Theresa May: Brexit plan will boost UK aerospace
Airbus’ wing production plant near Broughton in north-east Wales Theresa May is to promise extra investment for the aerospace industry just days after Airbus threatened to reduce its UK presence because of Brexit disruption. The PrimeMinister will also say that her Brexit plan will secure millions of aviation […]
Goldman to name David Solomon as CEO early this week: NYT
(Reuters) – Goldman Sachs Group Inc (GS.N) is expected to name David Solomon as its next chief executive officer early this week, the New York Times reported on Sunday. The announcement, which will formally establish Goldman’s President Solomon as the successor to Lloyd Blankfein, could me made as soon as Monday, the newspaper reported citing sources. Goldman Sachs was not immediately available to comment outside regular business hours.
Firms told to engage with staff to improve trust
A new corporate governance code aimed at improving trust in business has been published by the accountancy watchdog. The changes include banning senior executives from selling shares awards for five years and encouraging firms to improve how they engage with staff. The code isn’t mandatory, but listed UK firms opting out would need to explain to investors why they had.
The shake-up comes in the wake of high profile corporate failures such as the collapsed construction firm Carillion. The former finance director of Carillion, Richard Adam, was accused by MPs of having “dumped” the last of his shares at the earliest possible moment after leaving the firm.
“It’s no secret that public trust in business needs to improve,” David Styles, director of corporate governance at the Financial Reporting Council (FRC) told the BBC.
How two strangers set up Dropbox and made billions
The BBC’s weekly The Boss series profiles a different business leader from around the world. This week we spoke to Drew Houston, founder and chief executive of US cloud storage company Dropbox. Drew Houston says it felt as if he had just two weeks to find a complete stranger to marry.Back in 2007 the then 24-year-old was desperate to secure funding to get his idea for a cloud storage business up and running.
One of Silicon Valley’s most prestigious backers of new start-ups – Y Combinator – were prepared to take a gamble on Mr Houston and Dropbox, but there was one catch – they demanded that he get a business partner. Mr Houston’s problem was that he was a one man band at the time, and for various reasons none of his friends were able to join the business. So he had just two weeks to find a complete stranger to become his co-founder. Moving very quickly Mr Houston managed – after a chat lasting just two hours – to persuade a 22-year-old student called Arash Ferdowski to quit university and join him. Mr Ferdowski was a friend of a friend, but he and Mr Houston had never met before.
That was 11 years ago. Fast forward to today and San Francisco-based Dropbox is valued at more than $12bn (£9bn). while Mr Houston’s net worth is calculated at $3bn, and Mr Ferdowski’s at $1.3bn.
‘Don’t be do-gooders. Do things’
You can find Cafédirect’s coffee on the shelves of several supermarkets. Part of the company’s revenues goes to supporting coffee farmers in developing countries. But a business committed to charity must firstly be profitable, says its chief executive John Steel.
Debenhams denies cash crunch problem
Debenhams has said its cash position is “healthy” after reports some insurers have reduced cover for its suppliers. The Sunday Times said the retailer was facing “a cash crunch” because some credit insurers had tightened their terms for Debenhams suppliers. The department store said its relationship with credit insurers was “constructive” and all were continuing to provide cover to its suppliers.
Suppliers use credit insurance to cover them from the risk of not being paid. When insurance firms reduce their cover or withdraw it altogether, it means they are concerned about the ability of their customers to pay their debts. One major credit insurer, Euler Hermes, is understood to have reduced the amount of credit insurance it will provide to Debenhams’ suppliers for orders for the new season.