Female entrepreneurs’ glass ceiling is intact 8 Mar 2023 Two decades after boardroom quotas were first introduced, women have advanced at listed firms. Yet despite making up 40% of US business founders, female entrepreneurs capture just 2% of venture capital cash. Governments and asset managers can help raise that proportion.
Transatlantic valuation gap is mostly illusory 7 Mar 2023 Arm, CRH and Flutter may pursue US listings, while Shell mulled one. Since European stocks trade at a discount to the S&P 500, they might be hoping for a higher price. But the value chasm doesn’t hold for all sectors, and can be largely explained by differing growth rates.
Capital Calls: Carlsberg CEO exit 7 Mar 2023 Concise views on global finance: Asia will be a key battleground for the $21 bln Danish brewer’s next boss.
Buying WWE calls for intense financial contortions 3 Mar 2023 After making a dramatic return to the ring, founder Vince McMahon is eyeing a possible sale of his worldwide wrestling empire. Potential contenders for the $6.2 bln company include UFC owner Endeavor. The numbers and ownership structure, however, make a deal hard to stack up.
Capital Calls: TD Bank’s $13 bln cliffhanger 2 Mar 2023 Concise views on global finance: The Canadian bank’s acquisition of U.S. peer First Horizon will be delayed beyond its May 27 drop-dead date, but there are reasons to think it will still get done.
Goldman doubles down on the wealthy, as it should 28 Feb 2023 The $120 bln bank is boosting its alternative-investment unit, which may soon be half the size of Blackstone. Add in banking and shareholders effectively get the rest for free. It highlights the upside for Goldman’s value, and makes CEO David Solomon’s consumer push look worse.
IAG takeoff weighed down by debt dilemma 24 Feb 2023 With net debt above its market value, the $9 bln British Airways owner could use a rights issue. But it’s also back in the black after a painful pandemic, and deals may yield cost savings. Boss Luis Gallego has to work out which path is likely to annoy long-term investors least.
Capital Calls: World Bank, Bumble, Wood Group 23 Feb 2023 Concise views on global finance: The U.S. picks ex-Mastercard boss Ajay Banga to run the multilateral development bank; while the dating app’s shares are down, private equity owner Blackstone is still in the money; the UK oil services group has turned down three bids from Apollo.
Capital Calls: Starbucks 21 Feb 2023 Concise views on global finance: The $123 billion coffee chain’s new patent filing speaks to popular TikTok campaigns for more bespoke beverages – and other labor challenges.
Returning pharma CEO has one prescription: M&A 16 Feb 2023 Brent Saunders ran three major drugmakers, and ultimately sold them all – one of them twice. He’s back in the corner office at $7 bln Bausch + Lomb again. The company’s earlier wheeling and dealing complicates matters, but history suggests finding a new owner is a likely outcome.
Missing China bank boss is the wrong big deal 17 Feb 2023 Bao Fan's disappearance wiped 30% off China Renaissance’s stock. But his boutique investment bank had already shrunk as work from clients like Didi vanished. The broader blow is to financiers waiting for new business to offset Beijing’s common-prosperity and anti-corruption push.
YouTube CEO exit is an unlucky break 16 Feb 2023 Veteran Susan Wojcicki is leaving the helm of the video service at a critical time for parent Alphabet. Advertising is under duress from rivals and regulators want to unwind past acquisitions. Executives come and go, but the last thing Google needs is turmoil from within.
Capital Calls: Schneider’s sustainable CEO 16 Feb 2023 Concise views on global finance: Jean-Pascal Tricoire’s departure as chief executive of the French industrial software group after nearly two decades at the helm defies the trend of short-lived or underperforming corporate bosses.
Glencore’s coal fudge risks satisfying no one 15 Feb 2023 The dirty fuel is booming, and made up half of the $80 bln commodity giant’s 2022 EBITDA. Green investors may want CEO Gary Nagle to phase it out faster, while financially motivated ones would favour more mining. He’s doing neither, and paying the price with a middling valuation.
Capital Calls: Rothschilds in charge 14 Feb 2023 Concise views on global finance: The storied banking dynasty wants to buy out minority investors on the cheap, and they’ll probably get away with it.
Bayer’s new CEO plants seed of future breakup 9 Feb 2023 Bowing to pressure from activist investor Jeff Ubben, the $66 bln drugs-to-seeds maker is replacing embattled boss Werner Baumann. Ditching the architect of the ill-advised Monsanto deal makes sense. Hiring pharma expert Bill Anderson suggests the crop division may be spun off.
BNP investors deserve bigger slice of M&A windfall 7 Feb 2023 CEO Jean-Laurent Bonnafé is sitting on a 12 bln euro jackpot after selling the French bank’s U.S. business. He’s earmarked most of that for new lending and investment. But BNP’s low valuation implies shareholders think it would be better off buying back more stock.
Carlyle’s new boss will be virtuoso second fiddle 6 Feb 2023 Harvey Schwartz never quite made CEO at former employer Goldman Sachs. But his years of experience at the sharp-end of finance should help the $13 bln buyout firm as it chases bigger rivals. Given Carlyle’s top-heavy structure, a willingness to share power is probably an asset.
Capital Calls: Cryptocurrency, Chelsea FC 1 Feb 2023 Concise views on global finance: Britain delivers a blow to digital assets by aiming to regulate them the same way as traditional ones, while the UK soccer team’s new owner Todd Boehly splashes the cash.
Liberated GSK is still searching for booster shot 1 Feb 2023 The $72 bln drugmaker spun off its consumer unit last year to focus on prescription medicines. But it now trades at a discount to European rivals. To close the gap, CEO Emma Walmsley needs to deliver new drugs, fend off Pfizer’s respiratory vaccine, and prove her M&A skills.