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Archive for 1. Februar 2020

IBM’s Ginni Rometty Steps Down as CEO

Posted by hkarner - 1. Februar 2020

Date: 31‑01‑2020

Source: The Wall Street Journal

Arvind Krishna, who heads the company’s cloud and cognitive‑software division, to succeed her

IBM Chief Executive Ginni Rometty

International Business Machines Corp. said Chief Executive Ginni Rometty is stepping down after a challenging eight‑year run at the top of the iconic technology company, as she struggled to deliver growth at a time other tech giants’ fortunes blossomed.

Ms. Rometty, 62 years old, will formally step down on April 6. She will be succeeded by Arvind Krishna, who heads the company’s cloud and cognitive‑software division, the company said on Thursday. Jim Whitehurst—the chief executive of Red Hat, the open‑source software giant that IBM acquired for about $33 billion last year—was appointed the company’s president.

It is the first time IBM will have a leadership structure with a CEO and separate president. They form a dual executive team—one member with deep IBM experience and another new to the company—focused on reviving its fortunes.

Ms. Rometty will continue as the company’s board chairman through the end of the year, when she will retire after almost four decades with Big Blue, the company said. Ms. Rometty has been one of the most high‑profile female CEOs in business, where the top ranks are still dominated by men. Den Rest des Beitrags lesen »

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The Approaching Debt Wave

Posted by hkarner - 1. Februar 2020

Kaushik Basu, former Chief Economist of the World Bank and former Chief Economic Adviser to the Government of India, is Professor of Economics at Cornell University and Nonresident Senior Fellow at the Brookings Institution.

The World Bank has warned that a massive debt wave is building worldwide. There is no telling who will be hit the hardest, but if vulnerable countries, from the United Kingdom to India, do not act soon, they may face severe economic damage.

NEW YORK – Over the last decade, the world economy has experienced a steady build-up of debt, now amounting to 230% of global GDP. The last three waves of debt caused massive downturns in economies across the world. 

The first of these happened in the early 1980s. After a decade of low borrowing costs, which enabled governments to expand their balance sheets considerably, interest rates began to rise, making debt-service increasingly unsustainable. Mexico fell first, informing the United States government and the International Monetary Fund in 1982 that it could no longer repay. This had a domino effect, with 16 Latin American countries and 11 least-developed countries outside the region ultimately rescheduling their debts.In the 1990s, interest rates were again low, and global debt surged once more. The crash came in 1997, when fast-growing but financially vulnerable East Asian economies – including Indonesia, Malaysia, South Korea, and Thailand – experienced sharp growth slowdowns and plummeting exchange rates. Den Rest des Beitrags lesen »

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Britain Enters the Unknown

Posted by hkarner - 1. Februar 2020

Chris Patten

Chris Patten, the last British governor of Hong Kong and a former EU commissioner for external affairs, is Chancellor of the University of Oxford.

Compared to the threats posed by climate change and China’s hostility to liberal democracy, the consequences of Brexit may seem far less significant. But the United Kingdom has chosen an odd and dangerous time to decide to go it alone.

LONDON – A history teacher at my school believed that every great event in the past should be approached on the basis of a tripartite analysis of its causes, pretexts, and results. He would list these in columns on the blackboard, and we would then have to learn them by heart: the causes of the eighteenth-century War of the Spanish Succession, the pretexts for the French Revolution, the results of the American War of Independence, and so on. 

Of course, life and further study teach us that things are not that simple. Causes can be a combination of accident, ambition, and coincidence, together with more profound economic, social, and technological changes. Results can be equally difficult to gauge neatly. After all, history rarely brings closure, and it is hard to know when the effects of a great event begin and end.In that regard, the United Kingdom’s departure from the European Union at 23:00 GMT on January 31 is probably the most important national political event in my lifetime. Den Rest des Beitrags lesen »

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