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Airbnb moves beyond shareholders

Brian Chesky, Airbnb’s co-founder and C.E.O., spoke exclusively to Andrew last night about the company’s announcement today that it will think about all “stakeholders” when it comes to corporate governance, not just investors.The move is Mr. Chesky’s take on the Business Roundtable’s recommendations last year that companies consider employees, the environment and more in their business decisions.• Airbnb is planning to hold a “Stakeholder Day.” It would be like a traditional annual shareholder meeting — except that everyone from customers to “hosts” to employees and others will be invited.• It will also change its compensation program, with factors important to stakeholders like progress on guest safety taken into account when bonuses are calculated.“I don’t want to be one of those C.E.O.s to say we’re trying to do all this great stuff, but then we treat board meetings exactly like every other board meeting,” Mr. Chesky told Andrew. He added that he doesn’t think this is particularly radical: “I think this is where the world is going.”The big picture: • Airbnb remains under fire on a number of fronts, including battles with regulators over housing laws, concerns over the safety of its customers and claims of discrimination by hosts. They’re among the struggles that surround the company’s plans to go public this year.• It’s unclear whether investors, as one of many groups of stakeholders, will embrace their diminished stature within Airbnb’s universe.• And it remains to be seen whether the new goals will increase the company’s valuation in its market debut.____________________________Today’s DealBook Briefing was written by Andrew Ross Sorkin in New York and Michael J. de la Merced in London.____________________________

Microsoft’s ambitious climate goal: going “carbon negative”

The tech giant unveiled a response to climate change yesterday that goes beyond offsetting carbon emissions. It wants to erase its entire historical carbon footprint by 2050, a target that no other major company has set before.What the plan involves:• Becoming “carbon negative” by 2030, which means not only ending the emission of carbon into the atmosphere, but also removing it.• Creating a Climate Innovation Fund that will invest $1 billion over the next four years into developing carbon-removal technology, which currently isn’t commercially viable.It goes further than other environmental pledges by Fortune 500 companies. Amazon said last year that it aimed to be carbon neutral by 2040. And PepsiCo announced this week that it wanted to cut its carbon emissions by 20 percent over the next decade. Climate activists hope that such moves will spur other corporations to think just as big.But there’s reason to be skeptical of Microsoft’s pledge. Sue Reid of the environmental nonprofit group Ceres told Reuters that the economics of carbon removal remained murky: “That math is all facing some new uncertainty and vulnerabilities tied to exacerbated climate change impact,” such as more wildfires, she said.Expect this to be a huge topic at the World Economic Forum in Davos, Switzerland, next week. Andrew will be on the ground to give you the inside scoop.

Inside Leon Black’s moneymaking machine

Apollo Global Management is one of Wall Street’s biggest private equity firms, managing over $320 billion in assets. Apollo’s success is due in large part to the strategies of its founder, Leon Black, who gets his close-up in this week’s Bloomberg Businessweek cover story.“Black’s aggressive approach — involving layoffs and slashing benefits — is also among the most profitable,” Caleb Melby and Heather Perlberg of Businessweek write. “Apollo’s flagship private equity fund, which it opened to investors in 2001, has delivered annual returns of 44 percent.”Highlights from Mr. Black’s career include:• Working with Mike Milken on junk bonds, a term Mr. Black still hates because competitors came up with it: “We were never accepted by the Goldmans and the Morgans and the Kidder Peabodys and the First Bostons.”• Investing where others wouldn’t dare. “Everybody else is running for the doors, and we’re backing up the trucks,” Mr. Black told Businessweek.But his biggest problem right now might be his association with Jeffrey Epstein:• The depths of Mr. Black’s financial ties to the late financier are unknown, but he is known to have given $10 million to Mr. Epstein’s charity and persuaded the financier to invest in a friend’s muffler company.• “After Epstein was found dead in his Manhattan jail cell a month later, former Apollo employees joked darkly that his death had made Black’s life easier.”

Why banks should give thanks to Trump

President Trump ribbed a top JPMorgan Chase executive this week when he said her bank should thank him for its stellar earnings. He may have had a point, at least when it comes to his tax cuts, writes Yalman Onaran of Bloomberg.• Savings for America’s top six banks — JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs and Morgan Stanley — from the 2017 tax overhaul have now surpassed $32 billion.• The banks “posted earnings this week showing they saved $18 billion in 2019, more than the prior year, as their average effective tax rate fell to 18 percent from 20 percent,” Mr. Onaran writes.• “The six firms posted $120 billion in net income for 2019, inching past 2018’s mark. They had never surpassed $100 billion before the tax cuts.”

Can Alphabet stay in the $1 trillion club?

The parent company of the search giant Google hit $1 trillion in market value yesterday, the fourth tech company to do so. But Alphabet faces challenges to stay at that level:• Regulation. Dai Wakabayashi of the NYT notes that “it faces investigations from Congress, state attorneys general and the Department of Justice,” as well as pressure from other regulators around the world.• New leadership. Alphabet’s co-founders, Larry Page and Sergey Brin, have taken a step back, leaving the company in the hands of Sundar Pichai, who has been criticized as lacking vision.• Shareholder sentiment. Investors are “debating whether the largest internet stocks have gotten too pricey,” Amrith Ramkumar of the WSJ writes.And here’s why it could keep climbing, Mr. Wakabayashi points out: “Google search is the on-ramp to much of the internet.”

Revolving door

Chris Young is stepping down as the chief of the cybersecurity company McAfee to become a senior adviser to TPG, the investment firm. He will be replaced by Peter Leav of BMC Software.George Cheeks, the vice chairman of NBCUniversal Content Studios, reportedly resigned to take a senior role at CBS.James Debney stepped down as the C.E.O. of the parent company of the gun maker Smith & Wesson after the board discovered what it said was nonfinancial misconduct.

The speed read

For a Good Cause: BBC Star Sara Cox Begins Epic 135-Mile Children in Need Challenge in County Durham

BBC Radio 2 presenter Sara Cox has embarked on a gruelling 135-mile trek through County Durham today (November 10), tackling five marathons in five days while carrying a Pudsey Bear backpack for Children in Need. Yahoo!NationalWorld Starting from Kielder Forest on the Scottish border, this Great Northern Marathon Challenge will see the popular radio host run, jog, and walk through Northumberland, Durham, North Yorkshire, and West Yorkshire before finishing in Pudsey, Leeds, on Friday, November 14. RadioToday This is Radio 2's longest-ever challenge, and the entire nation is rallying behind Sara as she takes every courageous step for children across the UK.

#Sara cox

Sara Cox's Great Northern Marathon Challenge: The Journey Begins

Covering 135 miles on foot across four counties, Sara's trek is the longest in duration of any Radio 2 challenge. Relying entirely on her own two feet, she'll walk or jog the route without any vehicles, armed with determination and what she called "a generous helping of great northern grit." On The Radio

The Route and What Makes It Special

Sara will run, jog, and walk through sweeping moorland, steep ridges, and the rolling hills of northern England, with the support of towns, villages, and Radio 2 listeners along the way. She's starting in the wild beauty of Kielder Forest on the Scottish borders and aiming to finish in Pudsey in Leeds—a symbolic journey carrying Pudsey from border to heartland. BBC Children in Need

The Challenge at a Glance:

- Distance: 135 miles (equivalent to 5 marathons) - Duration: 5 days (November 10-14, 2025) - Counties: Northumberland, Durham, North Yorkshire, West Yorkshire - Start Point: Kielder Forest, Scottish borders - Finish Line: Pudsey, Leeds - Special Feature: Carrying a Pudsey Bear backpack the entire way - Significance: Radio 2's longest-ever challenge by duration

Why This Challenge Matters

Cox says, "When you've got three kids who, touch wood, are in good health and you've not really needed the charities that come under the Children in Need banner, you feel like you owe the universe something. It just shines a light on all these incredible charities that help so many kids." Yorkshire Post

The Impact of Children in Need

Cox emphasized, "You don't really realise that there's hundreds of charities all around the UK getting help by Children In Need and you don't really realise the amazing work they're doing until you need them yourself." Yahoo! She shared how someone told her about their daughter who needed cancer treatment, saying they had no idea the charity was there until they needed them—and that's exactly the point of Children in Need. Yorkshire Post

Real Impact Examples:

- Supporting children facing serious illnesses - Helping families through unexpected crises - Funding local charities across the UK - Providing resources for vulnerable young people - Creating safe spaces for children in need

Sara's Honest Take on the Challenge

Speaking about her challenge, Sara said, "When they picked me to get Pudsey to Pudsey, I was honoured and horrified in equal measure. We're talking 135 miles of hills, moors and blisters – but I am ready for the challenge, and I will absolutely be giving it everything I've got." NationalWorldYahoo!

Celebrity Support from The Rock and Fellow Presenters

Sara received words of encouragement from Hollywood star Dwayne "The Rock" Johnson, who told her: "Just picture how you'd feel if you didn't do it, if you didn't push yourself that extra bit." Express & Star While she jokingly asked if he'd give her a piggyback along the route, his motivational advice has been ringing in her ears.

Radio 2 presenter Paddy McGuinness, who completed a cycle challenge last year and raised £10.3 million for the charity, offered practical advice: "Look, just block out all the noise. Block out all the noise, and just get training." Yahoo!Express & Star

How the Challenge Started This Morning

Locals turned out to cheer Sara on at Kielder Forest Park, where Stuart Todd from Morpeth Pipe Band played as she set off. Andrea Foote from Morpeth Riding for the Disabled Association was the official horn-blower to mark the start of the challenge. On The Radio

Speaking live on BBC Breakfast this morning, Sara said, "I am going to be running when I can and then striding along. I may be occasionally stumbling, limping and weeping, but I'll get my sorry self to Pudsey in Leeds on Friday." On The Radio She even mentioned that her 270-gram Pudsey backpack had been fitted with a rain mac to handle the unpredictable northern weather!

#Sara cox

How YOU Can Support Sara's Challenge

Want to be part of this incredible journey? Here's how you can help make a difference for children across the UK.

Ways to Donate and Follow Sara's Progress

Option 1: Donate Online You can support Sara by donating online through the BBC Children in Need website. BBC Children in Need Visit bbc.co.uk/sara for direct access to the donation page.

Option 2: Text to Donate You can text to donate, with 100% of the cost going towards Children In Need. You must be aged 16 and above and have the bill payer's permission. NationalWorld

Option 3: Follow Along Live You can follow Sara's challenge by listening LIVE on BBC Radio 2 from Monday, November 10, or keep up online with live tracking on the BBC Children in Need website. BBC Children in Need

Actionable Steps to Support:

✅ Donate now through bbc.co.uk/sara ✅ Listen live on BBC Radio 2 (November 10-14) ✅ Track her progress on the BBC Children in Need website ✅ Share on social media using #ChildrenInNeed and #SarasCox ✅ Watch the documentary coming to iPlayer on November 19 ✅ Tune into the telethon on Friday, November 14 (7 PM - 10 PM on BBC One)

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Sara's Preparation and Training Journey

Sara admitted, "I'm not Mo Farah, I'm not going to be running these each day." Yorkshire Post But her honest approach to the challenge is exactly what makes it so relatable and inspiring.

She shared, "The challenge has completely taken over my life, the training and the build up to it. It's all hard work, but it's all for a really good reason." Express & Star

The Mental Challenge

Despite being on the radio every day, Sara confessed, "I'm quite shy and I don't really like a fuss, and so there's a lot of fuss when you take on a challenge like this. And for me, that's been the toughest bit." Yorkshire Post

She compared the experience to pregnancy: "You can't back out. You can't be like, 'Nah, I'm all right, I'm not going to give birth, I'm just going to keep the baby there.' And that's a bit what it feels like now, like I can't back out."

Behind the Scenes: What to Expect

Cameras will follow Sara along the journey, creating an hour-long broadcast which will be available to watch on iPlayer next Wednesday, November 19, showing her push to cross the finish line. Yahoo!

Sara's fellow presenters are offering her support and motivation during their shows as well as sharing messages from listeners and guests throughout the week. Yahoo!

What's Happening Each Day:

- Monday-Friday: Live updates on BBC Radio 2 - Throughout the week: Video highlights on Radio 2 social media - Friday, November 14: Live finish at Pudsey + Children in Need Telethon (7-10 PM) - Wednesday, November 19: Full documentary on BBC iPlayer #Sara cox

Following in Legendary Footsteps

Sara's 135-mile journey follows the tradition of BBC stars undertaking huge challenges for charity. NationalWorld She joins an impressive lineup of Radio 2 presenters who've pushed themselves to the limit.

Previous Radio 2 Children in Need Challenges:

- 2024: Paddy McGuinness' Ultra Endurance Cycle (raised £10.3 million!) - 2023: Vernon Kay's Ultra Ultra Marathon - 2022: Scott Mills' TreadMills Challenge - 2021: Sophie Ellis-Bextor's Danceathon

Paddy McGuinness, who is hosting this year's fundraising event, said, "I know exactly what Sara will be going through so I and the rest of the Radio 2 family of listeners (as well as the Bolton massive) will be supporting her every step of the way, especially up all those hills!" TV Guide

Get Inspired: Set Your Own Challenge

BBC Children in Need is encouraging the public to get involved by setting their own walking or running challenges, whether it is a mile at school or a weekend hike, to raise money for children and young people across the UK. RadioToday

Ideas for Your Own Fundraising Challenge

For Individuals:

- Walk or run a mile every day this week - Complete a 5K in your local park - Do a sponsored fitness challenge - Host a virtual workout session with friends - Organize a family fun run - Create a neighborhood walking group - Set up a bake sale with the kids - Have a sponsored game night - Organize a lunchtime walking club - Set up a step-counting competition - Host a dress-down day with donations - Create a sponsored sports tournament

Why County Durham Plays a Key Role

Sara Cox will run, jog and walk through the sweeping moorlands and rolling hills of Durham, along with North Yorkshire, Northumberland, and West Yorkshire. Yahoo! County Durham's beautiful but challenging terrain represents a significant portion of this epic journey.

The county's picturesque landscapes—from rolling hills to moorlands—will test Sara's endurance while showcasing the natural beauty of Northern England. Local communities in Durham are expected to come out in force to cheer her on as she passes through.

#Sara cox

The Legacy of Pudsey Bear

Sara noted, "Pudsey has been part of Children In Need for 40 years this year, and I can't think of a better way to celebrate than by helping raise much-needed funds for children who need it most." NationalWorld

Pudsey was created by graphic designer Joanna Lane, whose hometown is Pudsey, Leeds—making Sara's finish line location even more meaningful. Yorkshire Post

Conclusion: Every Step Counts

As Sara prepares to lace up her trainers and shoulder her Pudsey Bear backpack, the spirit of Bolton, the encouragement from friends and celebrities, and the collective goodwill of the nation travel with her. It's a challenge measured in miles, but its true impact will be felt in homes and hearts far beyond the route's end. Azat TV

Sara Cox's Great Northern Marathon Challenge isn't just about one woman running 135 miles—it's about a nation coming together to support vulnerable children and young people across the UK. It's about shining a light on the incredible charities that work tirelessly behind the scenes. It's about proving that ordinary people can do extraordinary things when they're motivated by compassion.

Key Takeaways:

✅ Sara Cox is tackling 135 miles across 5 days through County Durham and beyond ✅ She's carrying a Pudsey Bear backpack the entire way ✅ This is Radio 2's longest-ever challenge by duration ✅ You can donate, follow along live, and set your own challenge ✅ The finish coincides with the Children in Need telethon on November 14

Someone told Sara: "I had no idea they were there till we needed them and I think that's the point of Children in Need. It just shines a light on all these incredible charities that help so many kids." Yorkshire Post

So whether you donate £5 or £50, whether you walk a mile or run a marathon, whether you simply tune in to cheer Sara on—every action counts. Every step matters. Every pound makes a difference.

Let's get behind Sara and show her that the entire country is with her every step of the way!