INTERNATIONAL
BUSINESS, ECONOMY & FINANCE
Murdoch’s troubles
Well, there are legends and then there’s Rupert Murdoch. The media mogul who was also ranked the 13th most powerful person in the world by Forbes in 2010 inherited a newspaper from his father at the age of 23. That was the beginning and the rest was supposed to be history (till a week back). But now, Murdoch is caught in the middle of a contoversial phone hacking scandal, which threatens to sully his business reputation and legacy. Sean Hoarem, a former journalist at News of the World, was the first to reveal that unethical practices were being pursued at News Corp. The reporter was found dead on July 18, 2011. The hacking scandal has sent sent all of UK into a frenzy of rage. In fact, News of the World, which had been in publication for the past 168 years, shut down operations on July 10, 2011. The entire controversy is turning into an affair that might be too much for Murdoch (now 80) to handle. On July 20, 2011, Murdoch and his elder son James were called for a hearing before a bench of British lawmakers. Murdoch, who was grilled intensely appeared to be at a loss of words at times while acting defensively at other times. He was even attacked by a British stand-up comedian during the hearing. Given his current plight, Murdoch’s empire, which he built over the years, might just find itself collapsing under its own weight.
Zuckerberg’s wealth
Facebook founder Mark Zuckerberg recently trumped many tech billionaires to emerge the third richest person in the technology sector. After the investment fund GSV Capital bought 225,000 shares in Facebook at an average price of $29.28 each, Zuckerberg catapulted to the top ranks of the world’s wealthiest, with a personal fortune now estimated at $18 billion. Among technology moguls, only Microsoft founder Bill Gates worth $56 billion and Oracle’s Larry Ellison with $39.5 billion count ahead of Zuckerberg in the wealth sweepstakes. Zuckerberg, a Harvard dropout, has a higher worth than Google founders Sergey Brin and Larry Page, whose fortunes have now declined to $17 billion from $19.8 billion in March. The social networking site currently enjoys a valuation of $80 billion and is expected to go public next year.
Anshu Jain. CEO?
The suspense over who would succeed the current chief of Germany’s Deutsche Bank AG only keeps mounting. Anshu Jain, the 48-year-old head of investment at the bank, has long been regarded as one of the strongest contenders to replace current CEO Josef Ackermann. But despite his impressive credentials and his enviable track record, Jain has failed to emerge a clear favourite, presumably because of lack of business and political connections in Germany. But Jain has been a star performer at the bank for the past 16 years and it’s difficult to overlook his claims to the top job. The supervisory board of Deutsche Bank, tasked with the job of finding a successor to Ackermann, is now increasingly veering towards proposing a joint CEO model, which would accommodate both Jain and another candidate who can fit the bill for being both business savvy and capable of pulling strings in the corridors of power. But the bank needs to make up its mind soon, or else the succession issue runs the risk of denting its spiffy image.
BUSINESS, ECONOMY & FINANCE
Murdoch’s troubles
Well, there are legends and then there’s Rupert Murdoch. The media mogul who was also ranked the 13th most powerful person in the world by Forbes in 2010 inherited a newspaper from his father at the age of 23. That was the beginning and the rest was supposed to be history (till a week back). But now, Murdoch is caught in the middle of a contoversial phone hacking scandal, which threatens to sully his business reputation and legacy. Sean Hoarem, a former journalist at News of the World, was the first to reveal that unethical practices were being pursued at News Corp. The reporter was found dead on July 18, 2011. The hacking scandal has sent sent all of UK into a frenzy of rage. In fact, News of the World, which had been in publication for the past 168 years, shut down operations on July 10, 2011. The entire controversy is turning into an affair that might be too much for Murdoch (now 80) to handle. On July 20, 2011, Murdoch and his elder son James were called for a hearing before a bench of British lawmakers. Murdoch, who was grilled intensely appeared to be at a loss of words at times while acting defensively at other times. He was even attacked by a British stand-up comedian during the hearing. Given his current plight, Murdoch’s empire, which he built over the years, might just find itself collapsing under its own weight.
Zuckerberg’s wealth
Facebook founder Mark Zuckerberg recently trumped many tech billionaires to emerge the third richest person in the technology sector. After the investment fund GSV Capital bought 225,000 shares in Facebook at an average price of $29.28 each, Zuckerberg catapulted to the top ranks of the world’s wealthiest, with a personal fortune now estimated at $18 billion. Among technology moguls, only Microsoft founder Bill Gates worth $56 billion and Oracle’s Larry Ellison with $39.5 billion count ahead of Zuckerberg in the wealth sweepstakes. Zuckerberg, a Harvard dropout, has a higher worth than Google founders Sergey Brin and Larry Page, whose fortunes have now declined to $17 billion from $19.8 billion in March. The social networking site currently enjoys a valuation of $80 billion and is expected to go public next year.
Anshu Jain. CEO?
The suspense over who would succeed the current chief of Germany’s Deutsche Bank AG only keeps mounting. Anshu Jain, the 48-year-old head of investment at the bank, has long been regarded as one of the strongest contenders to replace current CEO Josef Ackermann. But despite his impressive credentials and his enviable track record, Jain has failed to emerge a clear favourite, presumably because of lack of business and political connections in Germany. But Jain has been a star performer at the bank for the past 16 years and it’s difficult to overlook his claims to the top job. The supervisory board of Deutsche Bank, tasked with the job of finding a successor to Ackermann, is now increasingly veering towards proposing a joint CEO model, which would accommodate both Jain and another candidate who can fit the bill for being both business savvy and capable of pulling strings in the corridors of power. But the bank needs to make up its mind soon, or else the succession issue runs the risk of denting its spiffy image.
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