THE BIGGEST event on Wall Street in 1956 was the IPO of a company that had stayed private for more than half a century. Investors queued to secure shares in the Ford Motor Company. Their price jumped $5 on the first day’s trading. Yet by the time the company listed, it had no real need for capital. Henry Ford, its founder, had long been hostile to the idea of going public. It was almost a decade after his death in 1947 when the family foundation at last decided to sell some of its Ford shares to the public. This year’s wave of high-profile flotations has some similarities. Uber, Lyft, Slack and the rest are not old as Ford was when it listed. But nor are they in the first flush of youth. New firms are staying private for longer. The number of public firms in America has declined by more than a third since the 1990s. Get our daily newsletter Upgrade your inbox and get our Daily Dispatch and Editor's Picks. One explanation is that today’s tech firms have less need … [Read more...] about The rise and rise of private capital
Changes working capital
A small group of EU countries is pushing for the European Council to come down hard on climate change at an EU summit in June, EURACTIV.com has learned. But chances are slim that it will be a defining moment for the bloc’s environmental credentials. In preparation for the summit on 20 and 21 June, a group of eight countries has made a plea for leaders to sign up to robust conclusions, particularly in regard to a draft climate plan for 2050 that is currently the centre of a charged debate. According to EU officials, Cyprus, Denmark, Latvia, Luxembourg, the Netherlands, Portugal, Spain and Sweden all want to send a strong signal ahead of a landmark United Nations summit in September. The June summit is the last scheduled meeting before October. They are urging the other 20 member states to agree that the bloc should go to New York with strong statements on cutting net emissions to zero and making sure no one is left behind by the transition to a green economy. It is expected that … [Read more...] about Climate change efforts set for disappointing EU summit in June
It's the investor-backed business that’s on a mission to give small and medium-sized enterprises (SMEs) across Greater Manchester all the tools they need to grow. And at the heart of this “tool kit” is the ability to access the finance they require, precisely when it’s required. “Business owners haven’t always been able to grow in the way they wish over the past decade due to their inability to borrow the finance they need,” explains Growth Street’s co-founder and chief executive Greg Carter . “From the start, Growth Street has set out to provide a new approach to resolving this issue.” Growth Street was established in 2014 to provide companies with the ability to access the right flexible working capital finance. Its main product, GrowthLine, works just like an overdraft - but one that comes with the added benefits of business guidance based on real-life experience. Once Growth Street’s advisors give a company a … [Read more...] about Growth Street’s ambitious for Greater Manchester to be at the fore of changing financial services landscape
In November, as wildfires ripped through California, Kim Kardashian hired a squad of private firefighters to protect her $50m estate in Calabasas. During the aftermath of Hurricane Katrina in 2005, Blackwater security guards defended the houses of the hyper rich against feared hordes of looters while their occupants were quietly helicoptered to safety. Elsewhere, the hyper rich make plans to flee the planet altogether. From Elon Musk’s SpaceX programme to the would-be citizens of space-based micro nation Asgardia, venture capitalist space exploration is being packaged as humanity’s pioneering attempt to save itself from destruction. These are not anomalies. Private insurance companies like AIG and Chubb have boasted about their increased provisions against the rapidly increasing numbers of natural disasters like wildfires. Others are scrambling to offset their exposure to the gathering effects of climate chaos. As the waters rise, the rich are readying their arks – … [Read more...] about Who gets to survive climate change?
We need to dismantle this narrative. Tackling climate change and the raging ultra-capitalist fossil extractivism infrastructure that has created the crisis is no easy task. But the emergent Youth Strike 4 Climate movement, and the inspiration and hope it’s creating, provides a huge opportunity to end social and economic injustice that we’ve seen for generations. It’s no coincidence that the world’s richest 10% are responsible for over half of total global carbon emissions. Those oblivious to the links between deepening global economic inequalities and the systems which are refusing to decarbonise need to take closer look at what the hell is going on. Walmart is an example: its net sales in 2010 were greater than Norway’s gross domestic profit, while it’s founders are one of the richest families in the world. Profits stay high because prices stay low. Prices stay low because their operations outsource production to wherever they can exploit the most, … [Read more...] about Climate Striker: We must take on capitalism if we want to avert chaos