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Finance

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Finance

Thanks to American oligarchy, Jensen Huang’s midlife crisis is a problem for all of us | Moira Donegan

At a time when individual men wield massive power, the ramifications of the Nvidia CEO’s affair could be enormous One of the reasons you want to distribute power and responsibility in powerful organizations and high-stakes enterprises is so that the narcissism or myopia of one man do not come to carry outsized consequences. When power is spread out across multiple people, it matters less if one of those people is prone to flattery, or in the midst of a midlife crisis, or perhaps just a bit stupid; the limits on his power become limits on the fallout of his character flaws. Continue reading...

The Guardian
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Finance

Metro Bank up for sale, with billionaire investor in line for £420m windfall

Shares up 7% after announcement as Jaime Gilinski Bacal seeks exit three years after helping to rescue bank Metro Bank is putting itself up for sale three years after its near-collapse, in a move that could hand a £420m windfall to its Colombian billionaire investor, Jaime Gilinski Bacal. Metro Bank made the rare decision to publicly announce it was open to bids on Thursday, paving the way for a wider pool of suitors. The announcement pushed the share price up by 7% by mid-morning, valuing the bank at about £1.3bn. Continue reading...

The Guardian
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Finance

Burberry returns to profit as sales soar, from £85 socks to £9,000 coats

CEO says ‘democratic approach’ has helped brand outperform tough market, with big rises in China and US Burberry has returned to profit as its back-to-basics strategy drove strong sales of the British brand’s coats, jackets and handbags over the summer. Joshua Schulman, the chief executive, said the luxury brand had outperformed a “challenging luxury market” to achieve sales growth of 6%, helped by strong online and wholesale sales particularly in China and the US. “Our strategy is working,” he said. Continue reading...

The Guardian
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Finance

Billions lost and markets roiled by one man’s indiscretion. Isn’t it now clear that these tech bros are too powerful? | Aditya Chakrabortty

Nvidia CEO Jensen Huang’s affair must be the costliest fling in human history – and a preview of what awaits when the tech bubble bursts One thing we all know about the tech billionaires is they are super-smart. We know this largely because they never stop telling us. The “cognitive elite”, to use their favoured phrase, are entitled to shape our future without our say-so. When Elon Musk goes hiring, he wants “super-high-IQ small-government revolutionaries”. Long before they got private jets, what fuelled these boys was faith in their own brainpower. As a teenager, Jensen Huang wooed his future

The Guardian
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Finance

AI helps UK economy grow at fastest pace for more than two years

GDP ‘grew robustly’ by 0.7% in third quarter and by 0.2% month on month in September despite high oil prices AI helped the UK defy expectations – but will Britain’s resilience fizzle out? Business live – latest updates The UK economy grew by 0.7% in the third quarter, its fastest expansion in two and a half years, as the rollout of AI services increased activity. The Office for National Statistics reported that the economy “grew robustly” in the July to September quarter, almost entirely due to strong and widespread growth in the services sector, led by the IT sector. Continue reading...

The Guardian
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Finance

Argentina threatens UK oil firm CEO with jail over Falklands drilling

Exclusive: Legal notice comes as Buenos Aires ramps up rhetoric over UK territory and seeks to halt Sea Lion project The Argentinian government threatened a British businessman involved in an offshore Falkland Islands oil project with jail, the Guardian can reveal. Sam Moody, the chief executive of Rockhopper Exploration, and his company’s chief financial officer received the correspondence this autumn as Buenos Aires began ramping up its rhetoric over the British overseas territory. Continue reading...

The Guardian
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Military

Water industry bonus ban to be tightened as Ofwat warns of ‘damage to public trust’

Regulator to hasten review over concerns that firms are ‘undermining’ rules to make large payments to bosses Business live – latest updates The water company bonus ban is set to be tightened after the regulator accused the industry of a risk of “damaging public trust” with large payments to bosses that appeared to get around the rules. Anglian Water was singled out for particular criticism over “retention payments” worth up to £800,000 for its chief executive, Mark Thurston, despite the bonus ban. Anglian will face increased monitoring of its governance arrangements because of the controversia

The Guardian
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