DINNER PARTY INTEL: Glass ceiling cracked, not broken
1. Cracked, not broken
Wall Street’s glass ceiling cracked on March 1 when Jane Fraser took charge of Citigroup, making it the first big US bank to be run by a woman.
The US has a relatively high share of women in management (41%) and on company boards (28%), according to The Economist’s glass ceiling index. Just one in three managerial posts across the 37 OECD countries are held by women.
Nordic countries do best. In SA, 29% of nonexecutive directors of JSE-listed companies are women, says PwC.
2. Tilt away from tech
Investors seem to be switching from tech stocks, rampant last year, to firms that do best when the economy is rapidly improving, says The Economist.
It sees a pattern in the trumping of growth stocks by value stocks in the S&P 500 this year, which is also apparent in the relative performance of international markets. Eurozone stock indices have outperformed the S&P 500, despite the EU’s still weak economy.
It helps that Europe has fewer tech firms than the US and bourses are more tilted towards banks, commodity firms and other cyclical stocks.
3. TRC Down Under
The Australian state of Victoria has announced an inquiry into the impact of colonisation on Aboriginal people — the first its kind in that country. Aboriginal people were dispossessed of their land after British settlement in 1788 and have since endured systemic injustices. The Yoo-rrook (truth) Justice Commission will be modelled on SA’s post-apartheid Truth & Reconciliation Commission and others that have taken place in Canada and New Zealand. Findings are expected next year.
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