe them to them.” Further news below.
Contact the CEO every day via Diane Brady diane.brady@fortune.com
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Trump wants to name a new Fed chair early
The President – who hates the current FED chairman Jerome Powell – already mentioned a replacement for him in September, which would undermine Powell, who is to leave his office in May. The WSJ reports. The potential candidates include: former governor of FED, Kevin Warsh, director of the National Economic Council Kevin Hassett, Finance Minister Scott Bessent, the former President of the World Bank, David Malpass, and the governor Christopher Waller.
Trump called Mamdani “a 100% communist insane”
“It has finally happened, the Democrats have crossed the line. Zohran Mamdani, a 100% communist insane, has gained that of the area code and is on the way to becoming mayor. We had radical leftists, but this will look a little ridiculous. He looks terrible. Chuck Schumer is around him He said on social media.
New York’s managing director is concerned
Many be afraid The city’s socialist mayor could destabilize the economy. The billionaire investor Bill Ackman has published A lengthy tweet In the little hours of the morning, it promised to use any viable candidate who was still able to defeat Mamdani financially. “His guidelines would be catastrophic for NYC … The ability of NYC, services for the poor and the needy, let alone offer the average New Yorker, completely depends on the fact that NYC is a business -friendly environment, and a place where wealthy residents are ready to spend 183 days and spend the associated tax burden.
CIA: The Iranian locations “badly damaged”
The CIA now says that the nuclear institutions of Iran were “badly damagedAnd that the reconstruction would take years – a reversal from an earlier reported report in which the damage caused by US bomb attacks was less serious than expected.
The founder of Jane Street allegedly led to the financing of weapons business
Robert Granieri, co-founder of the Jane Street Group, was cheated on a purchase of AK-47, Stinger rockets and grenades for a coup in South Sudan. According to the public prosecutor. Granieri is not accused of misconduct.
Hummel cuts 30% of the staff
Dating app bumble announced Around 30% of its workforce will be dismantled on Wednesday in a securities registration because the company tries to reduce costs if you have a declining user payment. JPMorgan analysts wrote yesterday in a note that the move “is a surprise”.
Teslas Europa problem could move in the other direction
Only Tesla seen In May by 28% of vehicle sales in Europe and marks the best month of the EV company at the continent this year. Next week the company will publish vehicle production and delivery numbers for the second quarter.
Shell refuses the report on potential BP mergers
Shell has contested A Wall Street Journal Report that the Energy Giant is planning a potential mega-merger with the competitor BP. A recording of the smaller blood pressure would bring Shell in a stronger position to take over competitors such as Exxon Mobil and Chevron.
Must-read: The FT has A protracted feature about how climate change causes a systemic crisis in the real estate insurance business on a scale that is comparable to the 2008 financial crisis.
Fortune 500 -Power movements
Hormel food (No. 352 on the Fortune 500) appointed Jeffrey M. Ettinger As an interim CEO, the company was effective on July 14 from 2005 to 2016 and succeeds Jim Snee, who announced his retirement in January.
GXO logistics (No. 363) appointed Patrick Kelleher As CEO, Kelleher, who was most recently CEO in North America near DHL, was on August 19 and succeeds Malcolm Wilson, who is retiring.
Every Friday morning the Weekly Fortune 500 Power Moves Columns Fortune 500 Company C-Suite shiftSee the latest edition.
The markets
- The dollar It fell 0.55% compared to other currencies in the DXY index in the news that Trump intends to name a new FED chair early on. The S&P 500 Closed last night with 6,092. S&P Futures had risen by 0.32% this morning and signaled that the index can take another attempt today to exceed its all -time high of 6144.15. Stoxx Europa 600 had increased by 0.23% in early trade. Bitcoin Was over 107,000 US dollars this morning. Japan Nikkei 225 had increased by 1.65%. India Nifty 50 had increased by 1%. China, Hong Kong, And KoreaThe main indices were all slightly down.
From the analysts
- Macquarie about “War” at the Fed: “Could a” war “in the FED claim to be” pigeon “?
- JPmorgan on the S&P 500: “We keep a bearish attitude on the USD, which is pointed out to fade away the US icing endalism and the growth-supporting guidelines abroad. In the US stocks, the growth and the higher long rates will probably lead to a repetition of the 2023-2024 Playbooks of leadership and the high market concentration from 2023 to 2024.
- Wedbus on shares: After the conflict in the Middle East, we will record more sanguine on the short -term market views on the Middle East in the past few days, which reflects a lower level of uncertainty. … Last seasonality points on solid performance in July: In the past 15 years, July has proven to be one of the best months of the year for the wider market and many sectors, ”according to Seth Basham.
- Oxford Economics about consumer mood: “The consumers were more pessimistic in June because they are still anxious about the inflationary effects of tariffs. Several downward risks could weigh up the trust in a short time, since many tariffs take place in summer and expire in summer, and tensions in the Middle East threaten the oil prices this year,” according to Grace Zwemmer.
To the watercolor seal
AI companies throw a lot of money from newly shaped doctoral students and throws the fears out of an academic “brain drop”. By Alexandra Sternlich
Snapchat President about the mistake of “impersonal e -mail”, which changed his management tripBy Massimo Marioni
The US supervisory authorities revolve it after Teslas Robotaxi -Start contained unexpected behavior and potentially broken traffic laws, By Marco Quiroz-Gutierrez
Parents sacrifice retirement, take second jobs and liquidate investments to afford college for their childrenBy Sydney Lake
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