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☆ Tennis Star Serena Williams, Former Citi M&A Co-Chief Mark Shafir to Join Consello
▼ + stars: | 2023-05-15 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

Tennis icon Serena Williams is retiring from the sport after the U.S. Open to focus on her family and a flurry of business ventures. WSJ breaks down the assets that make up Williams’ wealth, which is estimated at $260 million. Photo: Grace Schultz/Zuma PressTennis champion Serena Williams is set to join financial-services advisory and strategic-investing firm Consello Group with former Citigroup M&A co-chief Mark Shafir , according to people familiar with the matter. Consello was started by Declan Kelly , who had been chief executive of advisory firm Teneo until 2021. More recently he has been aggressively building the new firm, bringing in National Football League star Tom Brady and other business heavyweights as partners.

☆ UK financial sector to forge new post-Brexit market model
▼ + stars: | 2023-05-15 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

LONDON, May 15 (Reuters) - Britain's financial services industry has commissioned a report to lay out what needs to be done to keep London a globally competitive financial centre, which it said would span law and regulation, market practice and cultural change. Sector body the Capital Markets Industry Taskforce (CMIT), which commissioned the report, said it aims to ensure that Britain remains a leading global financial centre that supports the development of high-growth UK and international companies. "It will be a comprehensive, concise, and easily understandable report that sets out the new market model needed to help deliver growth across the broader UK economy," CMIT said in a statement. Britain has already undertaken more than 30 public consultations on reforming listing and other financial rules, and is in the final stages of approving a draft financial services law to implement these so-called Edinburgh Reforms. Separately, top financial sector officials said in March they would present a "roadmap" in the autumn to "kickstart" London's role as a post-Brexit global financial centre by 2030 by offering a "vision" for the future.

☆ Turkey's lira sinks to two-month low in post-election trade
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 14 (Reuters) - Turkey's lira slipped to a fresh two-month low as financial markets kicked off trading in the wake of the country's Sunday presidential and parliamentary election with the race for presidency appearing headed for a runoff. The currency weakened to 19.70 to the dollar before retracing some of its losses to 19.66, on track for its worst session since early November. "It is hard to foresee a market-positive scenario emerging from today’s double vote in Turkey," Wolfgango Piccoli at Teneo wrote in a note to clients. Analysts expect the lira to face sharp adjustments in the wake of the elections following years of economic imbalances and unorthodox monetary policy. The lira, which is prone to sharp swings before regular trading hours, has weakened 5% since the start of the year.

☆ Chile's voters set to take big step in constitution redraft 2.0
▼ + stars: | 2023-05-05 | by ( Natalia A. Ramos Miranda | ) www.reuters.com time to read: +3 min

REUTERS/Rodrigo GarridoSANTIAGO, May 5 (Reuters) - Chileans will vote to elect 50 constitutional advisers on Sunday, a major step towards rewriting the constitution, after voters overwhelmingly rejected a first attempt in a plebiscite last September to replace the dictatorship-era charter. The so-called Constitutional Council that voters are set to elect will work as of June on the new constitution, based on a preliminary draft prepared by a commission of 24 experts that Congress appointed in March. "I voted to approve (in September), I wanted a new constitution and to get rid of the dictatorship's constitution, but now I'm not really interested." He stressed that traditional political forces are now more in control of the process, unlike the failed first attempt. It seems "likely that no single bloc or party will win enough seats to independently steer the process without compromise," Watson said.

☆ Chile's lithium takeover plan faces technical, political challenges
▼ + stars: | 2023-04-28 | by ( Fabian Cambero | ) www.reuters.com time to read: +7 min

[1/3] A view of a brine pool of a lithium mine on the Atacama salt flat in the Atacama desert, Chile, August 16, 2018. REUTERS/Ivan Alvarado/File PhotoSANTIAGO, April 28 (Reuters) - While Chile's plan to take control of its lithium industry has caused global shockwaves, state-led production of the metal used to make electric vehicle batteries is seen by analysts as likely years away given technical and political challenges. CODELCO'S ROLEChile's state-run Codelco, the largest copper producer in the world, plays a key role in Boric's lithium plan although it has no experience in producing the white metal. The report noted that Argentina currently has more lithium projects in the pipeline than any other country in the world. Albemarle has said it needs new water sources to expand in Chile's Atacama salt flat, noting a desalination project was awaiting permits and construction.

☆ China is the top issue businesses leaders are dealing with, says former Xerox CEO
▼ + stars: | 2023-04-20 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina is the top issue businesses leaders are dealing with, says former Xerox CEOUrsula Burns, Teneo chairwoman and former Xerox CEO, and Michèle Flournoy, co-founder and managing partner at WestExec Advisors, join 'Squawk Box' to discuss the state of the U.S.-China relationship and the geopolitical risk to U.S. businesses.

NEW YORK, April 11 (Reuters) - Private equity firm KKR & Co Inc (KKR.N) has agreed to buy a significant stake in FGS Global in a deal that values the financial communications group at about $1.4 billion. As part of the deal, KKR will buy up a 30% stake from senior employees at FGS Global and its largest investors, including London-based advertising giant WPP Plc (WPP.L). WPP, which was founded by Martin Sorrell, will retain a majority stake in FGS Global. Existing investor Golden Gate Capital is selling its entire stake to KKR, which is investing in FGS Global through its $8-billion European Fund VI. FGS Global currently employs more than 1,200 people across 27 offices globally.

Public Investment Fund LIV Golf Trump World Performance54 LIV Golfers PLUS 45 OTHERS CONSULTANTS LAWYERS McKinsey & Company PwC Public Investment Fund Quinn Emanuel Urquhart & Sullivan White & Case M. Klein & Company Teneo Crown Prince Mohammed bin Salman Majed al-Sorour Newcastle United Aramco Golf Saudi Benjamin Quayle Yasir al-Rumayyan Ari Fleischer Gibson, Dunn & Crutcher LIV Golf Performance54 Trump World Greg Norman Donald J. Trump Gary Davidson Jed Moore Eric Trump Jared Kushner LIV Golfers Cameron Smith Phil Mickelson Dustin Johnson PLUS 45 OTHERSLIV Golf has cleaved men’s professional golf like no other force since the 1960s. Some of the world’s top players, including Dustin Johnson and Phil Mickelson, have become the faces of LIV Golf. The Public Investment FundDiagram of the major figures in LIV Golf that are connected to Saudi Arabia’s Public Investment Fund. Public Investment Fund Jared Kushner’s firm accepted a $2 billion investment from the Public Investment Fund. LIV Golf Trump World Eric Trump Jared Kushner Donald J. Trump Public Investment Fund Jared Kushner’s firm accepted a $2 billion investment from the Public Investment Fund.

The polls also show the opposition bloc, called the Nation Alliance, leading the parliamentary race, at least six points ahead of Erdogan's AK Party (AKP) and its allies. The pro-Kurdish Peoples' Democratic Party (HDP) remains comfortably above 10%. A poll conducted on March 6-7 by Alf Research showed Kilicdaroglu at 55.1% and Erdogan on 44.9%. Piar Research showed Kilicdaroglu winning with 57.1%, with Erdogan lagging on 42.9%. ORC Research showed Kilicdaroglu ahead with 56.8% and Erdogan on 43.2%, according to a poll conducted on March 4-6, before Kilicdaroglu was officially announced as the opposition candidate.

☆ Chile starts second attempt to draft new constitution
▼ + stars: | 2023-03-06 | by ( ) www.reuters.com time to read: +1 min

[1/4] A Constitution expert commission kicks off prior to the next constitution process of Chile, in Santiago, Chile, March 6, 2023. REUTERS/Ivan AlvaradoSANTIAGO, March 6 (Reuters) - Chile has begun its second attempt to write a new constitution as a group of experts that Congress appointed to start preparing a preliminary draft was installed on Monday. It will then work off the experts' draft in June, while the vote to approve or reject the proposed text will be held on Dec. 17. Assuming all goes to plan, Chile will have a new constitution by the end of this year," consultancy Teneo said. The current constitution dates back to the Augusto Pinochet dictatorship, although it has undergone dozens of reforms over the years.

☆ London court allows 'unprecedented' stranded Russian share sale
▼ + stars: | 2023-03-03 | by ( Naomi Rovnick | ) www.reuters.com time to read: +2 min

LONDON, March 3 (Reuters) - London's High Court has ruled that the administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, can employ a novel deal structure to swap a portfolio of Russian shares. The broker collapsed a year ago as Western sanctions hit businesses with Russian ties. In his ruling, the judge noted that "MOEX prices for the Russian Securities are no more than nominal for Sova". Another constraint, he said, was Sova's ability to get cash from a sale of securities that were "effectively trapped". ($1 = 0.8338 pounds)Reporting by Naomi Rovnick; Editing by Dhara Ranasinghe and Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

☆ Peace proposal for Ukraine: China had Europe and the 'Global South' in mind, advisory firm says
▼ + stars: | 2023-03-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailPeace proposal for Ukraine: China had Europe and the 'Global South' in mind, advisory firm saysPaul Haenle, chairman of Teneo, who served as White House China director on the National Security Council from 2007 to 2009, discusses China's 12-point peace proposal for the Russia-Ukraine war, and says the country probably had Europe and the "Global South" in mind more than the United States.

Speaking at party headquarters in Ankara, the leader of Turkey's right-wing IYI Party, Meral Aksener, said the other five parties in the alliance had put forward Kemal Kilicdaroglu, leader of the Republican People's Party (CHP), as their presidential candidate. But Aksener said her party, the second biggest in the alliance, would not "bow down" to pressure to accept him. "It is no longer a platform through which potential candidates can be discussed but a table that works to rubber-stamp a single candidate," she said. "Just like over the past 20 years, the opposition turned out to be President Tayyip Erdogan’s greatest asset," Piccoli wrote. "With the main opposition bloc in disarray, Erdogan is now much better positioned to prevail on 14 May."

LONDON, Feb 20(Reuters) - Administrators of Sova Capital, a collapsed London broker formerly controlled by Russian banker Roman Avdeev, are seeking UK court approval to sell a pile of Russian securities to Avdeev in a complex and novel attempt to shift illiquid Russian assets. Teneo lawyer Mark Phillips told the court that the portfolio of Russian stocks had become "trapped" inside Sova, which had offered foreign investors access to Russian markets. "There is a substantial portfolio of Russian securities," Phillips said, "significantly impacted by legal restrictions and sanctions imposed by authorities around the world." Russian financial institutions, meanwhile, were mostly "subject to sanctions or asset freezes," which severely limited the "universe of potential buyers," Philips said. Lawyers expect wealthy individuals and institutions to continue seeking court approval for ways of exiting Russian investments while complying with sanctions.

☆ U.S.-China relations just got more fragile
▼ + stars: | 2023-02-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +5 min

U.S. Secretary of State Antony Blinken indefinitely postponed his visit to Beijing due to a Chinese surveillance balloon flying over the United States. Brown | AFP | Getty ImagesBEIJING — U.S.-China relations look increasingly fragile, analysts say, after a now-downed Chinese balloon forced U.S. Secretary of State Antony Blinken to indefinitely postpone his trip to Beijing. "A key question is why the Biden administration decided to publicize this balloon but not previous [reported] ones," Wildau said. While discussion of the balloon — including memes — circulated on Chinese social media, China's official Chinese-language mouthpieces have been more muted so far. "That alone would mean the Chinese leadership would be more restrained and would not want to let this balloon situation blow out of proportion."

☆ Chinese spy balloon fallout roils Washington and Beijing
▼ + stars: | 2023-02-06 | by ( Christina Wilkie | ) www.cnbc.com time to read: +2 min

WASHINGTON — In the wake of a U.S. missile attack Saturday that destroyed a Chinese surveillance ballon, political and diplomatic fallout ramped up Monday in both Beijing and Washington. The decision to shoot down the balloon over the Carolina coast was "unacceptable and irresponsible," a Chinese Foreign Ministry spokeswoman said at a press conference in Beijing Monday. The Chinese government insists the balloon that moved across the United States for the past week was "a civilian airship used for meteorological and other research purposes," and not a spy balloon. On Tuesday at 10 a.m., the House Financial Services Committee will hold a hearing on "Combatting the Economic Threat from China." The Senate Foreign Relations Committee will hold a hearing Thursday morning entitled "Evaluating U.S.-China Policy In The Era of Strategic Competition."

☆ U.S. government is very confident that Chinese balloon has surveillance equipment: Consultancy
▼ + stars: | 2023-02-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. government is very confident that Chinese balloon has surveillance equipment: ConsultancyPaul Haenle, chairman of Teneo, discusses the United States' decision to shoot the suspected Chinese spy balloon out of the sky.

☆ Germany's decision to send tanks to Ukraine is leading to uncharted territory, Teneo says
▼ + stars: | 2023-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGermany's decision to send tanks to Ukraine is leading to uncharted territory, Teneo saysCarsten Nickel, managing director at Teneo, says there's a "more or less 50-50 divide in the German population" when it comes to sending tanks to Ukraine, which explains German Chancellor Olaf Scholz's initial hesitation.

☆ 'We will get F-16s': Ukraine aims for NATO's fighter jets after winning battle for Western tanks
▼ + stars: | 2023-01-26 | by ( Holly Ellyatt | ) www.cnbc.com time to read: +4 min

Kenzo Tribouillard | Afp | Getty ImagesThe dust has barely settled on the decision by the U.S. and Germany to supply battle tanks to Ukraine, but talk has already turned to the possible use of other firepower, namely, fighter jets. Kyiv appears confident that, as with Western tanks, it will eventually be given F-16s too. The U.S. has been tight-lipped about giving Ukraine F-16s, or allowing other countries to re-export their own U.S.-made fighter jets to Ukraine (National Security Council spokesman John Kirby said he had no announcement to make on the issue Wednesday). How helpful fighter jets would be to Ukraine is a matter for debate, and depends on the aircraft, its weaponry and flying conditions, experts note. Germany arrived at its decision to send tanks after months of pressure and deliberation, making any question over fighter jets a very distant prospect, according to Carsten Nickel, deputy director of research at analysis firm Teneo.

☆ Analysis: This guy made $150,000 a day, because Corporate America is out of control
▼ + stars: | 2023-01-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

I’m seeing the words “recession,” “crypto,” “debt ceiling,” the “M&M’s spokescandy scandals…”And yet, I am bound my duty as a journalist not to shy away from the hard candy shell news. I know, I know, you’re all tired of the media’s relentless coverage of the M&M Spokescandy Saga, aka the Culture War Battle that is shaping social discourse in the Year of Our Lord 2023. The company claims it didn’t think anyone would notice when it released the changes to the characters’ appearance. “We definitely didn’t think it would break the internet,” it said in a press release that frankly reeked of champagne and high fives. Oh you didn’t think anyone would notice, M&M marketing wizards?

☆ Crime, inflation hammer support for Chile's Boric in tough first year
▼ + stars: | 2023-01-23 | by ( Natalia A. Ramos Miranda | ) www.reuters.com time to read: +4 min

"I wanted to give a chance to a young person, without the problems of the older politicians," she said. Recent pardons of 12 protesters convicted for crimes such as looting and robbery during 2019 riots went down badly amid rising crime statistics. The president's spokespeople did not respond to a request for comment, but Boric has repeatedly acknowledged that his administration has made mistakes. During a news conference announcing the justice minister's resignation, Boric said the government was determined to "strengthen political management." "Sometimes it seems that he is ruling just so that the right does not get angry," said 46-year-old designer and Boric voter Gaston Gomez.

☆ Geoff Morell: Fired Disney exec had a short, very lucrative tenure at the company
▼ + stars: | 2023-01-23 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

He became Disney’s chief corporate affairs officer January 24, 2022, and the company promptly announced Morrell’s departure in late April. That $4 million will be in addition to the $8.3 million in compensation reported for last year. The former Disney PR chief received more than $100,000 a day for his short tenure at the media company in 2022. Before that he helped see BP (BP) through the Deepwater Horizon disaster and the resulting oil spill. Morrell’s departure from Disney was announced within days of that dust-up.

☆ A Disney executive who left after 3 months amid its 'Don't Say Gay' missteps made almost $120,000 a day
▼ + stars: | 2023-01-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Disney faced intense criticism over its slow response to Florida's "Don't Say Gay" bill. During his time at the company, Morrell got a $489,500 salary, Disney's proxy statement released on Tuesday shows. The Wall Street Journal first reported on Morrell's compensation. But during Morrell's tenure the company faced intense criticism over its response to Florida's "Don't Say Gay" law. However, in a copy of Morrell's general release from the company, Disney said that it had exercised its termination right in late April.

Guaido in 2019 won the recognition of scores of nations including the United States after the widely disputed election that kept Nicolas Maduro in power. The removal of the interim government "ended up undermining attachments among opposition leadership," said Piero Trepiccione, of Caracas' Gumilla thinktank. The opposition, many of whose leaders are in exile or barred from politics, has not held a primary for a decade. The United States has said it will continue to recognize the opposition assembly. Changing the presidential election to this year instead of next may also serve Maduro, Nicholas Watson of consulting firm Teneo said in a report.

☆ The renewed 'Made in America' wave is going to make stuff like clothing and electronics more expensive
▼ + stars: | 2022-12-22 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

It's in response to the supply chains disruptions companies have faced in recent years. The headaches US corporations have faced are leading more of them to bring their supply chains closer to home and more under their control. Just under half (46%) said they were adjusting supply chains, and around a third (32%) said they were onshoring their workforce. But if more companies shift their supply chains closer to home, this could slowly begin to change. If reshoring companies have to raise wages to attract workers, they may decide to raise prices even further to protect their margins.

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