Wed, Sep 26, 2018 - Page 10 News List

World Business Quick Take



Oxford to offer support

After decades of incubating science and engineering companies, the University of Oxford yesterday announced it is branching out to support businesses that put people before profit, seeking to maximize the effects of its academic research on the world. The university is launching a program to support social enterprises, which aim to benefit society or the environment, as well as turn a profit, through its Oxford University Innovation arm. Britain is seen as a world leader in the social enterprise sector, with 100,000 companies employing 2 million workers — as many people as its creative industries — according to Social Enterprise UK.


Web community to up hype

Debenhams PLC is leveraging an online community of beauty-product enthusiasts to drum up foot traffic, the latest effort by the struggling UK retailer to improve business and fend off threats from Inc and other digital-first competitors. Debenhams launched an online social platform called the Beauty Club Community, where shoppers can talk and get advice from other members. As they post on the platform, users earn points that can be used to get discounts on beauty products online or in stores. Products that get a lot of buzz online would also be featured in the physical store.


Nomura hires fintech head

Nomura Holdings Inc this month hired investment banker Sean Minnihan to focus on its financial technology advisory business. Minnihan joined the Tokyo-based company’s US investment banking unit, Nomura Securities International Inc, as a managing director based in New York, a bank representative said. He was a managing director and head of financial technology with GCA Advisors LLC, a US brokerage and advisory division of the Japanese investment bank GCA Corp. Minnihan previously worked at UBS Group AG, Bank of America Corp and Goldman Sachs Group Inc, US Financial Industry Regulatory Authority data showed.


British American taps CEO

British American Tobacco PLC picked Jack Bowles to become its new chief executive officer when Nicandro Durante steps down next year. Bowles, currently chief operating officer, is to become CEO-designate on Nov. 1 and join the board on Jan. 1, the company said yesterday. He is to replace Durante on April 1. The departure comes after Durante, who took over as CEO in 2011, sought to shift the company’s strategy amid a slowdown in global cigarette demand. Durante last year sealed a US$55 billion acquisition of Reynolds American, which brought brands like Camel and Natural American Spirit under the same umbrella as Dunhill and Lucky Strike. The company has also made a bet on heated tobacco and other alternative devices viewed as having lower health risks.


War is winless: WTO head

A full-blown global trade war would have serious effects on global growth and there would be no winners of such a scenario, WTO Director-General Roberto Azevedo said yesterday. “The warning lights are flashing. A continued escalation of tensions would pose an increased threat to stability, to jobs and to the kind of growth that we are seeing today,” Azevedo said at a Berlin industry event.

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