Good morning from the Financial Times.
Today is Thursday, June 4th, and this is your FT News Briefing.
Saudi Arabia is making some changes to focus inward, and Netflix says goodbye to its co-founder.
Plus, international investors, they're shipping up to Boston.
Workforce talent is really the shining star that brought Boston to the top of our list this year.
I'm Mark Filippino, and here's the news you need to start your day.
Saudi Arabia's sovereign wealth fund is making big changes at some of its portfolio companies.
The Public Investment Fund, or PIF, is replacing foreign executives with local hires.
Some examples include the manufacturing company Elat and biopharma group Lyfera.
Why the change?
Well, after a decade of spending a ton globally, PIF is shifting its focus to domestic projects.
It's all part of Saudi Crown Prince Mohammed bin Salman's
ambitious plan to diversify his country's economy away from oil revenues.
One PIF executive also said, back in April,
that big upcoming events like the 2034 World Cup caused the country to shift priorities.
Reed Hastings is officially leaving Netflix after its annual shareholder meeting today.
He co-founded Netflix in 1997 as a DVD rental service.
Remember DVDs?
Well, he moved on from discs,
and over the next three decades, he grew the company into the world's largest streaming platform.