Management & Leadership

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.

UniCredit’s share-price surge has further to run

31 Jan 2023

Boss Andrea Orcel wants to hand more than 5 bln euros to investors through dividends and buybacks, after reporting stellar 2022 earnings. Further Russia writedowns are a risk, but the bank’s bottom line looks solid. A valuation of just over half tangible book value looks too low.

Capital Calls: TikTok’s Beltway visit

30 Jan 2023

Concise views on global finance: The social media app’s CEO Shou Zi Chew is going in front of a U.S. Congressional committee. But it’s leaders outside of Washington that Chew needs to convince.

Capital Calls: AI out-buzzes the blockchain

27 Jan 2023

Concise views on global finance: Digital publishing outfit BuzzFeed’s stock surges in part because it’s using AI to help create content. But investors’ excitement is likely to be short-lived.

Capital Calls: Data falsehoods

26 Jan 2023

Concise views on global finance: Better-than-expected U.S. GDP and durable goods data suggest the country might be spared from a recession. But exclude Boeing sales and corporate stockpiling, and the economic outlook is less rosy.

Adani’s buy now, pay later fundraise could sting

26 Jan 2023

The world’s third-richest man Gautam Adani won anchor investor backing for a $2.4 bln share sale by his flagship company, including from Abu Dhabi’s wealth fund. Yet an Adani group selloff resulting from a short attack means terms that were meant to reward buyers could hurt them.

Short-seller attack raises Gautam Adani stakes

25 Jan 2023

Hindenburg reinforces how the $230 bln empire of the world’s third richest man is closely held, overvalued, and dismissed by Wall St. The upstart’s record of exposing U.S. fraud will make India sit up. But Adani is a giant target, and too many powerbrokers have a lot to lose.

Vodafone stake-builder sends fuzzy breakup signal

24 Jan 2023

UAE telecoms group e&’s 12% holding in its $31 bln UK peer makes it seem like a full bid or a breakup lies just around the corner. But the $61 bln Middle East stake-builder doesn’t seem that keen. And most of Vodafone’s many locales look hard to split off anyway.

Davos, Inc. finds reasons to be less gloomy

20 Jan 2023

Business leaders gathering in the Swiss mountain resort have plenty to fret about. Still, with China reopening, Europe keeping the lights on and interest rate pressure easing, the overriding emotion is one of relief. Less clear is whether the mood extends beyond the alpine elite.

Snam rethink reflects Europe’s new energy reality

19 Jan 2023

The $18 bln network operator is hiking spending to boost gas flows into Italy and the EU. Stable revenues from such investments can help new CEO Stefano Venier lift EBITDA. But a lighter push into hydrogen and green projects suggests a slower European shift from fossil fuels.

AGL’s new boss has a $14 bln target on his back

19 Jan 2023

That’s how much Damien Nicks needs to turn Australia’s top carbon emitter into a renewables giant. Unlike predecessors, he has a proactive board, improving earnings and a half-placated billionaire agitator. He’ll still get hauled over the coals if he can’t find funds quickly.

How to navigate a bewildering market landscape

17 Jan 2023

The pandemic boom lured in new and younger investors. Now interest rates are up, asset prices are down, and ESG investing faces a backlash. In this Exchange podcast, Morningstar CEO Kunal Kapoor talks about personalising investment, the value of data, and taking the long view.

The Davos party returns, with the shakes

16 Jan 2023

Business leaders including JPMorgan’s Jamie Dimon and Chevron’s Mike Wirth are back in force at the World Economic Forum’s Swiss shindig. But heads of state who shape corporate fates more than ever are mostly staying home. It’s symptomatic of a divided, uncertain world.