N.Y. Stock Exchange Chief Determined to Go East
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The Village People sang âGo West.â John Thain, the chief executive of the New York Stock Exchange, seems determined to go east.
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Shareholders in the New York Stock Exchange and the European stock market Euronext are to vote this week on a trans-Atlantic wedding in the face of some concern in Europe that the NYSE will be the dominant partner.
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RUPERT Murdoch has to win four key votes to shift The News Corporation Ltd to New York and into the S&amp;P 500 share index. The votes of the Australian institutions - where the greatest opposition to the move resides - are critical in only one of the four.
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(InfoWorld) - "I have sent my wife across there because she understands the language," The Financial Times reported News Corp. Chief Executive Officer Rupert Murdoch saying. "There" is China, and he sent Wendi Deng "across" to try to avoid the pitfalls that have ensnared other Western Internet ventures, including News Corp.'s. I had to laugh when I read that, after I stopped shaking my head in disbelief. After knocking on China's door for years, Mr. Murdoch has clearly learned nothing. Sending a representative who carries no portfolio for the company except a wedding ring isn't going to impress anyone in China, regardless of where she was born or what language she speaks. That "send the Chinese guy" strategy worked so well for Yahoo Inc. they no longer own their China unit and their coffers are $1 billion lighter. The one- or two-day "parachute" approach so many CEOs use isn't any better. Fortune 500 CEOs pay lip service to their and their companies' commitment to China on a daily basis, and it's wearing thin, especially on the Chinese. "We're in it for the long-term," "we're here to stay," "China is such an important market for us" -- stop me when you've heard enough, because people here certainly have. If foreign companies are committed to the Chinese market, then it's time to demonstrate that in a meaningful way. The CEOs need to lead a China initiative the same way they would back restructuring, going green, or any other major corporate project. Today I issue the China CEO Challenge: as CEO of a non-Chinese company, show your commitment to the China market by moving here for a year. Establish your personal headquarters in a major Chinese city (Hong Kong doesn't count). Business travel is permitted, but for one year, your home and office are here. For extra credit, have your board meetings in China too. My guess is that if Eric Schmidt parked it in an office overlooking the Bund or the Forbidden City for a year, China's perspective of Google would change and vice-versa. He should spend some time trying to use his company's sites on a regular ADSL connection, and slamming his fist against the desk when some of them are blocked. When pictures of him sitting at the corner shop slurping down beef noodles start showing up in local newspapers, it'll win hearts and minds. I'd bet the first CEO to do this will be European. There was a rumor a couple of years ago that Volkswagen's CEO was going to spend half the year in China and half in Germany, but it never happened. The opportunity is still there. If the U.S. or European or your other home market is more important, that's fine. But then stop saying how committed you are to China because sitting in the same traffic, using the same Internet connections, and eating the same food is the real price of admission.
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U.S. newspaper executives will meet  next week in New York to wrestle with one of their biggest  challenges: persuading investors to stick around.
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Philips' chip chief to return to U.S. in move that makes some analysts jumpy.
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Nasdaq stock market chief executive Robert Greifeld said yesterday he has asked regulators to press the rival New York Stock Exchange to move to delist companies more quickly if they are late with securities filings, which could ratchet up pressure on firms that face stock options reviews.
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A merger of the New York Stock Exchange and European counterpart Euronext could pave the way for setting up a London bourse to rival the long-established London Stock Exchange, NYSE chief executive John Thain said.
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The New York Stock Exchange, which is battling the rival Nasdaq Stock Market for listings, plans to eliminate fees of as much as $250,000 for companies that transfer to the Big Board.
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New York Stock Exchange (NYSE) Chief Executive John Thain said on Friday that the exchange had not decided whether to change its hours but that an 8:30 a.m. EST opening would be a "good guess" if it did.
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Retired Delta Air Lines Chief Executive Leo Mullin, who still lives in Atlanta, will be spending more time in New York City serving as senior adviser to the private equity group at Goldman Sachs.
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Investor's Business Daily - A New Jersey asset manager is looking to build an income-generating fund of exchange traded funds as it attempts to get ETFs into the 401(k) market.
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The exchange, Asiaâs seventh-biggest equities market, planned to sell a stake of as much as 25 percent of itself to overseas bourses.
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Huw Jenkins, the British-born global head of equities at UBS AG, says he remembers how the bank, Switzerland's largest, battled for recognition in the United States when he moved to New York in 2000.
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The new CEO may want to shed non-strategic parts of the business.
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NEWS Corporation shareholders were told yesterday to expect an even brighter future if the global media conglomerate moved its primary listing to the New York stock exchange.
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One of the pioneers of offshoring tries to cash in.