The outgoing Prudential CEO was paid 8.3 mln stg in shares for hitting long-term targets. Given his record, the largesse can be defended. But the UK insurer - and fund manager – should follow peers in requiring such awards to be held until outperformance is proved sustainable.
The single currency’s share of global foreign exchange reserves is at a 12-year low. Reserve managers haven’t bought euros to compensate for the fall in its value. Central banks’ lack of commitment to balanced forex portfolios leaves the euro free to fall further.
The U.S. hedge fund bought 10 pct of Axis, threatening Canon’s $3 bln friendly bid for the Swedish CCTV specialist. Canon is unlikely to give up. It could settle for a lower stake, and bide its time. But history suggests the already-rich deal could also get pricier.
The carmaker wants to raise cash to reduce debt and fund growth. Its struggling domestic unit, propped up by Jaguar Land Rover, is benefiting from a recent change in strategy. A full turnaround will depend on a pickup of economic activity in India.
The recording mogul has lured Kanye West, Deadmau5 and other artists to his Tidal streaming service with equity and the promise of higher royalties. The model worked for iconic movie studio United Artists. But steering clear of illegal copying could prove a daunting task.
The $10.4 bln acquisition, contingent on Comcast buying Time Warner Cable, suggests some confidence those rivals will get approval. If not, however, the U.S. cable puzzle could realign. Charter again might chase Time Warner Cable, which actually has first dibs on Bright House.
The Dutch group sold 80 pct of its lighting components unit for $2.8 bln. An Asian tech fund paid a surprisingly high 1.65 times last year’s sales. Buyout firms’ hunger for corporate cast-offs helped lift the price. A bigger test looms: splitting off the main lights business.
Africa’s biggest economy is set for its first peaceful transfer of power. Election winner Muhammadu Buhari, a 1980s junta leader, will find ruling harder now. Meaningful reform will take years. Still, better governance is good news for the populace and outside investors alike.
The yuan may meet the IMF’s vague terms for inclusion in its quasi-currency. That doesn’t mean it’s ready for a prominent place in central bank vaults. A big question is how the yuan might fare during a period of financial instability in China. Answers may soon be forthcoming.
The $140 bln U.S. cable operator is pumping $4 bln into a new investment firm to be led by finance chief Mike Angelakis. It’s a novel way to keep a shrewd dealmaker happy and close, but a questionable use of shareholder money. The Roberts family fiefdom strikes again.
The ECB chief’s bid to boost asset-backed security markets has produced few new deals, and its purchase programme is small. But the falling cost of issuance is tangible enough, and regulatory hurdles are lifting. Besides, politics preclude Mario Draghi from buying riskier assets.
Europe’s two biggest players in selling fancy clothes online are combining in an all-share deal worth about 3 bln euros. Both should gain, and size matters as Amazon eyes luxury. Yoox of Italy gets clear control and scale, while NAP owner Richemont keeps a toe in a growing sector.
The European Central Bank has barely begun buying government debt. The Japanese experience of massive purchases suggests low expectations are warranted. The Bank of Japan has yet to revive inflation. And it seems even to have lost the power to depress the yen and bond yields.