COMPANY NEWS IN BRIEF

Glencore enters new era under GaryGlencore enters new era under Gary Nagle's stewardship Gary Nagle takes the helm at Glencore Plc on Thursday, a changing of the guard that shareholders hope will allow the mining giant to move past a US Department of Justice (DoJ) investigation and lift its share price.Nagle, 46, is South African and an accountant by profession, as was his predecessor Ivan Glasenberg, earning him the nickname "mini-Ivan". He has run the company's coal assets division for the last two years.Nagle takes control as miners are coming under pressure from investors and policymakers to tackle climate change, presenting an opportunity for the Swiss-based company, which mines copper, cobalt and nickel needed for the transition to a cleaner world, and has a big commodity trading business.The company has pledged to reach net-zero carbon emissions by 2050. Unlike Glasenberg, Nagle will see his compensation tied to ESG performance.Even as Glencore positions itself for the energy transition, a hefty penalty from the DoJ, which has been investigating the London-listed miner since 2018 over allegations of corruption relating to some of its operations in the Democratic Republic of Congo, Venezuela and Nigeria, is still hanging over the company, sources close to the regulator's thinking said. - Nampa/ReutersApollo in talks with Motive PartnersApollo Global Management Inc is in talks with Motive Partners to acquire a minority stake in the smaller private equity firm focused on financial technology, a regulatory filing showed on Thursday.Apollo also intends to form a strategic partnership with Motive, the filing showed. However, it gave no assurance that a deal will be reached.Apollo plans to acquire up to 24.9% of Motive, valuing the smaller PE firm at around US$1 billion, Wall Street Journal reported earlier in the day, citing people familiar with the matter. Motive invests in software makers and information and investment services providers that work with companies in the sub-sectors of banking and payments, capital markets, data and analytics, insurance and investment management, its website showed.It looks for growth equity investment and buyout opportunities in North America and Europe. Motive, along with private equity firm Clearlake Capital Group, agreed to acquire an 80% stake in InvestCloud, a wealth and investment management software platform, earlier this year. -Nampa/ReutersBT offers long-term price deal BT said its Openreach unit would offer long-term price certainty to its wholesale communications provider customers to help drive the adoption of the full fibre broadband network (FFBN) it is building across the country.BT is spending 15 billion pounds through its network arm Openreach to build a fibre network serving 25 million homes by the end of 2026, five million more, and earlier, than previously planned.In order to boost uptake, Openreach will give communications providers pricing certainty for up to 10 years where they commit to use FFBN when available, said BT in a statement on Thursday.BT gained a new billionaire investor in June when Patrick Drahi, a Franco-Israeli telecoms entrepreneur, took a 12.1% stake in the company.He believes there is no need to sell a stake in Openreach, a person familiar with the situation told Reuters. BT has recently set out a plan to find a partner to help build part of its new fibre network. - Nampa/ReutersAmazon to grant new CEO millionsAmazon.com Inc plans to award incoming Chief Executive Andy Jassy more than US$200 million in extra stock, which will pay out over 10 years, the company said in a regulatory filing on Friday.Amazon will record the grant of 61 000 shares on July 5, the filing said, the date that Jassy succeeds Jeff Bezos in the online retailer's first CEO transition since its founding in 1994.The award's exact value will depend on how the shares are trading when they pay out in future years, encouraging Jassy to grow a company that's worth US$1.77 trillion today.Jassy's base salary has been US$175 000, filings show. On top of that, he has US$45.3 million in previously awarded stock that is vesting this year, and he had US$41.5 million in shares that vested in 2020.His long-time boss Bezos has been the world's richest person thanks to being the largest shareholder in Amazon. - Nampa/ReutersPartners backs global corporate tax Swiss investment manager Partners Group's co-founder Alfred Gantner supports a global 15% minimum corporate tax rate, telling a Swiss newspaper such a change "is a step in the right direction" and would "definitely not" hurt his firm's prospects."If you're asking me if Partners Group would be worse off with a tax rate of 15% instead of our average international rate of 13.3%, my answer is definitely not," Gantner told Schweitzer am Wochenende, published on Saturday.Some 130 countries have backed the Paris-based Organisation for Economic Cooperation and Development's (OECD) push for a minimum corporate income tax on multinational companies of at least 15%, which could yield US$150 billion in additional tax revenue annually. Gantner, 53, who 25 years ago helped found the investment company that owns a majority of toymaker Schleich and has a minority holding in Chinese shipper Apex Logistics, is more critical of the second pillar of the OECD reforms, to shift taxing rights to countries where profits are earned.These proposed rules on where multinationals are taxed emerged as digital commerce enabled big tech firms to book profits in low tax countries, regardless of where they money was earned. - Nampa/Reuters

COMPANY NEWS IN BRIEF

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