Tuesday 27 September 2016

The Punt: Jack Dorsey's busy diary

Published 22/12/2015 | 02:30

Twitter Chairman Jack Dorsey. Photo: Bloomberg
Twitter Chairman Jack Dorsey. Photo: Bloomberg

How do you manage to be chief executive of two very high profile listed companies at the same time? It's a conundrum most of us will never have to grapple with but for Jack Dorsey, below, it is a very real problem.

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As head of both Twitter and Square, Dorsey has his hands full. According to a fascinating piece in the 'Wall Street Journal' it means 18-hour days and fitting in meetings in pretty unusual situations.

For example, when Twitter chairman Omid Kordani was struggling to get into Dorsey's diary, he offered to effectively be his chauffeur for the day. Their weekly catch-up took place on the motorway.

Like so many people in top roles, Dorsey is never really off duty. He is said to be happy to take calls outside office hours and is rarely "off".

That is probably easier for Dorsey than others of his ilk. The 39-year-old is unmarried and has no children.

With limited demands on his time outside of the job, his work-life balance might be less of a concern to him than someone else.

That is probably a good thing for now. Twitter shares are at an all-time low and are down 13pc since he became CEO.

Square shares are up 35pc since going public last month but still below a valuation last year. Busy times indeed.

A licence to kill Bonds

The National Treasury Management Agency has  "cancelled" another half a billion euro worth of bonds linked to the liquidation of the former Anglo Irish Bank after buying them from the Central Bank.

As part of the liquidation of the Irish Bank Resolution Corporation (IBRC) in February 2013, the Central Bank acquired €25.03bn of eight long-dated so-called Floating Rate Notes (FRNs), and €3.461bn of the Irish Government 2025 Fixed Rate Bond, which was due to mature in March of 2025.

The NTMA announced yesterday that it had cancelled another €500m of the Irish Floating Rate Treasury Bond due to mature on June 18, 2041.

The move has its opponents, who argue that if the Central Bank held on to the bond, it would be paying interest to the State. But by "cancelling" the bond, or, as opponents would say, by "destroying" it using borrowed money, the interest is now paid to the private sector.

Others believe it's the best option considering the circumstances. Seamus Coffey, UCC economist, has in the past stated that the Central Bank has to sell the bonds anyway.

And he claims what the NTMA is doing is locking in the low interest rates now in a fixed rate, and cancelling a floating rate bond, in the hope that there will be interest rate savings in the future."

Confused? You're meant to be. It's a highly complex, and controversial, move.

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