Another quick roundup on business news for the 13th of March…
Dropbox files for IPO
Data-sharing business Dropbox filed for an initial public offering that values the company at $7.1 billion. Aleksandra Michalska reports. ▶ View Transcript
DowDuPont chief executive Andrew Liveris is retiring as the company prepares to spin off a number of its businesses. Aleksandra Michalska reports.
Imagine if everything you did on Facebook or Twitter counted towards a government-imposed ‘citizen score’. All your online behaviour would be analysed and assessed to come up with a measure of your online reputation, character and trustworthiness.
This could then be used by employers to decide whether to offer you a job, by banks to decide whether to give you a loan, or even by prospective partners. Well, China is planning something like this called the Social Credit System. Details are sketchy at this stage but it is due to be up and running by 2020.
China’s “Great Firewall” – it’s internet censorship programme – already controls access to many Western news websites, as well as Google, Facebook, YouTube and Twitter. But anything its 1.4 billion citizens say or do on the country’s hugely popular alternative social media sites, WeChat and QQ, could soon affect their Social Credit System rating.
NEW YORK (Reuters) – General Electric Co (GE.N) last year eliminated bonuses for its senior managers for the first time in its 126-year history, saving millions of dollars after losing money in 2017, the industrial conglomerate said on Monday. All but one of its top executives did not receive a bonus, the company said. The changes led to steep declines in compensation and reflected the company’s poor results in 2017, according to the company’s annual proxy.
Former CEO Jeff Immelt, who stepped down on Aug. 1, received $8.1 million in 2017, down from $21.3 million the year before. Compensation includes salary, bonus, stock, options and other income. GE eliminated Immelt’s 2017 target bonus of $5.4 million and cut about $1 million from his salary. Current Chief Executive John Flannery earned $9 million in salary and other compensation last year. The company eliminated a $3 million target bonus for him, GE said.
The company also eliminated bonuses for former Chief Financial Officer Jeff Bornstein, former Vice Chair of Business Innovations Beth Comstock and John Rice, the former CEO of GE’s global growth organization. The savings on bonuses and other compensation totaled more than $10 million. The exception was David Joyce, head of GE’s aviation business, who received about $5.2 million. While that was down from $12.6 million in 2016, Joyce received a $1.4 million bonus.