WSJ : Activist Starboard Value Has Stake in Autodesk

Activist Starboard Value Has Stake in Autodesk
Starboard met with executives of the design-software maker in recent weeks

Starboard Value has a roughly $500 million stake in Autodesk ADSK 1.24%increase; green up pointing triangle and is pushing for changes at the design-software maker, according to people familiar with the matter.

Starboard met with Autodesk executives in recent weeks to discuss concerns related to the company’s operations, corporate governance and the handling of a recent accounting probe that tanked the stock. The activist thinks the company should improve its margins and make changes to its board, the people said.

Autodesk has a market capitalization of nearly $50 billion. Shares of the San Francisco-based company are down 7% so far this year.

Autodesk provides engineering, 3D-design and entertainment software and services. Its customers have included Amazon Studios and Hyundai Motor Group, according to its website.

Autodesk shares have fallen steeply since touching a record high in August 2021. Shares took a tumble in April when the company delayed its annual financial report and disclosed it had opened an investigation into its accounting practices around free cash flow and operating margins.

Starboard in private conversations with Autodesk criticized the company for not disclosing the investigation and other material updates until after the company’s window for shareholders to nominate director candidates closed in late March, the people familiar with the matter said.

A securities filing shows Autodesk’s board and the Securities and Exchange Commission were aware of the probe in early March, weeks before Autodesk alerted shareholders.

Starboard is considering taking legal action to ask for Autodesk’s director-nomination window to be reopened and for the company’s annual shareholder meeting, currently set for July 16, to be delayed, the people added.

Later in May, Autodesk said the monthslong investigation stemmed from how the company was accounting for billings from multiyear software contracts. The delay in Autodesk’s annual filing stoked investors’ anxiety, but the company said the probe didn’t result in any adjustments to its financials. Its investigation did find that decisions about spending, collections and accounts payable were informed by how they were going to affect certain financial metrics.

Late last month, Autodesk named its previous audit committee chair, Betsy Rafael, as interim chief financial officer. She succeeded Deborah Clifford, who moved to the role of chief strategy officer.

The software maker said in a filing earlier this month it is cooperating with separate investigations by the SEC and the Justice Department following its internal probe.

The company’s current chief executive, Andrew Anagnost, took over the role in June 2017 after a stint as interim co-CEO. Anagnost succeeded Carl Bass, who resigned in February 2017 after Autodesk faced a pair of activists that secured board seats.

New York-based Starboard invests across sectors but is especially active in technology, including recent efforts at Salesforce, Wix.com and GoDaddy. Recently, the firm run by Jeff Smith has also secured board seats at Algonquin Power & Utilities and Outback Steakhouse parent Bloomin’ Brands.

Le Monde : Ce que l’on sait sur l’histoire de l’Arabie d’avant l’islam

Ce que l’on sait sur l’histoire de l’Arabie d’avant l’islam
Contrairement à une idée répandue, la péninsule Arabique a connu, avant l’avènement de l’islam, une histoire politique, culturelle et religieuse d’une grande richesse. A l’occasion de l’Aïd-el-Kébir, fête marquant la fin du hadj, le pèlerinage à La Mecque, zoom sur l’histoire de cette région qui a vu naître la religion des musulmans.

Non, l’Arabie d’avant Mahomet n’était pas qu’un désert aride peuplé de tribus querelleuses, hermétiques à toute forme d’organisation politique, de culture et de religiosité. Depuis plusieurs décennies maintenant, les spécialistes de l’histoire de la région s’efforcent de démentir cette représentation erronée et parfois bien ancrée dans les imaginaires.

En cause : une construction idéologique héritée des débuts de l’islam. Comme pour toutes les autres religions révélées, il était en effet important d’introduire l’idée d’une rupture. Les premiers théologiens musulmans ont donc systématiquement déprécié les temps qui avaient précédé la révélation coranique, les englobant sous l’appellation de la jâhiliyya, « le temps de l’ignorance ».

Cette image n’est pas sans fondement, nuancent les historiens. Mais elle correspond à une période de régression qui s’étend seulement sur deux générations avant l’hégire [« émigration », en arabe : cette date fait référence à l’année 622 de notre ère, qui marque le début du calendrier musulman après l’exil de Mahomet et de ses fidèles, persécutés par les Mecquois, à Médine]. Cette image gomme ainsi toute une histoire politique, culturelle et religieuse plus ancienne qui, elle, fut extrêmement riche.

Une Arabie urbanisée il y a 3 000 ans
Les études des vestiges archéologiques de la région (notamment les millions de textes épigraphiques retrouvés gravés sur des roches du désert), véritablement entamées dans les années 1970 et qui se sont accélérées à partir des années 2010 (après le développement de la recherche par le royaume saoudien, qui y voit notamment un intérêt touristique), permettent progressivement de réparer cette injustice.

Les premières traces d’urbanisation en Arabie remontent au Ier millénaire avant l’ère chrétienne, à des dates variables selon que l’on se situe dans le nord du Hedjaz (ouest de la péninsule), sur la rive du golfe Arabo-Persique ou en Arabie du Sud-Ouest (Yémen et régions voisines). « Le point commun au développement de toutes ces zones de peuplement, c’est l’agriculture irriguée, explique Jérémie Schiettecatte, archéologue, chargé de recherche au CNRS et auteur de L’Arabie à la veille de l’islam (De Boccard, 2009). En Arabie du Sud, on installe des systèmes de dérivation des crues provoquées par la mousson. En péninsule d’Oman, dans l’est, on creuse des canalisations souterraines qui vont chercher l’eau dans les nappes phréatiques. Dans le nord, on creuse des puits. »

La mise en place de réseaux commerciaux à grande distance, liée à la domestication du dromadaire, est l’autre facteur essentiel de ce développement. Des connexions s’établissent alors entre les grands centres de peuplement de l’Arabie (Yathrib – actuelle Médine –, Sanaa, Marib, Tayma…), mais aussi plus largement avec la Mésopotamie et la ville de Gaza, point de destination de grandes caravanes à partir duquel les marchandises – principalement des épices, de l’encens et des aromates – sont ensuite exportées en Méditerranée.

De nombreux monuments et objets ont également été découverts sur les sites de villes antiques, surtout dans le sud-ouest de la péninsule, autrefois riche et fertile, qui a inspiré l’expression « Arabia felix » (Arabie heureuse) aux Romains. Ces temples, palais, ouvrages hydrauliques, statues ou pièces d’orfèvrerie témoignent d’une grande prospérité et d’une réelle maîtrise de savoirs techniques variés. Des milliers d’inscriptions ont été retrouvées, dont les plus vieilles datent du VIIIe siècle avant notre ère.

Dans le sud de l’Arabie, un alphabet, dit sudarabique, est utilisé pour écrire quatre langues différentes. L’exacte similitude entre l’ordre de cet alphabet et celui d’un abécédaire cunéiforme retrouvé en Israël et daté du XIIIe siècle avant notre ère a nourri un temps l’idée que l’écriture aurait été apportée dans la région par une population du sud du Levant au début du Ier millénaire avant notre ère. L’autre hypothèse, plus crédible selon Jérémie Schiettecatte, est celle d’un fonds culturel commun propre à l’ensemble de l’Arabie occidentale qui déboucha, au début du Ier millénaire avant notre ère, sur l’émergence de cultures nuancées d’une région à l’autre.

La construction d’une identité arabe
Les fouilles ont également permis de découvrir un art propre à l’Arabie préislamique. « L’albâtre ou la calcite, par exemple, étaient très utilisés en Arabie du Sud, qui comptait d’importants gisements », précise Jérémie Schiettecatte. Avec le développement du commerce caravanier, de nouveaux motifs iconographiques vont apparaître dans la production sudarabique, à l’instar du taureau ailé emprunté à l’art mésopotamien.

Puis, à partir des conquêtes d’Alexandre le Grand (356 av. J.-C., 323 av. J.-C.), du fait de la multiplication des contacts avec la Méditerranée, les arts hellénistique et romain font leur apparition, souvent adaptés localement. C’est le cas du rinceau de vigne, de la feuille d’acanthe dans les chapiteaux de colonnes ou de la chouette d’Athéna sur les pièces de monnaie. On observe également cette tendance dans la posture et le drapé des statues.

Dans le Golfe et dans le nord du Hedjaz, les textes en langue étrangère (akkadien, araméen, nabatéen, grec ou latin) ne sont pas rares, constate également Christian Robin, historien, directeur de recherche émérite au CNRS et coauteur de l’Islam et l’examen scientifique. Une quête renouvelée (Cerf, 2024).

La culture arabe infuse, elle aussi, celle de ses voisins, notamment en Mésopotamie où se sont sédentarisées des populations arabes bien avant l’hégire. C’est particulièrement flagrant à Palmyre, cité caravanière, et dans sa région, explique Françoise Briquel-Chatonnet, directrice de recherche au laboratoire Orient et Méditerranée du CNRS. L’historienne décrit ainsi un bas-relief sculpté sur une poutre du temple de Bêl, une divinité mésopotamienne. Il représente, selon elle, une scène religieuse typiquement arabe. Pour preuve, une petite tente installée sur le dos d’un chameau, spécifique aux processions arabes.

« Jusque vers le IIe siècle de notre ère, il n’existe aucune manifestation perceptible d’une identité “arabe” commune aux populations de l’Arabie déserte, précise cependant Christian Robin. Le terme “arabe” n’est évoqué que dans des sources externes en langues étrangères pour désigner les “autres”, ceux qui sont en marge des grandes puissances. »

Une identité arabe va finir par émerger, notamment en opposition à l’ancienne identité sudarabique. Mais c’est un long mouvement. « Au IIIe siècle, des gens de l’Arabie déserte se qualifient eux-mêmes d’“Arabes”. Et en 332, un souverain du désert de Syrie, le Nasride Imru’al-Qays, se proclame “roi de tous les Arabes”, énumère le spécialiste. Surtout, une écriture arabe va progressivement se former avec des règles qui ne sont plus celles de l’araméen ni du sudarabique. La première inscription que l’on retrouve en écriture arabe date de 470, donc 150 ans avant l’Hégire ! »

Du poly au (x) monothéisme(s)
Les vestiges découverts en Arabie – les inscriptions surtout – renseignent par ailleurs sur les cultes, les institutions politiques et l’organisation sociale. Ils racontent l’histoire de sociétés structurées en « royaumes », chacun dirigé par un personnage portant le titre de malik, « roi ». Les populations sont relativement modestes, mais pas dérisoires. On estime que la plus grosse ville découverte à ce jour, Marib, la capitale du royaume de Saba (actuel Yémen), a compté jusqu’à 50 000 habitants dans l’Antiquité.

Longtemps, chaque tribu ou royaume a disposé de son propre panthéon. Les divinités sont sollicitées pour toutes sortes de préoccupations, de la fécondité des femmes, des bêtes ou du sol, à la protection contre la maladie, en passant par la prospérité de la famille et de la tribu. Le flou perdure sur la nature de ces divinités. Certaines théories font le lien avec les astres ou avec les animaux représentés par les motifs iconographiques. Sans convaincre. « On ne dispose aujourd’hui d’aucun élément solide », explique Christian Robin.

Au fil des siècles, les royaumes les plus puissants annexent leurs voisins. En Arabie du Sud, on passe ainsi de plus de douze royaumes à seulement quatre entre le VIIIe et le IVe siècle avant notre ère. Sept siècles plus tard, un cinquième royaume, né de la sécession de tribus au IIe siècle avant notre ère, va progressivement conquérir et unifier toute l’Arabie méridionale : c’est le royaume de Himyar, qui domine le Yémen et ses environs de l’an 275 jusqu’au milieu du VIe siècle environ – une inscription de l’an 550 de notre ère atteste de la soumission de Yathrib, actuelle Médine, au pouvoir himyarite encore à cette époque.

Chaque population annexée ou conquise abandonne son panthéon de divinités et sa langue au profit de ceux du royaume dominant. Si bien qu’une unification linguistique et religieuse s’opère progressivement. Par la suite, l’Arabie connaît les mêmes évolutions spirituelles que le reste du monde méditerranéen avec l’arrivée du judaïsme (religion adoptée par le roi de Himyar en 380), puis du christianisme (adopté par le roi de Himyar au début du VIe siècle) et la fin progressive du polythéisme. Les dernières traces archéologiques écrites mentionnant un culte polythéiste dans la région datent d’environ 400, soit 170 ans avant la naissance présumée de Mahomet − ce qui ne veut pas dire que le polythéisme ait disparu au sein de la population.

Les conversions au monothéisme recouvrent des motivations diverses. Elles peuvent répondre, au moins dans les classes supérieures, à une aspiration à un autre type de religion, plus individuelle et qui implique une notion de jugement. Elles peuvent aussi être commerciales : « Quand vous faites du commerce longue distance, appartenir à la même religion est un gage de confiance », suggère Christian Robin. Elles sont enfin politiques : une nouvelle religion est un moyen efficace de créer une unité dans un royaume construit à force de conquêtes et d’annexions. Ainsi, le judaïsme tombait sans doute à point nommé pour le royaume de Himyar. Christian Robin insiste sur le caractère individuel et volontaire des conversions : « Dans une même tribu, on voit des chrétiens, des juifs et des païens en proportions variables. »

Quoi qu’il en soit, lorsque Mahomet quitte La Mecque en 622, il ne reste plus grand-chose de cette riche histoire. Des crises politiques, sanitaires, climatiques et économiques ont provoqué dans les dernières décennies l’effritement des royaumes et une réémergence de la prédominance tribale. Des terres qui étaient cultivées sont abandonnées, de nombreuses villes sont désertées et laissées en ruine.

Dans la seconde moitié du VIe siècle, les productions épigraphiques et artistiques, qui s’étaient déjà raréfiées, cessent. Signe, pour Christian Robin, de l’effondrement de la civilisation sudarabique et d’un appauvrissement général.

FT : AI in finance is like ‘moving from typewriters to word processors’

AI in finance is like ‘moving from typewriters to word processors’
Tools are set to make some skills redundant and free up time for more value-added tasks

The accounting and finance professions have long adapted to technology — from calculators and spreadsheets to cloud computing. However, the emergence of generative artificial intelligence presents both new challenges and opportunities for students looking to get ahead in the world of finance.

Research last year by investment bank Evercore and Visionary Future, which incubates new ventures, highlights the workforce disruption being wreaked by generative AI. Analysing 160mn US jobs, the study reveals that service sectors such as legal and financial are highly susceptible to disruption by AI, although full job replacement is unlikely.

Instead, generative AI is expected to enhance productivity, the research concludes, particularly for those in high-value roles paying above $100,000 annually.

But, for current students and graduates earning below this threshold, the challenge will be navigating these changes and identifying the skills that will be in demand in future.

Generative AI is being swiftly integrated into finance and accounting, by automating specific tasks. Stuart Tait, chief technology officer for tax and legal at KPMG UK, describes it as a “game changer for tax”, because it is capable of handling complex tasks beyond routine automation.

“Gen AI for tax research and technical analysis will give an efficiency gain akin to moving from typewriters to word processors,” he says. The tools can answer tax queries within minutes, with more than 95 per cent accuracy, Tait says.

While such advances present challenges for workers, including potentially making some tasks and skills redundant, they also offer opportunities. Simon Stephens, AI lead for audit and assurance at Deloitte UK, says: “One way it will help is by automating large portions of manual data entry, saving time whilst allowing people to focus on more value-added and often more interesting tasks.” He suggests junior staff could en­gage in more complex, discerning work earlier in their careers.

In response to these changes, financial training programmes are evolving to place a much sharper emphasis on AI. David Shrier, professor of practice in AI and innovation at London’s Imperial College Business School, observes: “We absolutely need finance education to produce students who are fit for purpose in this new world.”

HEC Paris, for instance, already trains students to use generative AI for financial data analysis. Soon, it will be used for decision-making, too. It is about readying them for the “possibility that gen-AI will replace spreadsheets”, notes Evran Örs, academic director of HEC’s Master in International Finance programme.

Similarly, Cambridge Judge Business School in the UK has introduced technical courses and recruited specialist practitioners for its Master of Finance degree, aimed at professionals with work experience. Marwa Hammam, co-director of the programme, notes that all students now cover the foundational concepts of machine learning and its practical applications in trading, asset management, accounting, and auditing.

Beyond technical abilities such as data analysis, however, soft skills such as critical thinking, leadership, and networking are increasingly important for finance professionals, experts say.

Angela Gallo, director of the banking and international finance MSc at Bayes Business School in London, stresses the enduring relevance of interpersonal skills in a more automated sector. “While automation has improved efficiency, it has sometimes sacrificed client relationships,” she says. “AI could restore the importance of those relationships.”

Gérard Despinoy, executive director of the Master in Finance at France’s Essec Business School, suggests finance graduates should strengthen their programming skills, particularly in VBA, Java, R or Python. Mastery of these languages can streamline financial analysis, automate routine tasks, and enable the development of fresh financial solutions, he says.

Students can acquire these skills through coursework, industry certifications, and online learning platforms. Andrew Harding, chief executive of management accounting at the Association of International Certified Professional Accountants, highlights the importance of life-long professional development to stay competitive in an evolving job market: “Accounting and finance professionals must adapt their mindset to learn, unlearn, and relearn,” he says.

The integration of AI is also creating new roles and career paths. Marc Chapman, a career consultant at Essec, cites jobs such as algorithmic trader and AI financial analyst, in which machine learning could be used to pore over financial data, predict market trends, and automate processes. “There should be interesting career opportunities with banks seeking to boost efficiency using digitisation,” says Chapman.

Looking ahead, experts stress the importance of long-term career planning and being adapt­able to technological changes. But students of finance should not discount the basics. “The core competencies of accounting and finance professionals will still matter in the future,” says Harding. “Technologies like AI are tools for professionals to use as powerful co-pilots, not replacements.”

Indeed, many experts agree that these technological advances should be considered as opportunities for growth. As Feng Li, professor and chair of information management at Bayes Business School in London, notes: “AI is a long way from automating jobs. The future belongs to those who can use AI to do their jobs more efficiently and effectively.”

FT : Billionaire under sanctions could get $300mn in controversial US-Congo deal

Billionaire under sanctions could get $300mn in controversial US-Congo deal
Washington proposal would ease restrictions on Israeli tycoon Dan Gertler imposed over alleged corrupt dealing

Dan Gertler, a billionaire under sanctions, is set to receive hundreds of millions of dollars as part of a controversial US plan to lift restrictions on the Israeli tycoon if he sells his remaining mining interests in the Democratic Republic of Congo.

Gertler was sanctioned by the US Treasury in 2017 for alleged corrupt dealing in Congo, but retains lucrative royalty streams from three mining projects there.

Under the US proposal, the Treasury would provide Gertler with “special” licences to sell the three royalty streams back to the Congolese government and would eventually grant him a “general” licence to regain access to the US financial system.

The total amount Gertler would receive is yet to be decided, but US officials expect it to be somewhere around $300mn, according to two people who asked not to be identified discussing the financial terms of the deal, which have not previously been reported.

The US officials behind the proposal argue that removing Gertler from Congo would create more opportunities for US-friendly companies to access metals such as a copper and cobalt. Both minerals are vital to the buildout of clean energy infrastructure.

The Biden administration has placed access to such critical minerals at the heart of its policies on central Africa and has sought to deepen ties in Congo since the election of President Félix Tshisekedi in a rigged vote in 2018.

Congo is the world’s largest source of cobalt and Africa’s biggest producer of copper, but the country’s mining sector is dominated by Chinese companies.

The Gertler proposal has provoked criticism from civil society groups and at least four members of US Congress, who warned last month that lifting the Treasury’s restrictions in a deal that further enriched the billionaire would undermine the credibility of the US sanctions regime.

“We fear that if sanctions are removed, Mr Gertler will profit massively off his ill-gotten assets to the detriment of the Congolese people,” the Congress members wrote in a letter to Treasury secretary Janet Yellen that was reported by the New York Times.

US officials emphasise that Gertler would remain on sanctions lists and the general license restoring his access to the US financial system could be revoked at any time if he breaks any of the terms of the agreement.

Gertler arrived in Congo as a 23-year-old diamond trader in 1997 and thanks to a close friendship with former president Joseph Kabila amassed huge power and influence in the country’s mining sector.

Gertler argues that he took a risk by investing in Congo early, when it was still in middle of a civil war. Ultimately, he secured access to some of the country’s most lucrative mineral assets and partnerships with international companies, including Swiss commodities house Glencore and Kazakh mining group ENRC.

When the US imposed sanctions on Gertler in 2017, the Treasury said corrupt transactions involving his companies had cost the Congolese state more than $1.36bn in revenues between 2010 and 2012 alone. Gertler has repeatedly denied all allegations of corruption.

Shortly before he was placed under sanctions, Gertler sold his equity stakes in two Glencore mining projects, Kamoto and Mutanda, but retained royalty streams worth approximately 2.5 per cent of sales from each project. He also retains a similar royalty stream from a third copper-cobalt project, know as Metalkol, controlled by Eurasian Resources Group, the successor company to ENRC.

The present value of the royalty streams depends on assumptions about the life of each mine, level of production, metal prices and how to discount future cash flows.

Gertler is likely to argue that the combined value of the royalty streams is greater than $300mn. In a lawsuit against Glencore in 2018, Gertler’s companies said future royalties from Kamoto were worth $2.29bn and those from Mutanda were worth $695mn.

US officials estimate that last year Gertler earned about $120mn from the royalty payments, which he received in euros to avoid the US sanctions.

The proposed deal has been shared by the Congolese government with Gertler’s representatives, who are yet to respond. However, US officials are increasingly confident it will happen, despite some remaining opposition from within the administration.

Gertler, the Treasury, the state department, the Congolese government, Glencore and ERG all declined to comment.

FT : Global defence groups hiring at fastest rate in decades amid record orders

Global defence groups hiring at fastest rate in decades amid record orders
FT survey shows leading US and European companies in sector looking to recruit tens of thousands this year

Global defence companies are recruiting workers at the fastest rate since the end of the cold war as the industry seeks to deliver on order books that are near record highs.

A Financial Times survey of the hiring plans of 20 large and medium-sized US and European defence and aerospace companies found they are looking to recruit tens of thousands of people this year.

Three of the largest US contractors — Lockheed Martin, Northrop Grumman and General Dynamics — have close to 6,000 job openings they need to fill, while 10 companies surveyed are seeking to increase positions by almost 37,000 in total, or almost 10 per cent of their aggregate workforce.

“Since the end of the cold war, this is the most intense period for the defence sector with the highest increase in order volume in a rather short period of time,” said Jan Pie, secretary-general of ASD, the European aerospace and defence trade association. 

Governments around the world have ramped up military spending since Russia’s full-scale invasion of Ukraine and amid widespread geopolitical tensions. The sudden spike in orders after decades of low volumes, combined with competition for digital skills from technology groups and a labour market still dealing with Covid-era staff shortages, are some of the factors driving the industry-wide hiring spree.


Companies said they are looking to fill positions across the board, from apprentices to late-stage career executives. Engineers, software developers and cyber-security analysts as well as welders and mechanics are in demand. 

Antonio Liotti, chief people officer at Italian defence champion Leonardo, said it was conducting “an intense search for new hires, even more intense than during previous conflicts such as Iraq or Afghanistan”. 

The contractor, which is part of the tri-national programme with BAE Systems in the UK and Japan’s Mitsubishi Heavy Industries to build a new fighter jet, is looking to hire 6,000 new employees including replacements, by the end of 2024. It expects to recruit for 8,000 to 10,000 new positions between 2025 and 2028, notably industrial and software engineers. 

The search for new hires, Liotti added, was not just driven by conflict but also by greater competition from adjacent industries such as “high-tech companies and consultancies”. Other factors, including people seeking a greater work-life balance and “quiet quitting”, were also playing a role. 

Companies that produce ammunition, notably Rheinmetall and Nammo, which have had to increase output significantly to replenish government stockpiles, are among those with the most aggressive hiring plans. 

Nammo said it had “never seen a situation like this before”. The company, which is part-owned by the Norwegian and Finnish governments, increased its headcount by 15 per cent from 2,700 in 2021 to 3,100 in 2023. It currently employs around 3,250 people and says a “doubling of the company size [by the end of] 2030 seems reasonable”. 

Rheinmetall of Germany on Friday said it was looking to hire hundreds of employees from leading car parts manufacturer Continental, which has been suffering from anaemic auto sector demand.

France’s Thales, which makes the shoulder-fired Starstreak missile donated to Ukraine from western government stockpiles, said it has recruited 9,000 people — 11 per cent of its current workforce of 81,000 — in its defence operations over the past three years.

BAE ramped up recruitment significantly last year but had already stepped up hiring to deliver on long-term programmes such as the Global Combat Air Programme and the Royal Navy’s Type 26 frigates. 

In the UK, “we’ve doubled our early-careers intake in the past five years and are recruiting around 2,700 apprentices and graduates this year as well as thousands more experienced professionals”, said Tania Gandamihardja, the company’s group HR director. 

Europe’s missile champion MBDA, owned by BAE, Airbus and Leonardo, which makes the air-launched missiles Storm Shadow and Scalp, used to devastating effect in Ukraine, plans to hire more than 2,600 people this year — 17 per cent of its current workforce of 15,000.

Dassault Aviation, which builds the Rafale fighter aircraft, has seen no direct increase in orders from Ukraine, but given the length of manufacturing cycles in the sector, has been consistently hiring staff.

Manufacturers in nuclear defence, especially those involved in the trilateral Aukus submarine programme between the UK, the US and Australia, are among those seeing the highest spike in the shortage for skills.

Several companies, including Rolls-Royce and Babcock International, recently opened their own nuclear skills academies while Thales UK, which provides sonar for all of the Royal Navy’s submarines, has launched a sonar academy.


The UK government has separately launched a nuclear skills task force to train the tens of thousands of workers needed across the country’s civil nuclear and military programmes. 

The hiring and training effort is “unprecedented in recent times”, said Beccy Pleasant at the Nuclear Skills Delivery Group, which forecasts that more than 30,000 additional roles will be needed in the nuclear defence sector between now and 2030.

Companies have also stepped up engagement with universities and other organisations to build a future workforce pool.

Cranfield University, which has close links with the sector, is offering new courses, notably in digital forensics to help people learn how to attribute cyber attacks among other things.

“There is a recognition that you can’t just assume academia will churn out the people that you want to recruit . . . companies are now going up the people supply chain,” said Heather Goldstraw, Cranfield’s director of defence.

One particular challenge for the industry is that some roles require additional security clearances. RTX, which owns missile and sensor maker Raytheon, said earlier this year that it was “continuing to experience challenges hiring highly qualified personnel including engineers, skilled labourers, and security clearance holders”. 

Others, such as Germany’s Renk, said they might have to look abroad. Chief executive Susanne Wiegand said: “We also need other qualified good people from abroad, because in Germany we cannot find, all of us together as the defence industry, sufficient people for the jobs.”

WSJ : Fisher Investments Nears Deal With Advent

Fisher Investments Nears Deal With Advent
Private-equity investor plans to take minority stake in firm known for its ubiquitous advertisements

Advent International is nearing a deal to acquire a minority stake in money-management firm Fisher Investments.

The details
A deal valuing Fisher at nearly $13 billion could be unveiled by Monday, according to people familiar with the matter, assuming there isn’t a last-minute hitch.

The Wall Street Journal reported earlier this year that Advent was in talks to acquire Fisher. In response to the story, Fisher said the company “is not being bought by Advent International, or anyone else.”

The context
Fisher manages more than $275 billion for more than 150,000 clients around the world, including 120,000 U.S. private clients.

The firm manages money for pension funds, governments and college endowments, and has a sizable 401(k)-advisory business. Billionaire Ken Fisher founded the firm, known for its ubiquitous advertisements, in 1979.

The rationale
For Advent, the deal would add to its roster of investments in the financial-services sector.

Last year, the firm appointed Tricia Rothschild as an operating partner focused on new investments in wealth and asset management. Rothschild previously spent more than 25 years at Morningstar.

In April, Advent agreed to buy Canadian payments processor Nuvei in a deal valued at about $6 billion including debt.

The private-equity firm amassed some $25 billion in 2022 for its latest buyout fund. Private-equity M&A is on the upswing compared with a quiet 2023 as firms grapple with challenges including elevated interest rates.