Corona Capital: Vaccines, Dr. Martens 29 Jan 2021 Concise views on the pandemic’s corporate and financial fallout: Quantity matters with vaccines, while Permira gets an extra kick from the bootmaker.
Corona Capital: GDP, Corruption, Norway 28 Jan 2021 Concise views on the pandemic’s corporate and financial fallout: U.S. output growth slows from a surge to a gentle trot; Transparency International flags that corruption and pandemic-fighting don’t mix; and Norway’s sovereign wealth fund sees its tech bets pay off.
Orcel gets second chance with UniCredit top job 26 Jan 2021 The Italian lender is set to pick the former UBS banker as its new chief executive. It gives Orcel an opportunity for redemption after a pay row cost him the chance to be Santander CEO. The former dealmaker’s first task will be to resist a rescue of state-owned Monte dei Paschi.
Leon Black report shoves Apollo in right direction 26 Jan 2021 The private equity firm unveiled shareholder-friendly changes following an investigation into its co-founder’s ties with Jeffrey Epstein. Plans to eliminate supervoting rights and separate Black’s CEO and chairman roles boosted shares. His full retirement would be better still.
Larry Fink flexes what green muscles he has 26 Jan 2021 The BlackRock boss will require companies to show how they will eliminate carbon emissions by 2050. The $9 trillion asset management giant’s largely passive funds cannot dump climate laggards. But Fink’s latest letter makes clear his active managers will show more strength.
The Exchange: Too much stimulus stores up big risk 26 Jan 2021 That’s the view of Oliver Baete, CEO of Allianz. Markets are pricing in vaccination perfection, as they’ve grown dependent on central bank and government largesse, he tells Rob Cox. But for the $97 billion German insurer, there’s still opportunity to be had in the year ahead.
UBS strength risks stifling new CEO’s reform zeal 26 Jan 2021 Ralph Hamers inherits a bank with a respectable valuation, tons of capital and healthy returns. Such performance could make him less likely to effect major changes at the $54 bln lender. That could be a problem given long-term weaknesses like slow growth and high costs.
EQT puts runaway share price to good use 26 Jan 2021 The $28 bln Swedish private equity firm linked to the Wallenbergs is issuing $800 mln of equity to the founders of Exeter, an American property investor. The deal expands its U.S. presence and helps diversify away from lumpy buyouts. While risky and expensive, it may just work.
Corona Capital: Food delivery, Video games 25 Jan 2021 Concise views on the pandemic’s corporate and financial fallout: Hedge fund Tiger Global gets a taste for food-delivery investments; and Jagex, developer of fantasy game “RuneScape,” is flipped to Carlyle less than a year after its last sale.
Corona Capital: M&A boost, Purell 22 Jan 2021 Concise views on the pandemic’s corporate and financial fallout: Goldman Sachs, JPMorgan and other banks collectively reaped billions in fees related to advice on transactions with the expectation the money will keep rolling in; hand sanitizer makers hope good habits linger.
Cineworld’s new release is moral hazard disaster 22 Jan 2021 The $1.3 bln movie chain wants to give executives including CEO Mooky Greidinger shares which would be worth $142 mln if they recover to pre-Covid-19 levels. It’s a skewed reward for a company which owes its survival to creditors and governments. Only investors can stop it.
Russian mining IPO comes with sanctions noise 21 Jan 2021 Nord Gold is planning a $5 bln listing in London, the WSJ reports. Severstal billionaire Alexey Mordashov only has a minority stake, but his sons own most of the rest. Investors need to consider the risk that the new U.S. administration decides to take a tougher line on Moscow.
Corona Capital: ESG investing, U.S. moves, P&G 20 Jan 2021 Concise views on the pandemic’s corporate and financial fallout: ESG opens up investing opportunities; home values in U.S. resort towns rise faster than rural areas; and Procter & Gamble cleans up.
Activist scratches at surface of Danone malaise 19 Jan 2021 Bluebell wants the yoghurt maker to split the role of chair and CEO and for boss Emmanuel Faber to quit. His underperformance relative to peers means that Danone should at least do the former. But boosting sales growth will require more than a corporate governance revamp.
Martin Sorrell’s new ad group benefits from youth 18 Jan 2021 Less than three years after WPP ousted the 75-year-old his S4 Capital is worth 3 bln pounds. A digital boom means its shares trade on a multiple more than three times his former employer’s. The challenges remain much the same: integrating new deals and sustaining growth.
Samsung boss verdict softens chaebol reform push 18 Jan 2021 Jay Y. Lee has been sentenced to 30 months in prison for bribery, less than what prosecutors requested. The lenient outcome fuels fears that protecting jobs takes priority over reining in South Korea’s powerful conglomerates. Regardless, governance upgrades might be delayed.
Corona Capital: Satellites, Shoes 15 Jan 2021 Concise views on the pandemic’s corporate and financial fallout: SoftBank pours cash into satellite startup; and footwear winners and losers.
UniCredit CEO race is deceptively crowded 15 Jan 2021 Senior bankers including Andrea Orcel are in the run to lead the $21 bln bank. The new boss will need to navigate Italy’s intricate political and financial landscape, have clear international standing and a collegiate approach. That rules quite a few of the contenders out.
Germany’s female executive quota is hard to export 15 Jan 2021 The government will soon require the country’s top 70 companies to have at least one woman on their management boards. The long overdue move will force firms to quickly identify a raft of female talent. But Germany’s unusual corporate structure makes it difficult to replicate.
Billionaire donors outrank companies in Washington 14 Jan 2021 Firms from JPMorgan to AT&T are rethinking political donations after last week's Capitol violence. That will dent lawmakers' coffers. But it’s people like the late Sheldon Adelson and Mike Bloomberg who have far deeper pockets, and the power to make politicians sit up and listen.