Business this week

Business this week

Bob Sternfels was selected by the partners at McKinsey as their new global boss, following the defenestration of Kevin Sneader in the leadership ballot. Mr Sneader had tried to introduce more oversight of the firm's consultancy work after several scandals dented its reputation, not least the advice it gave to Purdue Pharma on how best to push sales of OxyContin. Mr Sternfels says he is committed to continuing the reforms Mr Sneader started.Oil prices rose sharply, in part because of an attempted drone attack on Saudi Arabia's largest oil-export terminal by Iranian-backed Houthi rebels from Yemen. Other factors, such as a surprise agreement by OPEC to keep curbs on output in place until April, also helped drive up prices. Brent crude breached $70 a barrel for the first time since May 2019. See article.General Electric decided to sell its aircraft-leasing business, one of the biggest in the world, to AerCap, in a transaction worth $30bn. GE will retain a 46% stake in the newly combined company, which will have 2,000 planes, and another 500 on order, for rent to airlines. GE will use its proceeds from the deal to pay down its debt. The jet-leasing unit was the biggest remaining