‘Love Island’ maker can be saved by bold coupling 14 Jun 2023 ITV CEO Carolyn McCall is under pressure amid a scandal and a depressed share price. A breakup of the $4 bln broadcaster might help, but looks tricky. Bulking up the studio unit could create more value, if McCall can find a way to keep dividend-loving investors on side.
What Wheel of Fortune can do, Wall Street can, too 13 Jun 2023 The US gameshow's host Pat Sajak is retiring after 40 years on the job. He’s just the face of an operation that has many moving parts, and whose value derives from luck as well as skill. Long-standing corporate bosses might want to watch what happens next.
To relinquish Grail, Illumina should fight for it 12 Jun 2023 A departing CEO and an ousted chairman signal an end to the gene-sequencing company’s effort to retain the $7 bln cancer detection business it bought without regulatory approval. The best way to secure a good price may be to keep battling US and EU trustbusters in court.
Odey brokers’ belated rethink is a cautionary tale 12 Jun 2023 JPMorgan, Morgan Stanley and others are reviewing links to the fund manager. Odey’s 2021 firing of his executive team should have been a red flag to do so even before further sexual assault allegations emerged. Brokers’ tardy responses just raise questions about their processes.
Berlusconi invented the entrepreneur as politician 12 Jun 2023 The tycoon-turned-Italian premier has died aged 86. He pioneered the use of wealth and media to achieve political power. Though his party is unlikely to survive his departure and his business empire is much weakened, his unorthodox methods spawned imitators across the West.
Casino’s fate rests on billionaires whack-a-mole 9 Jun 2023 Tycoon Xavier Niel and Czech investor Daniel Kretinsky are vying for control of the hard-pressed French retailer, which needs to restructure some 3 bln euros of debt. Founder Jean-Charles Naouri may be pushed out. Creditors’ backing will determine who will come out on top.
GoTo’s new CEO has one key job: bring stability 9 Jun 2023 Patrick Walujo is replacing Andre Soelistyo atop the $10 bln Indonesian superapp. The private equity boss may want to more closely knit together GoTo’s disparate businesses. But after several high-level changes, cost cuts and stake sales, providing a steady hand comes first.
Diageo’s Ivan Menezes was all-round exception 7 Jun 2023 The CEO of the $94 bln drinks giant, who has died at 63, defied corporate stereotype. He helped engineer a successful merger of equals, delivered index-beating returns while promoting diversity, and seamlessly stepped aside after a decade. It’s a record others should aspire to.
President Dimon would be square peg in Oval hole 2 Jun 2023 JPMorgan’s longtime boss could get a head start on a 2024 White House run by capturing the powerful capitalist constituency. Beyond that, there are too many pitfalls. For one thing, he is an avowed free-enterpriser, a quality ill-suited for this particular executive office.
Elon Musk is Beijing’s ideal foreign investor 31 May 2023 Officials rolled out the red carpet for the billionaire’s first visit since 2020. His EV investments stimulated local brands, he’s made Twitter amenable to authoritarians, and he shows the People’s Republic is still investable. That buys Tesla lots of political cover in China.
India’s moment is obfuscated by its jobs deficit 30 May 2023 The country is establishing itself on the global investment map. In this Exchange podcast, author and ex-IMF director Ashoka Mody talks about why executives should look at India’s underemployment problem instead of focusing on its 7% GDP growth as they size-up the opportunity.
How US allies can mitigate Trump 2.0 29 May 2023 A return to the White House for the pro-Putin, protectionist and climate-sceptic former President would pose many challenges for other rich democracies. Their best insurance is to ramp up support for Ukraine, promote trade and speed up action on global warming, says Hugo Dixon.
SPAC addict finds a healthier formula in London 18 May 2023 Serial dealmaker Martin Franklin was into blank-check vehicles before it was cool. His new $550 mln buyout-inspired group dispenses with the egregious free shares insiders get in special purpose acquisition companies. The downside is that investors can’t stop Franklin if he errs.
Capital Calls: Unilever, Shopify 4 May 2023 Concise views on global finance: The consumer goods company may need to backtrack on a pay package for its incoming CEO to quell a shareholder revolt; shares in Canadian e-commerce firm Shopify shot up over 20% after it said it was selling its logistics business to Flexport.
Private equity is the new fuel for India’s tycoons 3 May 2023 Big conglomerates Reliance, Tata and Bharti are putting more skin in the game by looking to outside shareholders including tech giants and sovereign funds to finance new ventures. It heralds a shift from debt to equity, and towards better governance at the expense of lenders.
India’s tycoons will weigh down Unilever’s basket 28 Apr 2023 The company’s $72 bln Indian unit is growing volume and gross margins in a sluggish market. It caps an excellent decade under outgoing CEO Sanjiv Mehta. He has set a high bar for his successor who will have to work harder as rivals from Reliance to Tata ramp up to win consumers.
Asia’s richest banker will loom over his successor 25 Apr 2023 Uday Kotak plans to stay on the board of the $46 bln bank bearing his name after he steps down as chief this year. Shareholders are supportive but it could end up being messy and it is at odds with the Indian regulator’s own aim to shore up governance by making CEO terms shorter.
Jho Low could rip scabs off 1MDB wounds 21 Apr 2023 The man at the centre of the sovereign fund scandal could be returned to Malaysia via a deal with China, a respected journalist says. It’s the final piece of the puzzle but given what Low knows, it would be a moment of public cheer and private fear for politicians and bankers.
Bolloré sale brings Vivendi endgame a step closer 19 Apr 2023 Tycoon Vincent Bolloré may offload his logistics unit for $5 bln. That gives him firepower to buy out shareholders of his $12 bln media group Vivendi. Yet a full takeover may be costly, and the 71-year-old has other ways to tighten his grip. Betting on a big premium looks risky.
Italy’s corporate power grab nears expiry date 18 Apr 2023 Premier Giorgia Meloni promised to rely on merit to pick new directors at state-backed firms like $54 bln Eni and $7 bln Leonardo. Instead, she’s stuffing boards with loyalists. Hedge fund efforts to push back at $64 bln green star Enel are a reminder the market also has a say.