Activist state looms over Rothschild’s latest hire 9 Dec 2020 The investment bank, whose alumni include French President Emmanuel Macron, has deep links with governments. Hiring Mark Sedwill, Britain’s former top civil servant, continues the tradition. As politicians exert more influence over business, his perspective will prove valuable.
Corona Capital: Chevron, Boeing, OPEC, Orange 3 Dec 2020 Concise views on the pandemic’s corporate and financial fallout: Chevron cuts spending, prudently; Boeing orders are a solid step; OPEC makes up its mind; and Orange’s Belgian deal has some juice.
The Donald Trump show will continue broadcasting 9 Nov 2020 The president may have lost the White House. But an army of Twitter followers and right-wing media will ensure him a platform. That will serve his many interests, from boosting his businesses and staving off looming debt payments to acting as a thorn in the side of his successor.
Arnault’s Tiffany tantrum was not worth the fuss 29 Oct 2020 The luxury tycoon trashed the U.S. jeweller’s management, went to legal war in Delaware and enlisted Paris to wriggle off the hook. In a U-turn, LVMH will now swallow its target for a discount of perhaps below $290 mln. That’s far less than the long-term hit to LVMH’s reputation.
Daniel Kretinsky’s grocer grab has sliver of sense 1 Oct 2020 The Czech billionaire has bought $1.5 bln worth of shares in European supermarkets like J Sainsbury and Casino. Anaemic growth and low margins suggest that’s unwise. But if his targets can slash costs and take advantage of an online boom, his bet may begin to look shrewd.
The Exchange: UBS CEO exit interview 29 Sep 2020 After 10 years leading Switzerland’s biggest bank, Sergio Ermotti is handing off to Ralph Hamers and becoming chairman of Swiss Re. In a wide-ranging conversation with Rob Cox, he shares his views on banking, M&A, his tenure as CEO and the advice he offered his successor.
Cox: Bernard Arnault is acting like a spoiled brat 15 Sep 2020 Europe’s richest man had to have Tiffany when times were good and agreed to pay too much for the American jeweller. When Covid-19 hit the fan, LVMH’s boss got buyer’s remorse. Now he's throwing all the toys out of his cashmere-lined crib to get his way. Which he probably will.
The Exchange: Telecoms mogul David McCourt 25 Aug 2020 The pandemic has made connecting rural areas a global priority. The Irish-American cable entrepreneur explains to Aimee Donnellan why he returned to Dublin to roll out a 3 billion euro broadband programme, and how the Covid-19 crisis created an opportunity to transform business.
Fawning over Kardashians accentuates Coty’s flaws 29 Jun 2020 The cosmetics group will buy 20% of Kim Kardashian West’s make-up line for $200 mln, the FT said. New boss Peter Harf is taking a smaller stake than Coty acquired last year in half-sister Kylie Jenner’s unit. But $8 bln in debt and collapsed sales look like more urgent concerns.
Ray-Ban mogul’s late financial quest is baffling 19 Jun 2020 Leonardo Del Vecchio is building his shareholding in Mediobanca. The investment bank’s stake in insurer Generali puts it at the heart of Italian corporate power. The 85-year-old may be motivated by financial gains or prestige. Equally unclear is who inherits his expanded empire.
Volkswagen boss loses control at critical juncture 10 Jun 2020 The German carmaker’s board axed Herbert Diess as CEO of its flagship brand after his loose tongue got him in trouble again. He keeps the top job after apologising. But the spat distracts VW recovering from the pandemic and taking on Tesla. Diess can’t afford any more accidents.
Make-up artist’s star power tested by $1 bln tag 4 Jun 2020 That’s how much Puig is close to paying for Charlotte Tilbury’s cosmetics company, Bloomberg reports. Famous friends and e-commerce helped the entrepreneur boost sales. To justify the price, the Spanish perfumer needs to lift margins after Covid-19, without smudging the brand.
French plutocratic raiders rally around their kind 26 May 2020 LVMH’s Bernard Arnault helped the activist-besieged owner of Paris Match by snagging 25% of the Lagardere family’s holding company. And Vivendi’s Vincent Bolloré raised his stake in the media group to 16%. Mogul overcrowding risks blunting Amber’s bid for better governance.
Spotify’s $2.5 bln Joe Rogan bump has sound logic 20 May 2020 The Swedish music-streaming service’s shares surged after it signed an exclusive deal with the controversial podcast host. Rogan’s audience, probably about 10 mln strong, makes a mooted $100 mln licence fee seem reasonable, and even helps justify the huge rise in Spotify’s value.
Tesla’s Elon Musk turns from prey to predator 30 Apr 2020 The electric-car maker’s boss lashed out at state-imposed “fascist” lockdowns. Truth is, Tesla’s having a good crisis. Its $160 bln valuation bests all but Toyota. Rather than kvetching, Musk could use this firepower to seize the moment and expand global manufacturing capacity.
Kim Jong Un unnerves the world equally in absentia 29 Apr 2020 The North Korean leader is rumoured to be sick, comatose or dead due to heart problems at around 36. Ill or healthy, Kim has identified no successor, and an internal power struggle would destabilise the region. Investors should pray for his health now, and reformist heirs next.
Branson’s asset-light touch leaves Virgin exposed 21 Apr 2020 Despite his reputed billions, the bearded businessman is struggling for cash to save Virgin Atlantic. Like the ailing airline, Branson owns little: His assets include a Caribbean island and stakes in ventures like space tourism. The brand-centric business has found its limits.
Chancellor: Economic Consequences of Mr. Johnson 16 Apr 2020 Winston Churchill’s biographer Boris Johnson deemed Britain’s 1925 return to the gold standard a “catastrophic error”. The Great Lockdown may be another economic disaster in the making. The recovering leader must hope that the experts haven’t misled him as they did his hero.
Mr. Whatever It Takes is Italy’s post-corona card 2 Apr 2020 As ECB chief, Mario Draghi saved the euro in 2012 with monetary policy magic and prevented an Italian default. As Italy crumbles under the cost of a spiralling epidemic, his name has emerged as either the next premier or president. But he shouldn’t rush into either job just yet.
Green investing loses star player at bad time 31 Mar 2020 Hiro Mizuno is leaving Japan’s $1.5 trln pension fund. The chief investment officer led the way in focusing more on environmental, social and governance factors. Asset management can ill afford the exit of such a figurehead just as Covid-19 pushes these issues to the backburner.