Excel, Turning 40, Still Has Its Fan Base

Welcome to CFO Briefing, a newsletter devoted to corporate finance and what leaders need to know. This week, I talk to finance professionals about their enduring relationship with Excel and chat to the CFO of a German defense business ahead of next week's NATO summit.
But first, here's some other news that caught my eye:

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Yahoo

4 hours ago

• Yahoo

Paul Joyce Confirms Liverpool Could Sign Defender on Free Transfer

Jarell Quansah's Bayer Leverkusen Move Signals Strategic Shift at Liverpool Liverpool's decision to sell Jarell Quansah to Bayer Leverkusen in a deal worth up to £35 million is a move layered with intent rather than desperation. As reported by Paul Joyce of The Times, the Anfield club is pushing to include a buy-back clause in the transfer, underscoring the belief they still hold in the 22-year-old defender. Advertisement 'Liverpool now negotiating a buy-back clause as part of the deal' reflects a growing trend at the club — monetising talent while maintaining future optionality. With only 488 Premier League minutes to his name last season and a single start before the club secured the title under Arne Slot, Quansah's on-pitch exposure was limited. Yet, his progress at youth international level has not gone unnoticed. On Saturday, he helped Lee Carsley's England Under-21s to a 3-1 quarter-final win over Spain, setting up a semi-final clash with the Netherlands. Photo: IMAGO Leverkusen Connection Growing Stronger The transfer continues a busy summer of transactions between the Merseyside giants and Leverkusen. The two clubs had already conducted major business with the transfers of Florian Wirtz and Jeremie Frimpong to Liverpool for a combined total reportedly in the region of £145.5 million. Advertisement Quansah's exit, in contrast, represents a calculated piece of business. The agreed £30 million guaranteed fee plus £5 million in add-ons (€41 million overall) gives Liverpool a healthy return for an academy-developed player, while keeping the door ajar should he flourish in Germany. The growing cooperation between the two clubs might also be strategic. Bayer Leverkusen offers Liverpool's fringe talents Champions League exposure and Bundesliga development in a similarly competitive structure to the Premier League. A buy-back clause would align with that vision, particularly under the oversight of new sporting director Richard Hughes. Central Defence Options and Market Watch With Quansah likely to exit, Liverpool's centre-back depth could come into sharper focus. Virgil van Dijk and Ibrahima Konaté remain first-choice, but injuries and rotation make reinforcement a possibility. Advertisement Paul Joyce also reports that 'Liverpool are interested in Crystal Palace centre back Marc Guéhi, who has 12 months remaining on his contract.' That interest appears to be long-standing and genuine. However, Palace's valuation will likely determine whether Liverpool act now or wait to potentially secure him on a free next summer. Photo: IMAGO Guéhi's Premier League experience and age profile fit Liverpool's recruitment model. However, this move would also signal that Arne Slot wants a more senior option to supplement his defensive ranks. Our View – Anfield Index Analysis There's a feeling among some fans that Liverpool may be letting go of Quansah a little too soon, especially given the flashes of composure and physical presence he showed last season. That said, the inclusion of a buy-back clause would make this a far more palatable decision, and it's a structure that worked well in the past with the likes of Taiwo Awoniyi and even former academy players who thrived abroad. Advertisement The £35 million fee is smart business and reflects the growing strength of Liverpool's youth development. What's crucial here is that the money appears to be part of a wider reallocation of resources — perhaps towards a player like Marc Guéhi who, with just a year left on his deal, could arrive at a relative discount compared to his true market value. Arne Slot, fresh off a title-winning debut campaign, is clearly building a side not just for now but for sustained success. This deal also sends a clear message to other young prospects at Kirkby: opportunities will come, but the standards are sky-high. If you aren't in the picture now, Liverpool won't hesitate to let you grow elsewhere — and possibly return later.

Yahoo

5 hours ago

• Yahoo

Spain exempt from Nato's 5pc spending target

Spain will be exempt from spending 5 per cent of its GDP on defence after striking a deal with Nato, the country's prime minister said. Speaking ahead of this week's Nato summit in The Hague, Pedro Sanchez said he had achieved a 'success' for his country by securing an exception from the new spending target, which had been billed as a strict requirement for all 32 Nato members. It puts Madrid at odds with Donald Trump, the US president, who has called for a significant increase in defence spending and cast doubt on his willingness to defend Nato allies 'if they don't pay'. Mr Sanchez said Spain could fulfil its existing commitments to Nato with a defence budget of 2.1 per cent of GDP. 'We fully respect the legitimate desire of other countries to increase their defence investment, but we are not going to do so,' the Spanish prime minister said in a televised address on Sunday. Mark Rutte, the Nato secretary general, warned members earlier this month that they must commit to spending 5 per cent on defence spending or 'better learn to speak Russian'. It came after he had warned that Vladimir Putin could attack Nato by 2030. According to Nato estimates, Spain spent only 1.24 per cent of GDP on defence last year. In April, Mr Sanchez pledged to increase defence spending to 2 per cent by the end of this year. But Spain's Left-wing government is divided on the need to increase military spending and a think-tank linked to the administration has cast doubt on whether the 2 per cent target for this year is feasible. Mr Sanchez wrote to Mr Rutte last week to say that 5 per cent of GDP was 'unreasonable and counter-productive', arguing that such a commitment would impact the country's social spending and undermine EU plans for technological growth. On Sunday, it emerged that the agreement Nato leaders will sign at The Hague on Wednesday has been altered to accommodate Spain's objections. The text on the spending pledge has been changed from 'we commit' to 'allies commit', allowing Mr Sanchez to claim the commitment would not apply to Spain. Under the plan, countries are meant to reach 5 per cent of GDP by boosting their core defence spending goal from 2 per cent to 3.5 per cent, and adding a further 1.5 per cent on related items such as cyber security and adapting roads and bridges for military vehicles. Mr Sanchez said that Spain needs only to spend 2.1 per cent of GDP to meet its Nato capability targets – the personnel, equipment and infrastructure requirements set by the alliance The announcement comes at a time of political difficulty for Mr Sanchez, who is under enormous pressure over a corruption scandal within his Socialist party.

Yahoo

5 hours ago

• Yahoo

Bayern Munich Have Joined the Race to Sign £70m Liverpool Star

Liverpool Transfers: Bayern Munich are in the Race to Sign Forward Liverpool have enjoyed an explosive start to the summer window with both Jeremie Frimpong and Florian Wirtz arriving from Bayer Leverkusen. AFC Bournemouth left-back Milos Kerkez is expected to join next week with a £40m fee agreed with the South Coast side. Advertisement But now, attention has shifted onto outgoings, which must take place before further signings can be confirmed. That has started with Jarell Quansah securing a £35m move to Leverkusen with a buy-back clause inserted in the deal. Another Bundesliga club are now eyeing potential moves for two Liverpool stars, according to reports from Germany. That club is Bayern Munich, who's interest in Cody Gakpo has been heavily reported over recent months. According to Christian Falk, Bayern are now also interested in a potential deal to sign Luis Diaz this summer. The Liverpool forward has been heavily tipped for a move away from Anfield this summer, with a number of Saudi clubs and Barcelona interested in the 28-year-old. With just two years left on his current deal, Liverpool are left in an intriguing position over Diaz's future. It's understood it would take an offer of at least £70million to initiate talks over any potential move for the Colombian. Advertisement Bayern Munich have been on the hunt for a left-winger for over a month now. Gakpo was their initial target, but it's believed that Liverpool are standing firm in their stance against a sale of the Dutch forward. They've also looked at potential moves for Nico Williams and were of course in the race to sign Wirtz before he decided to join Liverpool in a record-breaking £116m deal.