Li Yifei, head of Man Group in China, is said to have gone on holiday after being summoned by officials investigating the plunge in the stock market. As regulators, executives and journalists face allegations of manipulation and “rumour-mongering”, China wants others to take a break too.
After software engineering and financial engineering comes linguistic engineering. Google this week raised its market capitalisation by $25bn by shuffling around some executive jobs and changing its name to Alphabet. Who knew that swapping your tiles in a game of corporate Scrabble was worth so much?
I’ve seen things you people wouldn’t believe,” the villain played by Rutger Hauer reminisces at the end of the film Blade Runner after hauling Harrison Ford’s character on to a roof top and sparing his life. “People” is the operative word since Roy Batty is not a person but an android who escapes to earth from a space colony and takes revenge on the Tyrell Corporation, his creator.
Hisao Tanaka, Toshiba’s chief executive, gave a 15-second bow on Tuesday as he resigned over a $1.2bn accounting scandal. Mr Tanaka and seven other executives took responsibility for deceptions that started in 2008. Taro Aso, Japan’s finance minister, warned that this could “lose the market’s trust”.
About a decade ago, Bobby Kotick, chief executive of the video games company Activision Blizzard, flew to Kyoto to visit Nintendo. He was shown to a room with a television on which was displayed an image of a pond with bubbles floating to the surface. Satoru Iwata, Nintendo’s president, handed him a games controller called a wand and guided his hand to cast a virtual fishing line.
Everywhere one ventures in cities, skyscrapers are being built or planned. Even Paris is getting one. The French capital last week backed plans for a 180-metre high triangular tower by Herzog & de Meuron of Switzerland, its first in four decades.
The Berlin Philharmonic’s choice of Kirill Petrenko as its next chief conductor, succeeding Sir Simon Rattle, is less remarkable than the fact it made a decision at all. The 124-member orchestra, one of the world’s most democratic musical ventures, failed to do so in May despite 11 hours of debate and several ballots.
When the smartest, if not the most literate, guys in the room see “an opportunity to leverage our competencies in technology and risk management to capture this opportunity at accretive returns”, beware. Goldman Sachs plans to launch what was once called a bank, then a peer-to-peer lending platform, and now a “marketplace lender”.
As if the luxury goods industry were not already in a fragile mood, Johann Rupert, chairman of Richemont, owner of Cartier and Van Cleef & Arpels, gave it more to worry about this week. He warned of the damage it faces from growing wealth inequality, and resentment among the have-nots of those who flaunt luxury watches and jewellery.
If the worst happens, there is one comfort: this is the best time in history to contract cancer. You stand a better chance than ever before of being cured or of living a longer life after less unpleasant treatment. There is a possible side-effect to consider, though: financial ruin.
Imagine if the attorney-general of Switzerland asked the New York Police Department to drive up Park Avenue and arrest several senior officials of Major League Baseball. The cops would probably do it, if the extradition charges were drawn up correctly, but one or two New Yorkers might demand to know what business it was of the Swiss to interfere in a traditional American pastime.
Coming to San Francisco for the first time in a few years brings home how much it has been transformed. Whatever you call what is happening — a boom, a bubble or a flood of money into what was known as new technology before the “new” became redundant — has augmented the city’s reality.
When a group of wealthy investors compete with each other to buy an asset, surely they have a clear idea of its financial value? Jussi Pylkkänen, president of Christie’s, who on Monday night auctioned Picasso’s “Les Femmes d’Alger” (Version O) to an anonymous buyer for $179.4m, thinks they do.
Scottish nationalism figured prominently in the campaign for Thursday’s UK general election. But the first true act of independence could be a move by HSBC, a bank that has never been happy in London, back to Hong Kong. The Scots expatriate clan that founded and still heads HSBC is losing patience — a virtue it never possessed in abundance — with being taxed, ringfenced and unappreciated.
This has not been a salutary week for European corporate governance. At Volkswagen in Germany and at Industrivärden in Sweden, a system intended to encourage stability and long-term growth has instead created self-indulgence.
Deutsche Bank is the last heavyweight contender. While the other European investment banks — Barclays, UBS and Credit Suisse among them — retreat to retail and private banking amid investor discontent and a regulatory squeeze, it is doing the opposite. It wants to become more like Goldman Sachs, not less.
Like previous student-led boycotts of tobacco companies and banks with operations in South Africa, the global fossil fuel divestment campaign is rumbling into action. With high profile backing from the Guardian newspaper and a student blockade of the university administration at Harvard this week, its supporters want to cripple the world’s oil and gas companies by striking where it hurts — at their finances.
By stepping into the furore over Indiana’s religious freedom law, in defence of gay rights, Tim Cook is boldly taking Apple where companies have been wary about going before. But he is not the only US business leader advocating for a deeply-held personal belief — so have Marc Benioff of Salesforce.com on the same issue, and Howard Schultz of Starbucks on racial discrimination and violence.
The San Francisco trial pitting Kleiner Perkins Caufield & Byers, one of Silicon Valley’s oldest and most venerable venture capital firms, against Ellen Pao, a former junior partner who claims that she faced sexual harassment and discrimination, has forced an institution that prefers to remain private into the public gaze. Among other things, it has raised questions about how well John Doerr, its de facto leader, knows his own firm.
On the 50th anniversary of Berkshire Hathaway, the investment fund-cum-industrial conglomerate that now employs 341,000 people and is the fourth most valuable company in the US, the question is: is Warren Buffett inimitable? Or could the Sage of Omaha be cloned?