TOP NEWS
GM Strike
GM's longest-running strike seems set to continue after talks—in the words of the UAW union's top negotiator—took "a turn for the worse." There had been hopes on Friday of a weekend breakthrough. GM spokesperson: "We continue to negotiate in good faith with very good proposals that benefit employees today and builds a stronger future for all of us." Wall Street Journal
Houston Rockets
Daryl Morey, the general manager of the Houston Rockets, has apologized after tweeting support for pro-democracy protestors in Hong Kong. The now-deleted tweet upset the authorities in China, where the U.S. National Basketball Association does big business. Morey: "I have always appreciated the significant support our Chinese fans and sponsors have provided and I would hope that those who are upset will know that offending or misunderstanding them was not my intention." CNBC
HSBC Cuts
HSBC may slash as many as 10,000 jobs as part of a cost-cutting drive under interim CEO Noel Quinn. The banking giant's headcount currently runs to around 238,000. The Financial Times reports that high-paid roles will be targeted, and that Quinn's predecessor, John Flint, was ousted partly because he didn't make difficult job-cut decisions. FT
Glyphosate Trials
Bayer has announced the delay of a pending, Roundup-related U.S. lawsuit against it. The case of Winston v. Monsanto was due to commence next week but is now postponed until next year at least, which means the focus this year is now firmly on Bayer's appeals against three glyphosate rulings that have already gone against it. Reuters
What Workers Want
Employees of the future seem to want a lot more from their jobs than a steady paycheck. Steve Kimble, CEO and chairman of Deloitte Tax, shares his thoughts on our changing corporate culture and the many things he believes motivate workers today.
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AROUND THE WATER COOLER
Broadcom Measures
We have written before about the rare "interim measures" that the EU's antitrust authorities has been threatening to impose on Broadcom. The FT now reports that they will be levied this month, forcing the U.S. chipmaker to change its allegedly anti-competitive behavior even before a formal finding that it has broken EU competition rules. FT
Market Correction
JPMorgan Chase analysts reckon the current market correction is about halfway done. Cross-asset fundamental strategy chief John Normand: "Since corrections tend to be largest when markets are expensive and over-owned and when market depth is poor, these indicators give a sense of vulnerability even if they cannot anticipate the timing of a random shock…Entering October, vulnerabilities were moderate rather than high." Bloomberg
Japan Display
Japan Display, which makes currently-unfashionable liquid crystal displays and is therefore unprofitable, hopes to secure $468 million in desperately-needed funding by the end of the month. The Apple supplier says there's still a lot of demand for cheap phones that use LCD displays rather than the more vibrant organic light-emitting diode (OLED) screens. Reuters
Wealth Taxes
The New York Times has an interesting piece on how, while it wasn't true a decade ago (when Warren Buffett claimed as much) that the wealthy pay a lower tax rate than the middle class, it is true now. In fact, last year was the first on record in which the 400 wealthiest Americans paid a lower total tax rate than any other income group. NYT
This edition of CEO Daily was edited by David Meyer. Find previous editions here, and sign up for other Fortune newsletters here.
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