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☆ Morning Bid: Fearless?
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +4 min

As bond markets furiously flag a looming recession, stock markets suddenly seem fearless. Wall St's so-called 'fear index' of implied equity volatility (.VIX) fell on Tuesday to its lowest level since August. Put against the deepening inversion of the U.S. 2-10 year Treasury yield curve to its most negative in 22 years, typically a harbinger of recession ahead, the apparent stock market calm is puzzling. Some analysts reckon stock market positioning is already so low and portfolios so underweight equity that demand for downside protection in the options market has waned too. Any hoping for an end to the jump in interest rate rate rises around the world were also disappointed.

☆ Manchester United owners consider selling club
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +4 min

The owners are under pressure with United sitting fifth in the Premier League halfway through the season, which has been suspended because of the current Qatar World Cup. Manchester United shares jumped as much as 20% after Sky News first reported on the sale process, giving the club a market capitalisation of $2.6 billion. The Raine Group is acting as financial adviser and Latham & Watkins LLP is the legal adviser to Manchester United. It was the first Premier League match to be postponed because of a protest. United finished sixth last season in their worst Premier League campaign in terms of points earned, failing to qualify for the lucrative European Champions League competition.

☆ Manchester United's American owners consider selling club
▼ + stars: | 2022-11-22 | by ( ) www.cnbc.com time to read: +3 min

A football fan chants slogans before a protest against the ownership of Manchester United. Manchester United said on Tuesday it was commencing a process to explore strategic alternatives, including a new investment or a potential sale, 17 years after the American Glazer family bought the English Premier League soccer club. "We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future," the statement said. The Raine Group is acting as financial adviser and Latham & Watkins LLP is the legal adviser to Manchester United. It was the first Premier League match to be postponed because of a protest.

SINGAPORE, Sept 28 (Reuters) - Southeast Asia's digital media and tech sectors, underpinned by young consumers and one of the fastest growing internet markets, had drawn U.S. investment bank Raine Group to expand in the region, senior executives said. Global media, entertainment and gaming giants are ramping up their presence in Southeast Asia's fast-growing economies. Raine specializes in media, sports and technology deals and also oversees $4 billion in growth equity and venture capital. It advised Southeast Asia's biggest ride-hailing firm Grab on its purchase of Uber's regional business in 2018. Reuters reported last week that Raine had tapped Jonathan Pflug, Morgan Stanley's head of Southeast Asia M&A, to lead its regional coverage.

☆ ESPN would help Disney and Comcast settle a score
▼ + stars: | 2022-09-23 | by ( Jennifer Saba | ) www.reuters.com time to read: +7 min

NEW YORK, Sept 23 (Reuters Breakingviews) - When it comes to modern corporate sagas, few deliver the drama between Walt Disney (DIS.N) and Comcast (CMCSA.O). Comcast Chief Executive Brian Roberts is in position to let his counterpart squirm, but there’s a neat solution to help settle the score: ESPN. He feared Comcast “would have paid more later.”Register now for FREE unlimited access to Reuters.com RegisterBefore long, Comcast clashed again with Disney. To settle the matter, the two parent companies agreed that in January 2024 Comcast could force Disney to buy its stake or Disney could require Comcast to sell based on a minimum valuation of $27.5 billion. Disney owns two-thirds of Hulu and Comcast owns the rest.

☆ Man United set financial goals for year after quarterly loss narrows
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Net debt, a bone of contention for the fan base, grew nearly 23% to 514.9 million pounds, hurt by a weaker sterling. Register now for FREE unlimited access to Reuters.com RegisterThe 20-time English champions have seen several changes this year, including welcoming CEO Richard Arnold, who effectively replaced Executive Vice-chairman Ed Woodward. The club forecast total revenue for the 2022-23 period to be between 580 million and 600 million pounds and is targeting adjusted core profit between 100 million to 110 million pounds. The English Premier League soccer club reported a net loss of 70.7 million pounds for the three months to June 30, compared with a loss of 107.7 million pounds a year earlier. ($1 = 0.8855 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yadarisa Shabong and Chris Peters in Bengaluru Editing by Keith Weir and Toby ChopraOur Standards: The Thomson Reuters Trust Principles.

☆ Factbox: Outspoken British billionaire Mike Ashley
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Sept 20 (Reuters) - Mike Ashley, one of Britain's most outspoken business leaders, will step down as a director at sportswear and fashion retail group Frasers (FRAS.L) in October, months after handing over the CEO role to his daughter's partner. read moreAshley, 57, has been frank and outspoken about rivals and politicians. His love of casinos and stories of settling banker fees by playing bar games, as well as clips on YouTube showing him sinking a pint of beer in a few seconds, have fed an image of a maverick far removed from the typical British business chiefHere are some facts on the British billionaire:Register now for FREE unlimited access to Reuters.com Register* At 18, Ashley started his first sports and ski shop in 1982 on a high street in the southern English town of Maidenhead, with the help of a 10,000 pound loan from his parents* By the late 1990s, he had opened 100 stores across the UK, rebranding his chain as Sports Soccer* He then took the company public under the name Sports Direct in 2007; The company is now worth 3.75 billion pounds ($4.29 billion) and Ashley is worth 4.02 billion pounds as of June 2022, according to Forbes* In 2007, Ashley also bought British Premier League soccer club Newcastle United, which in 2021 was bought out by a Saudi-Arabian backed consortium after a long-running takeover saga* Known for his acquisition of fellow retailers, Ashley bought a stake in House of Fraser in 2014, and over the years, has taken positions in Debenhams, MySale (MYSL.L), Tesco (TSCO.L), Adidas (ADSGn.DE) and Hugo Boss (BOSSn.DE)* He was heavily criticised by senior British politicians and unions after an investigation in 2015 revealed some workers at Sports Direct received less than the minimum wage* Calls for him to step down as Sports Direct chairman were rejected by the company and Ashley was made CEO* Sports Direct purchased House of Fraser out of administration in 2018 and in 2019 after the merger, he rebranded the Sports Direct empire as Frasers* Ashley stepped down as Frasers CEO early this year, handing over the baton to his daughter's partner Michael Murray, who married his daughter in May; Ashley has three children(Sources: Company website, Reuters reports and UK government website)(1 British pound = $1.1442)Register now for FREE unlimited access to Reuters.com RegisterReporting by Radhika Anilkumar in Bengaluru; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Morgan Stanley's Southeast Asia M&A chief to head Raine's Southeast Asia coverage
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Andrew KellySINGAPORE, Sept 19 (Reuters) - U.S. investment bank Raine Group has tapped Jonathan Pflug, Morgan Stanley's head of Southeast Asia M&A, to lead its coverage in Southeast Asia, two sources familiar with the matter said on Monday. Morgan Stanley and Raine did not immediately reply to Reuters questions about the move. Singapore-based Pflug, a managing director at Morgan Stanley, has been with the investment bank since 2011. Pflug is set to join Raine early next year and launch its Singapore office as the firm seeks to expand into Southeast Asia, the sources said. Register now for FREE unlimited access to Reuters.com RegisterIn Asia, Raine currently has offices in Hong Kong, Shanghai and Mumbai.

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