1. Business
  2. Morning briefing
September 29, 2018updated 28 Sep 2018 4:34pm

Solomon succeeds Blankfein as Goldman Sachs CEO / China celebrates National Day / Melania Trump begins tour of Africa

By Luke Christou

Good morning, here’s your Monday morning briefing to set you up for the day ahead. Look out for these three things happening around the world today.

Solomon succeeds Blankfein as Goldman Sachs CEO

David Solomon, otherwise known as DJ D-Sol, will replace retiring Goldman Sachs Chief Executive Officer Lloyd Blankfein today following his confirmation back in July.

Blankfein will move into the role of Senior Chairman, while Solomon will take over as Chairman of the Board.

Solomon has served the investment banking firm since 1999, having worked his way up from a partner in the leveraged finance team to the Chief Operating Officer role. In his spare time he likes to DJ at electronic clubs and parties, having released music under the moniker DJ D-Sol.

Blankfein’s departure has forced the company to undergo a management reshuffle ahead of Solomon taking the helm. John Waldron, Head of the Investment Banking Division, will succeed him as COO. Likewise, Stephen Scherr will become Chief Financial Officer. Ricard Gnodde, previously head of Goldman Sachs Europe, Middle East and Africa, will now lead the company in all markets outside of North America.

China celebrates National Day

China celebrates the National Day of the People’s Republic of China, a public holiday to celebrate the founding of the republic by Communist Party leader Mao Zedong in 1949.

National Day is celebrates with parades across the country. Likewise, a new portrait of Mao is hung at Tiananmen Gate Tower each year, a tradition that has been ongoing since 1949.

Current leader Xi Jinping typically makes a televised speech to mark the occasion.

National Day kicks off a week of festivities. It will be followed by the Mid-Autumn Festival on Thursday.

Melania Trump begins tour of Africa

United States first lady Melania Trump will begin her solo international mission around Africa today, with stops in Ghana, Malawi, Kenya and Egypt expected.

Trump will use the trip to promote the importance of child welfare in the region and spread the message of her “Be Best” initiative,  which was started earlier this year to tackle issues such as opioid addiction and internet issues among young people.

The first lady confirmed the mission at the United Nations General Assembly last week. However, she offered little insight on the trip’s itinerary.

Speaking during a reception, she said: “Each of us hails from a country with its own unique challenges, but I know in my heart we are united by our commitment to raising the next generation to be happy, healthy and morally responsible adults.”

Last week’s highlights

Could Oculus Quest help Facebook bring VR into the mainstream?

What does 5G mean for crime and security?

What is securities fraud, the crime that the SEC is suing Tesla CEO Elon Musk for?