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Ross Kerber: US Boards seek experience in dealing with AI and tariffs
New data indicates that recruiters are returning to the basics when it comes to hiring directors for top U.S. firms. Boards want experienced people to help them tackle issues like artificial intelligence or President Donald Trump’s tariffs. These trends are also a departure from the focus boards used to have on recruiting younger directors or those with more diverse backgrounds. According to a report released on Tuesday by Spencer Stuart, the executive search firm and leadership advisory, incoming directors of S&P 500 companies are averaging 59.1-years-old. This continues a trend that has been increasing for years. In addition, 30% of the new directors are CEOs who are currently active or have retired, and 29% come from a financial background. These figures remain unchanged since 2024. Julie Hembrock Daum is the chair of Spencer Stuart’s North American Board Consulting Practice. She said, "We are going back to those people who have stated that they really want CEO experience." Most companies would love to have an active CEO in the board, but it's becoming harder and harder for them to get one. This is because big investors are limiting public company CEOs’ outside commitments. Experience is important in determining how companies respond to AI, and Trump's tariffs. Daum stated that the boards of companies in industries such as hospitality and construction also deal with pressures on their employees, including rising costs of living, particularly housing costs, as well more aggressive immigration enforcement. 3M is one company that has added an independent director as a CEO from outside this year. David Bozeman was appointed by C.H. Robinson Worldwide. Meta Platforms has also added Exor CEO John Elkann as well as Patrick Collison CEO of privately-held Stripe to its board. This article was not immediately commented on by 3M or Meta. NEW LOOK AT DEMOGRAPHICS Corporate boards, once considered to be purely ceremonial, have gained more attention in the wake of the financial crisis. Board committees have been pressed into taking on stronger oversight in areas like executive compensation and information security. After the #MeToo movement and Black Lives Matter, boardroom demographics got a new look. Many companies have added disclosures regarding directors' self-identified racial, gender and sexual preferences. Earlier this decade, advocates used data to pressure companies to include more women and minorities on their boards. This effort led to more diverse boards. However, momentum has slowed down since the recent backlash on diversity. Spencer Stuart reported that 38% of the 374 independent directors appointed by S&P500 companies in this year were women. This is down from 42% and 47% respectively in 2024. This year, minority directors accounted for 17% of the class. That's down from 26% and 22% respectively in 2024. The overall representation of corporate boards is largely the same as it was in 2024. Women now make up 35% and minorities, 24%. Barry Lawson Williams has been a long-time corporate diversity advocate. He said that he's noticed a similar drop in demand for candidates who are underrepresented. He noted that some boards do not replace minority candidates when they leave. Williams said in an interview that he believes the board should be refreshed or rotated to allow for greater diversity. This will also recognize that skills sets change over time. Daum also agreed that some boards do not replace directors. This is why, in 2025, the number of independent directors dropped from 406 to 374. When they added diverse candidates, the boards tended to grow. She said that when there was a turnover of staff, the board did not replace them. The average compensation of non-employee director was $336.352 in 2016, up from $272.497 last year and $327.096 the year before.
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Maguire: Texas wind speeds in focus as rare fuel production cut to reach:
Texas's primary power generation system will see a rare decline in fossil fuel generation by 2025, if the output of its massive wind farms increases as predicted in the last quarter of this year. Data from LSEG show that fossil fuel electricity generation in the Electric Reliability Council of Texas, Texas' main energy network, is down 1% compared to the same nine-month period of 2024. The total ERCOT generation has increased by 5% in the past year, thanks to a 14% increase in clean energy generation. Texas solar parks are responsible for the majority of the increase in output in 2025. ERCOT solar production has increased by 45% from the previous year. Wind farms, however, will be a major factor in the generation of clean energy and fossil fuels over the last quarter of this year. This is provided that wind patterns continue to unfold and increase sharply from their recent lows. CLEAN GROWTH LSEG data show that clean energy sources accounted for a record-breaking 46% of ERCOT’s total generation mix in the first nine months of 2025. This generated a record-breaking 7.1 million Megawatt Hours (MWh) power. In 2025, all of ERCOT’s clean energy sources, including wind, solar and nuclear, have reached new heights. Power firms have benefited from the growth in clean energy to boost total power production to a record high of over 15,6 million MWh. Wind farms, with 3.57 million MWh, provided the most clean energy. LSEG data show that solar produced 2.18 million MWh while nuclear reactors generated 1.3 million MWh. Hydro dams produced just over 21,000 MWh. FOSSIL CUTTS The sharp increase in natural gas prices in early 2025 has caused ERCOT generators, who are the largest source of power in ERCOT, to reduce their gas-fired output this year. The gas-fired generation from January to September totaled 6.47 million MWh. This was 4% less than in the same months of 2024, and was the lowest since 2022. The coal-fired generation increased by 11 % from the previous year to 2 million MWh, as utilities increased output from cheaper coal-fired plants to compensate for the shortfall of gas-fired production. The total fossil fuel-fired electricity generation in the first nine month of 2025 fell by 1% compared to the same period in 2024. WIND OF CHANGE ERCOT's power mix tends to change significantly as the seasons shift into winter and fall. Many ERCOT power plants undergo maintenance in October and November to repair the damage caused by the peak summer power demand. As the use of air conditioners that are power hungry decreases during shoulder season, power providers can afford to reduce total operating capacity for fossil fuel plants now until December. The onset of winter in Texas can cause a dramatic drop in the output of solar farms. However, it also causes a significant increase in the output of wind farms when wind speeds are increased at the turbine level. The wind speed tends to drop during the summer, resulting in the lowest generation of electricity during the quarter from July to September. LSEG data show that between 2022 and 2024 the ERCOT wind generation increased on average by 17% in the last quarter of the year compared with the previous quarter. This increase in wind generation has also helped to lift the share of wind power in the ERCOT mix of generation from 17% during the third quarter, to 26% during the quarter of October to December. WIND WATCH ERCOT's power trackers will closely follow wind generation forecasts in order to determine the overall system generation requirements through the end the year. The latest wind models by LSEG predict that wind generation in the second half of October will be around 20 to 25 percent higher than the wind output recorded during the first week of October. Wind speeds will increase from October, and a higher production from wind farms is expected. This may mean less fossil fuel power plants are needed. This could lead to a rare drop in the overall production of ERCOT fossil fuel plants this year even though total electricity generation continues to grow thanks to increased clean energy output. ERCOT managers must boost fossil fuel generation to fill the gaps if wind output remains patchy or under average. This will result in fossil fuels growing for another year. These are the opinions of the columnist, an author for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
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TAP, Portugal's Telecommunications company, sees a strong growth potential for Brazil and Africa
Portugal's soon-to-be-privatised airline TAP is well-positioned to tap into strong growth potential in Brazil and Africa, Chief Executive Luis Rodrigues said on Wednesday. The airline offers flights to 14 African destinations, including Portuguese-speaking nations such as Angola or Mozambique. He said, "We're fortunate to be able to take on both (Brazil & Africa)", at the World Aviation Festival held in Lisbon. "Brazil's a promising nation, and there is still a lot of opportunity there," he said, pointing out that tourism only represents about 6% in Brazil, whereas it accounts for 16% in Portugal. Rodrigues stated that "Africa is larger than Portugal", but that the countries in that continent still faced more structural challenges. TAP's CEO said that TAP had "a good geographic balance" between North America and South America. Europe and Africa are also included. This allows flexibility, because "not every route looks good or bad all at once". TAP also has good growth prospects in other non-passenger business areas, including maintenance and engineering. Portugal has relaunched its long-delayed TAP privatisation in July. The aim is to sell a stake of 44.9% to an airline with global scale and competition, plus an additional 5% for TAP staff. Rodrigues stated, "The days of being proudly by myself (TAP) are gone. It was once possible, but it's not any more and I would be happy to integrate into a bigger group." The government is looking for a new partner to take over TAP’s daily management and strengthen its position as a global airline.
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Helsing, a German company, acquires Australian underwater drone manufacturer
Helsing, a German defence startup, announced on Wednesday that it would acquire Blue Ocean, an Australian underwater drone manufacturer, in order to expand its AI powered autonomous systems for the marine sector. Helsing said it would combine Blue Ocean's manufacturing and hardware capabilities with its artificial intelligence (AI) but did not specify a value. Helsing said that the "strategic purchase" would allow it to accelerate plans for developing and mass producing autonomous underwater drones in order to protect maritime domains of countries. Amelia Gould, general manager of Helsing Maritime, said: "The need for an intelligent autonomous mass-approach for navies is clear. Together with Blue Ocean, we can build an automated glider that will provide a huge leap forward for conducting underwater ISR (intelligence surveillance and reconnaissance). Helsing says that the acquisition is subjected to approval by court, regulators and shareholders. A spokesperson for Helsing said that the approval by the authorities was expected within four months. Helsing has joined other European defence firms that are currently enjoying a surge of government funding as a result of the war in Ukraine and have shown interest in the maritime sector. Thyssenkrupp, a German defence giant, is planning to spin-off its TKMS division to unlock its growth this month.
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Draft shows that Italy will apply a single threshold of 30% for mandatory bids
A draft decree, seen by on Wednesday, showed that Italy intends to remove the lower thresholds for large companies and instead apply a 30% threshold for all mandatory takeover offers in listed companies. This is part of a larger reform of Italy's decades-old Financial Code. In the absence of a second shareholder with a larger shareholding, a shareholder's stake in a large company must exceed a threshold of 25% to trigger a mandatory bid. Small and medium sized businesses are subject to a second threshold of 30%. Italy classifies a business as SMEs if its capitalisation falls below 1 billion euro ($1.16 billion). The draft decree confirms an April report and sets a 30% threshold for all companies, regardless of their size. Poste Italiane, a state-backed financial conglomerate, is the largest shareholder in Telecom Italia with a 24,8% stake. Poste may be able to buy more TIM shares, without having to make a buyout bid, thereby strengthening its grip on TIM. Rome intends to reduce the time period that is taken into consideration when calculating the bid price for a takeover to six months, from twelve months. Consob, the market watchdog, will be able also to set a date by which a bidder is required to announce their decision to bid. A bidder who does not respond or replies negatively will be banned from making a bid in the next 12 months. A government official stated that the decree was expected to be approved later today by the Cabinet. The administration of Prime Minister Giorgia Mello has stated that it intends to reform Italy's Financial Law after consulting with different stakeholders and industry groups. It is also looking for ways to strengthen the role played by the 200-year old Borsa Italiana. Meloni, who has made a U-turn after decades of policies that favored corporate takeovers and corporate listing in Milan, is encouraging business owners to list without fearing losing control to other parties. On the other hand, asset managers, including large foreign funds advocate rules that prevent a concentration in power. Multiple representatives of Italy's finance industry expressed concerns last year over a measure by the government that gave investors more say in how outgoing boards of companies present a list for candidates for the next terms.
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Non-EU citizens and the EU's new border biometric checks
The new biometric system for entry checks will begin to be used on Sunday, when the long-delayed system is finally operational. Entry/Exit System will require that all non-EU nationals register their personal information, including fingerprints, facial images and other details, upon entering the Schengen area. This includes all EU countries except Ireland and Cyprus as well as Iceland, Norway and Switzerland. The EU can be confident that there won't be long lines at the border as data collection will be introduced gradually at border crossings. Why is the EU making changes? The new system eliminates the need to manually stamp passports on the EU's exterior border. Instead, it creates digital records which link a travel document with a person's id using biometrics. The EU is looking to modernize the management of its borders, stop illegal immigration, combat identity fraud and identify overstayers. It will check if people travelling into the bloc without a Visa adhere to the 90-day rule within a 180-day period. What will happen? Arriving in the Schengen zone for the first, anyone will be required to scan their passports. They will also need to register their fingerprints. The EES database will check the details of travellers on departure to ensure compliance with time limits and register departure. The facial biometric check will be required for all subsequent journeys. Children under 12 years old will be required to register under EES, but only have their photo taken. EES is free for travellers. Where will the checks be done? Arriving at airports, ports and train stations in the Schengen Area. The French border officials will oversee the EES registration at the Port of Dover and Eurotunnel Terminal in Folkestone, as well as the Eurostar Terminal at London St Pancras. The check will not be required again by travellers until they leave their destination. Will EES's introduction cause delays at the border? The EU believes that the EES will not cause any major disruptions because it is being introduced gradually. If processing times are excessively slow, border officials can suspend checks for a short period of time. From October 12, only freight and coach traffic at the Port of Dover as well as Eurotunnel's terminal in Folkestone will be subject to EES inspections. Eurotunnel will begin passenger vehicle checks in November. Dover will follow by the end the year. Eurostar said that it would gradually introduce new border procedures. The British Government has advised that travellers should allow extra time to travel as the new EU system is settling in. Meanwhile, Britain's Road Haulage Association says there could be longer delays at busy times. The biggest test will be the holiday traffic in 2026 at Easter and the summer following when many families travel to the UK for the first time since the introduction of EES. More Changes Coming in 2026 EES is the precursor of another system, which is scheduled to be operational by late 2026: The European Travel Information and Authorisation System. Citizens from outside the Schengen zone will need to submit an ETIAS application, providing personal details and trip details. They will also be required to pay a fee of 20 euros before traveling. The authorization will be valid until the expiration of a passport or for three years. Since April, Europeans visiting Britain must purchase an electronic permit before their trip. (Reporting by James Davey; Editing by Alexandra Hudson)
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New York Times Business News - October 8, 2018
These are the most popular stories from the New York Times' business pages. These stories have not been verified and we cannot vouch for the accuracy of these reports. Tesla unveiled on Tuesday new versions of two of its most popular models: Model Y, and Model 3. These will be sold for $40,000 each and $37,000 separately. A Los Angeles jury on Monday ordered Johnson & Johnson to pay $966 Million to the family a California woman, who died of a rare cancer. The company had been found liable after a lawsuit claiming that its baby powder products caused cancer. The New Jersey Attorney General is investigating whether Uber has misrepresented its safety to drivers and passengers. The European Union executive proposed on Tuesday a steep increase in steel duties as it raced against Chinese competition to protect the steel industry of the EU. This move is likely to impose painful cost on Britain and other trading partners. (Compiled by Bengaluru Newsroom)
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Maguire: Texas wind speeds in focus as rare fuel production cut to reach:
Texas's primary power generation system will see a rare decline in fossil fuel generation by 2025 if the output of its massive wind farms increases as predicted in the last quarter of this year. Data from LSEG show that fossil fuel electricity generation in the Electric Reliability Council of Texas, Texas' main energy network, is down 1% compared to the same nine-month period of 2024. The total ERCOT generation has increased by 5% in the past year, thanks to a 14% increase in clean energy generation. Texas solar parks are responsible for the majority of the increase in output in 2025. ERCOT solar production has increased by 45% from the previous year. Wind farms, however, will be a major factor in the generation of clean energy and fossil fuels over the last quarter of this year. This is provided that wind patterns continue to unfold as normal, and they rise dramatically from their recent lows. CLEAN GROWTH LSEG data show that clean energy sources accounted for a record-breaking 46% of ERCOT’s total generation mix in the first nine months of 2025. This generated a record-breaking 7.1 million Megawatt Hours (MWh) power. In 2025, all of ERCOT’s clean energy sources, including wind, solar and nuclear, have reached new heights. Power firms have benefited from the growth in clean energy to boost total power production to a record high of over 15,6 million MWh. Wind farms, with 3.57 million MWh, provided the most clean energy. LSEG data show that solar produced 2.18 million MWh while nuclear reactors generated 1.3 million MWh. Hydro dams produced just over 21,000 MWh. FOSSIL CUTTS The sharp increase in natural gas prices in early 2025 has caused ERCOT generators, who are the largest source of power in ERCOT, to reduce their gas-fired output this year. The gas-fired generation from January to September totaled 6.47 million MWh. This was 4% less than in the same months of 2024, and was the lowest since 2022. The coal-fired generation increased by 11 % from the previous year to 2 million MWh, as utilities increased output from cheaper coal-fired plants to compensate for the shortfall of gas-fired production. The total fossil fuel-fired electricity generation in the first nine month of 2025 fell by 1% compared to the same period in 2024. WIND OF CHANGE ERCOT's power mix tends to change significantly as the seasons shift into winter and fall. Many ERCOT power plants undergo maintenance in October and November to repair the damage caused by the peak summer power demand. As the use of air conditioners that are power hungry decreases during shoulder season, power providers can afford to reduce total operating capacity for fossil fuel plants now until December. The onset of winter in Texas can cause a dramatic drop in the output of solar farms. However, it also causes a significant increase in the output of wind farms when wind speeds are increased at the turbine level. The wind speed tends to drop during summer, resulting in the lowest generation of electricity during the quarter from July to September. LSEG data show that between 2022 and 2024 the ERCOT wind generation increased on average by 17% in the last quarter of the year compared with the previous quarter. This increase in wind generation has also helped to lift the share of wind power in the ERCOT mix of generation from 17% during the third quarter, to 26% during the quarter of October to December. WIND WATCH ERCOT's power trackers will closely follow wind generation forecasts in order to determine the overall system generation requirements through the end the year. LSEG's latest wind models predict that wind generation in the second half of October will be around 20 to 25 percent higher than the wind output recorded during the first week of October. Wind speeds will increase from October, and a higher production from wind farms is expected. This may mean less fossil fuel power plants are needed. This could lead to a rare drop in the overall production of ERCOT fossil fuel plants this year even though total electricity generation continues to grow thanks to increased clean energy output. ERCOT managers must boost fossil fuel generation to fill the gaps if wind output remains patchy or under average. This will result in fossil fuels growing for another year. These are the opinions of a columnist who writes for. You like this article? Check it out Open Interest The new global financial commentary source (ROI) is your go-to for all the latest news and information. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on You can find us on LinkedIn.
Germany allows police to shoot drones
Germany will give police the authority to shoot down drones that are causing disruptions at airports in Europe, which some European leaders attribute to a hybrid warfare being waged by Russia.
The new law that was approved by the cabinet Wednesday, and is awaiting approval by parliament, allows the police to shoot down drones that violate Germany's airspace. This includes in the case of an immediate threat or grave harm.
Lasers and jamming of signals are also options to disable drones. After rogue drones were spotted at Germany's second-largest airport, Munich, dozens of flights had to be diverted or canceled last Friday, leaving over 10,000 passengers stranded. German Chancellor Friedrich Merz said that he believed Russia was responsible for many drones flying above Germany over the weekend. However, none of them were armed. They were instead on reconnaissance flights. After Moscow's full-scale invasion in Ukraine 2022 and their support for Kyiv, EU leaders now view Russia as a serious threat to the security of their continent. Ursula von der Leyen, President of the European Commission, called for a "drone wall" - a system of sensors and weapons that can detect and track unmanned aircraft and neutralise them - last month to protect Europe's east flank.
Some say that drones used in recent incidents may have also been launched within the EU. Germany now joins other European countries, such as Britain, France and Lithuania, that recently granted their security forces the power to shoot down drones that violated their airspace.
The law states that if other measures are ineffective or would significantly hinder efforts to prevent dangers from drones, the police can use appropriate technical means.
According to data provided by Deutsche Flugsicherung, Germany experienced 172 drone-related air traffic disruptions between January 2025 and September 2025. This is up from 129 incidents in the same time period last year, and 121 incidents in 2023.
Last month, German military drills in Hamburg, a northern port city, included a demonstration on how to neutralise an errant drone.
A large military drone, like a spider, shot a net in mid-flight at a smaller drone, entangling the propellers, and forcing it down to the ground where a robot dog trotted to look for possible explosives.
However, shooting down drones in densely-populated urban areas could be dangerous, as airports may not have detection systems capable of immediately reporting sightings. (Reporting and editing by Alexandra Hudson; Sarah Marsh)
(source: Reuters)