Rupert Murdoch is not exactly putting his money where his mouth is with 21st Century Fox’s unsolicited $80bn offer for Time Warner. By offering non-voting Fox shares as part of the cash-and-stock bid he has made clear that he will not risk his voting grip on his family-controlled company. Read more
Madeleine Albright, former US secretary of state, famously said there was “a special place in hell” for women who don’t help other women. But new research suggests that women leaders – and managers from ethnic minorities – will also be damned if they go out of their way to advance people who look like them.
A paper to be presented at next month’s Academy of Management annual meeting says women and non-white leaders who value diversity – and show it through their actions – are “systematically penalised with lower performance ratings” by their bosses. By contrast, valuing diversity earns white men higher ratings for both warmth and performance. The net effect, however, is that the “glass ceiling” is reinforced. Read more
When the lucrative business of advising on mergers and acquisitions was in the doldrums, consultants spread the idea that crisis management was “the new M&A”. They wielded news stories such as BP’s Gulf of Mexico oil spill, Rolls-Royce’s disintegrating Qantas engine, and Toyota’s jammed accelerator pedals to frighten clients into contracts aimed at helping them cope with such disasters.
It always pays to scrutinise the small print in grand pronouncements about the future, especially those about the BBC. So I listened intently this morning to Tony Hall, the BBC’s director general, as he set out his plans for more competition in UK television and radio production.
Lord Hall was at City University in London to explain the BBC’s offer to allow independent producers and commercial companies to produce more of its output, in return for letting the BBC’s production arm make programmes for others. Read more
The other day, a business in New York mailed a dollar cheque to me across the Atlantic. It was a pretty thing – multicoloured, with an anti-fraud foil hologram – and I admired it for a while before putting it into another envelope and posting it back to a friend in New York to walk up the block and deposit. After a round trip of 7,000 miles, it reached my account three weeks late.
While waiting in a big Manhattan hospital about 15 years ago, I glimpsed the chairman of one of the world’s biggest banks in a consulting room. I never found out why he was there. If he was ill, his employer never said and the man is now enjoying a long and apparently healthy retirement.
Pale, male and stale: what's next for the boardroom?
As boards gradually move towards better balance by gender, what is the next frontier?
Alan Mak, a 30-year-old non-executive director of Havas Worldwide (UK), thinks boards should make it a priority to take on more young directors. He and I have gone head-to-head on the issue in print and we took the debate onto Twitter on Thursday to test the mood. Read more
The problems erupting over Google’s implementation of the EU’s new “right to be forgotten” rule were predictable. And I say that because I, among many others, predicted them in May after the European Court of Justice delivered its ruling:
A line will soon form to knock out revealing photographs, bits of tawdry gossip, legal orders, past convictions and anything that anyone finds an embarrassment. Before long, people’s search results will start to resemble official biographies, recording only the facts that they want other people to know, and not the remainder of reality . . . Read more
There is an argument that the latest Facebook scandal is a lot of fuss about nothing. A week-long psychological experiment on 690,000 users in 2012 that did no damage and had a barely noticeable effect hardly registers on the scale of research abuses over the years.
What puzzles me about Sports Direct’s campaign to pay founder Mike Ashley a bonus – which finally succeeded on Wednesday, despite shareholder opposition – is that it focuses City attention on the weak spots in the sports retailer’s make-up: its governance and its dependence on Mr Ashley himself. Read more
Oliver Chris and Billie Piper in Great Britain. Photo: Johan Persson
Having written about the obsolescence of the Fleet Street tabloids in my column last week, I was intrigued to attend a dress rehearsal on Saturday of Great Britain, the new Richard Bean farce about phone hacking and corruption in the British establishment.
The play, which opened on Monday night at the National Theatre, has received mostly positive (with some negative) reviews but I found it disappointing, for reasons related to the column.
One difficulty was expressed by my wife, who leaned across halfway through the first half and whispered: “When is this set?” That was a good question, for it appeared to be taking place at various times in the past three decades. Read more
When I sat down with colleagues this year to review a “longlist” of applicants for the Financial Times’ editorial trainee scheme, we agreed on one thing: any of the 50 candidates left in the running would be a worthy recruit. Yet following months of due diligence by FT staff, including writing tests and, for some, interviews, 48 were bound to receive a rejection letter.
Given that financial crises are caused by herd-like behaviour by banks, it is hard to know whether to be encouraged or dismayed by the latest mass shift – away from investment banking and toward retail and commercial banking.
The Bank for International Settlements annual report, published today, finds that one-third of banks that entered the financial crisis in 2007 as wholesale-funded or trading institutions switched to retail banking by 2012 (19 out of the 54 in its sample). Read more
The global system for taxing multinational companies is broken, but no country wants to alter it too radically for fear of making it worse. That was my impression after hearing international tax experts gathered in Oxford this week to discuss reform.
Reform of corporate taxation has been thrust onto the political agenda in Europe and by controversy over the tax policies of companies such as Google and Starbucks. The ease with which they can shift intellectual property and royalty payments to low tax regimes has outraged politicians on both sides of the Atlantic.
The attempt by Pfizer to turn itself into a UK company for tax purposes by acquiring AstraZeneca has also drawn attention to the use of “tax inversion” by US companies. They want to use the cash piles held overseas to make acquisitions that allow them to change corporate nationality and reduce their taxes.
But while most countries agree that the system of global taxation in place since the 1920s is flawed, there was no consensus at the conference held by the Oxford University Centre for Business Taxation on how to fix it. Instead, most prefer to play defence. Read more