Trump axes key business councils after CEOs drop out

Conor Coyle Sharecast | 17 Aug, 2017 10:43 | | |


US President Donald Trump has disbanded two of his key business advisory councils after a plethora of CEOs quit in response to his stance on events following clashes in Charlottesville sparked by white supremacist groups.

The Manufacturing Council and the Strategy and Policy Forum will be no more following the exodus of executives, after Trump was roundly criticised for failing to condemn the far-right groups and equating them to human rights protesters.

One woman was killed on Saturday when a car smashed its way through a crowd of protesters in the Virginia town, but in a fiery press conference on Tuesday Trump said there were some "very fine people on both sides" of the violence.

The President announced the disbanding of the forum on Wednesday via Twitter.

"Rather than putting pressure on the businesspeople of the Manufacturing Council & Strategy & Policy Forum, I am ending both," Trump wrote on the social media site. "Thank you all!"

3M chief executive Inge Thulin was the latest business executive to drop off the Manufacturing Council, after the CEOS of companies such as Merck and Intel had also departed in the wake of the Charlottesville comments.

Merck boss Kenneth Frazier said earlier this week his exit was ‘a matter of personal conscience’ and that he had to ‘take a stand against extremism’.

JPMorgan Chase head Jamie Dimon also released a statement on Wednesday urging for an end to divisiveness in the US, but did not condemn Trump explicitly.

“Constructive economic and regulatory policies are not enough and will not matter if we do not address the divisions in our country. It is a leader's role, in business or government, to bring people together, not tear them apart,” Dimon said.

Apple chief executive Tim Cook belatedly made a statement that he did not agree there was a "moral equivalence" between white supremacists and "those who oppose them".

More news

19 Sep US close: Markets finish higher as Trump addresses UN

Stocks on Wall Street finished higher on Tuesday as investors listened in on a speech by the American president to the United Nations general assembly, and ahead of the US Federal Reserve's policy decision the next day.

19 Sep Credit Suisse upgrades Tullow Oil, downgrades Ophir Energy

Analysts at Credit Suisse rejigged their recommendations for European Exploration and Production outfits, telling clients the sector was better positioned to emerge from the cycle, while its year-to-date de-rating had made it more "attractive".

19 Sep Results round-up

Online grocery specialist Ocado reported a slight acceleration of growth in the third quarter of the year but comments about a short-term spike in costs hit the shares on Tuesday.

19 Sep Investec says Debenhams dividend may be unsustainable

Investec reiterated its 'sell' recommendation on Debenham's on the back of expectations for foreign exchange headwinds, unanswered questions around execution and profitability and the ongoing shift towards 'on-line'.

19 Sep London close: FTSE higher on the day, investors wait for Fed statement

Shares finished higher on Tuesday as the pound gave up early gains against the dollar.

19 Sep Europe close: Stocks end with slight gains ahead of Fed

Stocks finished slightly higher as investors listened-in on a speech by US president Donald Trump at the United Nations and waited on the result of the US central bank's policy decisions the next day.

19 Sep BlueRock Diamond nearing monthly target production

BlueRock Diamonds, the diamond mining company and operator of the Kareevlei Diamond Mine in the Kimberley region of South Africa, said it was nearing its target of 25,000 tonnes of production per month.

19 Sep FTSE 100 movers: Food retailers rise on sales, GlaxoSmithKline softens

The FTSE 100 was in the green on Tuesday afternoon, as the pound gave up early gains against the dollar.

19 Sep Swallowfield boosts operating profit 180%, appoints new finance director

UK-based personal care and beauty products group Swallowfield announced on Tuesday that it had grown both full-year profits and revenue.

19 Sep Inland Homes makes outline planning application on Wilton Park

Brownfield-focussed housebuilder Inland Homes announced on Tuesday that it has made an outline planning application on its 100-acre flagship development site ‘Wilton Park’ in Beaconsfield, Buckinghamshire.