George Hay coordinates European financial coverage and writes about macroeconomics, the euro zone and UK/European financial policy. He covered European banks for Breakingviews during the financial crisis, and has also worked as a correspondent for AFX News and at United Business Media. He attended Edinburgh University and his work has been recognised at the UK’s Business Journalist of the Year Awards.
BlackRock’s Larry Fink and Steve Schwarzman of Blackstone have joined other CEOs in skipping Riyadh’s “Davos in the Desert”. Private sector boycotts usually follow state sanctions. The U.S. government’s inaction reflects its reliance on Saudi Arabia, and fear of high oil prices.
A forum of foreign executives has seen departures amid rising political tensions, as a U.S. White House CEO council did last year. Cozying up to princes and presidents confers an air of virtue and status. When it looks like advice isn’t being heeded, it goes quickly into reverse.
The commodity trader’s dividends are a bigger proportion of net profits than rival Cargill. The latter is demonstrating that non-listed status and success are compatible. But the short-term needs of Margarita Louis-Dreyfus jar with those of the French company that she controls.