Management & Leadership

BlackRock’s Aramco embrace makes sense in a vacuum

18 Jul 2023

The $109 bln asset manager added the state-owned Saudi oil giant’s CEO Amin Nasser to its board. BlackRock boss Larry Fink may invite a political firestorm at home, but he needs a competitive advantage. Diversity of opinion helps, as does the ability to unlock new investments.

Capital Calls: Cathay, Telecoms kit makers, Byju’s

14 Jul 2023

Concise views on global finance: The Hong Kong carrier expects to turn a profit; a push into 5G has caught European telecoms gear makers like Nokia and Ericsson short; India’s troubled ed-tech giant appoints a top former banker to a newly formed advisory council.

Capital Calls: Illumina, Domino’s Uber delivery

12 Jul 2023

Concise views on global finance: The EU fines the $30 bln genetic test maker 432 mln euros for closing its 2021 Grail deal prematurely; the pizza chain known for its own delivery app is expanding its service with Uber Eats, a smart move to nab more orders from fickle customers.

Winklevoss twins take strike two with crypto hype

11 Jul 2023

The founding brothers of crypto investment firm Gemini are suing the parent of bankrupt crypto lender Genesis over a soured deal that led to almost $1 bln in losses. The twins, known for their spat with Meta’s Mark Zuckerberg, are a bellwether of another messy tech hype cycle.

Capital Calls: Uber’s new task

11 Jul 2023

Concise views on global finance: Under boss Dara Khosrowshahi, the company’s departing finance chief helped deliver Uber’s original vision of dominating ride-hailing. His replacement can finish the job by dialing back spending and opening a spigot of cash flow.

BT’s vacant CEO job will only appeal to masochists

10 Jul 2023

Less than two months after releasing a turnaround plan that failed to convince investors, boss Philip Jansen said he will leave. There are no clear alternatives to his strategy of laying fibre broadband and cutting costs. Tricky shareholders will only add to the new broom’s pain.

Capital Calls: China’s central bank, Generali

3 Jul 2023

Concise views on global finance: The People’s Bank of China plays it safe by earmarking Pan Gongsheng as its new governor; the Del Vecchio family gets the green light to own more than 10% of the 30 bln euro Italian insurer.

Bank of Italy pick will give Italy an EU headache

28 Jun 2023

ECB member Fabio Panetta is heading home to lead the national central bank. That will remove a dove from Europe’s rate-setters, just as they pursue a hard line on inflation. To send another Italian to Frankfurt, premier Giorgia Meloni may need to compromise on Brussels issues.

Tesla vs. Meta cage fight already has a winner

23 Jun 2023

The tech giants’ bosses are planning a literal fistfight. But in a corporate throwdown between the $800 bln automaker and the slightly smaller Facebook parent, which would win? On balance, Elon Musk’s bid to reshape the physical world beats Mark Zuckerberg’s promised virtual one.

China plus one is best glue for India-US romance

23 Jun 2023

Prime Minister Modi’s largely successful state visit points to how India can help US firms like Tesla and Micron rejig supply chains. In sensitive areas like defence, trust is growing but remains in short supply. It keeps any hope of prising India away from Russia out of reach.

Alibaba shakeup hints at changing China tech role

20 Jun 2023

Boss Daniel Zhang will step down to run the e-commerce group’s cloud business. Replacing him at the parent group with veterans like globe-trotting financier Joe Tsai looks sensible amid a tricky breakup. It also implies that newer ventures, like cloud, are gaining strategic heft.

Pirelli boss turns de-risking into opportunity

19 Jun 2023

Rome has limited the power of the $5 bln tyremaker’s Chinese shareholder, without forcing it to sell. Pirelli and Italy get to de-risk China ties without burning too many bridges. But the real winner is CEO Marco Tronchetti Provera, who has again found a way to come out on top.

Nissan needs new intrigue like a hole in the tyre

16 Jun 2023

The $16 bln carmaker hired Ashwani Gupta as COO to help move past the Carlos Ghosn scandal. Once seen as a potential CEO, he’s leaving amid reports of more internal shenanigans. With profit margins still low and its Renault alliance in flux, Nissan can’t afford such distractions.

Comcast rejigs media script after falling from Sky

16 Jun 2023

The $173 bln cable giant is discussing a cash dowry to lure buyers for its pay TV operator’s German arm. That would remove a distraction as CEO Brian Roberts hunts for a new deal. A sale may be hard to reach. But it’s better to cut the cord sooner than later.

Capital Calls: Oil M&A, Bud backlash, L&G’s CEO

15 Jun 2023

Concise views on global finance: Two oil-well servicers find a way to make decline more palatable, while brewer Anheuser-Busch discovers that money doesn’t always buy friends in politics. In the UK, insurer L&G picks a new CEO to try and address its Brexit discount.

Biogen conflicts cry out for boardroom therapy

15 Jun 2023

The departure of pushy investor Alex Denner as a director, with his romantic partner tipped to step in, adds to the $44 bln biotech’s struggles. Even in a cozy industry, such a brazen idea beckons another activist. It doesn’t help Denner’s case at Biogen-partner Alkermes either.

JPMorgan fails Jeffrey Epstein stress test

15 Jun 2023

The mega-lender sails through its yearly financial exams, but lawsuits and a $290 mln settlement over its sex-trafficking client suggest operational lapses. Boss Jamie Dimon says he’d barely heard of Epstein until 2019. If so, it’s a sign his bank is too big to manage.

Private equity risks gorging on its secret sauce

14 Jun 2023

Public-market investors prefer steady management fees over lumpy buyout profit. As a result, KKR and others funnel more so-called carry to employees instead. Peers Blackstone and Carlyle could recalibrate similarly, but taking a bigger cut also might irritate dealmakers.

‘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.

Shell makes risky pitch for the middle ground

14 Jun 2023

The $195 bln group’s new CEO Wael Sawan boosted shareholder payouts and refrained from new oil output cuts. His bet is that Shell can echo US peers by lingering in oil, while placing its green bets on less tricky low-carbon areas than European rivals. It’s not certain to work.