‘No one is humiliating Donald Trump except for Donald Trump': Nicolle on Wall Street mocking Trump
Robert Armstrong, US Financial Commentator for the Financial Times and Charlotte Howard, Executive Editor for The Economist join Nicolle Wallace on Deadline White House with reaction to Donald Trump lashing out at the press over Wall Street coining a new term to mock his tariff policy, 'TACO Trade', which stands for Trump Always Chickens Out.
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5 hours ago
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Hedge fund orders London-based analysts back to office five days a week
Man Group has ordered its London-based analysts to return temporarily to the office five days a week, as the world's biggest listed hedge fund seeks to recover from a period of poor performance amid Donald Trump's tariff war. Quantitative analysts working at Man AHL, the company's computer-run fund that aims to identify and follow momentum in markets, have been told they are expected to be in its offices daily until the end of July as part of an 'all hands on deck' project. The edict applies to about 150 staff in London, just under 10% of the overall group's 1,700 global employees, the Financial Times reported. 'Man AHL has asked its staff in London to work in the office five days a week for a three-month period to support an 'all hands on deck' cross-team research project,' the company said. 'While these cross-team initiatives are infrequent, experience has shown that a period of highly focused, in-person collaboration allows significant research progress to be made in a relatively short amount of time.' The company, which has been a champion of flexible working arrangements including working from home, said that its 'broader agile working policy remains unchanged'. Employees tend to be in the office three days a week, on average but this varies by role. Trump's destabilising tariff war has caused significant volatility in global markets, which has made it difficult for computer-based funds such as AHL to predict market trends. The company's most recent financial statement showed that the start of Trump's trade war in April wiped out all the group's assets under management gains of the first quarter. Its holdings were up $4bn (£3bn) in the first three months of the year but plummeted by $5.6bn in the first two weeks of April. The AHL Alpha programme, Man's institutional trend-following strategy, has lost 10% so far this year. Man Group's share price is down more than 30% over the past year. Man Group is the latest major financial services company to revisit its flexible working policies. Last month, BlackRock, the world's biggest asset management company, told its approximately 1,000 managing directors globally that they were expected to work from the office full time. The New York-based company told staff in 2023 that they had to go into the office at least four days a week. Earlier this year, JP Morgan Chase summoned all its workers back into the office. Jamie Dimon, the head of the bank, has long been a proponent of restoring pre-pandemic working patterns. Barclays also hardened its stance on remote working earlier this year, saying all staff should work from the office at least three days a week, up from two days.
Yahoo
6 hours ago
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ITV For Sale: Behind The Headlines Of A Deal That Everyone And No One Is Talking About
If you've watched ITV's The Assembly, you will know that it involves stars like Danny Dyer and David Tennant subjecting themselves to no-holds-barred questions from a captivating cast of neurodivergent interrogators. It makes for illuminating viewing, producing genuine revelations from its disarmed but obliging subjects, who enter the show in a spirit of openness. Far from the cameras, in a colorless room in the basement of London's 11 Cavendish Square townhouse on Tuesday, ITV chairman Andrew Cosslett was similarly squirming in the face of questioning, with less comical results. Chairing ITV's Annual General Meeting (AGM), Cosslett was grilled, almost heckled, by an angry shareholder demanding to know when the British broadcaster's 78p share price will rise after flatlining for more than three years. More from Deadline 'Inspector Ellis' Back On The Case With Season 2 Order From Acorn TV & 5; All3Media Strikes International Deals For Sharon D Clarke-Starring Crime Drama Crisis? What Crisis? ITV Studios Bosses Reject Talk Of Gloom In The Scripted Market But Note British Limited Series Are Under Threat Legacy Media? UK Pubcasters Balk At Outdated Term & Say "We've Got To Be Phoenixes Rising From The Ashes" 'This is not good enough, you must have some idea, you guys are very highly paid,' said the shareholder. Cosslett struggled to answer, reaching for what by now feels like an old fail-safe. 'If you can explain to me what Donald Trump will do next, then maybe I could,' he said. Questions around ITV's sticky share price — Cosslett and ITV boss Carolyn McCall faced three during the 45-minute AGM alone — are inextricably linked to the constant mutterings around its potential sale. On this matter, ITV has been a little less forthcoming with answers than the celeb bookings on The Assembly. The company that gave the world Downton Abbey has been finding new ways to say 'no comment' to inquiries about whether it will submit to suitors, including RedBird IMI and Banijay. Cosslett did, however, reveal a little more at the AGM, first noting that 'the board has an obligation to review offers,' before positing: 'If someone approaches with an offer we have to take interest and it's very clear from the room that there are lots of people interested in getting the share price up.' This week has been a high watermark for sale speculation. Twenty-six miles west of the AGM, ITV Studios' unscripted producers were gathering for their annual 'creative exchange' in Windsor. The meeting has long been in the diary, and although the sale was not officially on the agenda, it was certainly on the lips of those in attendance, some of whom expressed anxiety about a buyer smashing production labels together. 'People are scared sh**less — a lot of people will be losing their jobs,' said one producer. ITV matters, hence the steady drip of press reports and speculation. 'ITV creates more rumors than dramas,' joked one insider. The £3B ($4B) behemoth is a British cultural icon, which entertains the nation with Coronation Street and Britain's Got Talent. The company is also a world-straddling production titan, with ITV Studios boasting shows from Love Island to Rivals, and a great deal in between. Were the listed company to come under new ownership, or if it were to flog ITV Studios, it would profoundly reshape the British TV sector and reorder the global production power list. Flanked by its banking advisors at Goldman Sachs, Morgan Stanley, and Robey Warshaw, ITV has reportedly been entertaining potential suitors since at least last November. RedBird IMI, run by former CNN chief Jeff Zucker, emerged as the frontrunner to a deal after the Abu Dhabi-backed investment fund acquired All3Media last year. The rumor mill continued to turn last month when The Financial Times reported that French media giant Banijay had held early-stage talks with ITV. The configuration of any deal is opaque, but what is clear is that ITV Studios is the prize for a buyer with production ambition. RedBird IMI's Interest Cools Four sources with knowledge of the talks told Deadline that RedBird IMI's interest has cooled significantly in recent weeks, though the situation remains fluid and could change again quickly. These people said RedBird IMI believes ITV Studios' valuation is too high. Ironically, ITV is said to be citing the £1.15B price RedBird IMI paid for All3Media — around 10 times All3Media's profit that year — as a benchmark for the valuation it is hoping to achieve, though Zucker has previously played down suggestions he overpaid for The Traitors production group. It would put a circa-£3B valuation on ITV Studios, which generated record profits of £300M last year. 'Valuation is always vexed,' someone drily noted. One source said RedBird IMI has reservations about ITV wanting ITV Studios' management team to remain in place post-deal, which has proved a sticking point. Any agreement could see ITV Studios boss Julian Bellamy and All3Media chief Jane Turton vying for the top job, for example. Turton, linked with the soon-to-be vacant Channel 4 CEO role, is said to have frustrations that RedBird IMI has not yet fully unleashed All3Media on the M&A market after it has missed out on targets, such as See-Saw Films. RedBird IMI and All3Media declined to comment. Banijay's talks are said to be tentative. The French production empire behind Big Brother and Peaky Blinders has the appetite for big buys following its €2B ($2.2B) acquisition of Endemol Shine in 2020 and its serious interest in All3Media more recently. Some think ITV Studios might be too big a bite for a company with a net debt pile of €2.6B. The FT reported that Banijay could look to involve other investors if it attempted to acquire all of ITV. 'Banijay is over-leveraged,' said one senior source from the M&A sector. 'They raised money when they bought Endemol but I don't think there are billions of pounds around at the moment to chase down media production content assets. The market is in trouble.' The potential to unlock savings by combining the companies is obvious, this source added, but they questioned whether ITV Studios has a 'game-changing' asset amongst its labels and sales arm to catapult Banijay to the next level. Banijay declined to comment. Sources point out that talks with RedBird IMI or Banijay have not matured to the point where ITV has needed to alert the market to a potential deal. Regulatory rules in the UK required the FTSE 250 company to tell shareholders in June 2023 that it was 'actively exploring' acquiring All3Media. Watching from the sidelines is Liberty Global, ITV's biggest shareholder with a 9.9% stake, which has long been a cheerleader for a sale. Shape Of A Deal Selling ITV Studios could be a simpler transaction, but where this would leave an ad revenue-dependent TV network business is unclear. The so-called Media & Entertainment division boasts sales of £2.1B, of which around a quarter is generated online, including via streaming service ITVX. It is a depreciating asset, but ITV has just been awarded a new license, meaning it is committed to broadcasting public service content for another decade. A full sale would likely attract the interest of UK regulators and lawmakers. This could be particularly thorny for Abu Dhabi-backed RedBird IMI, which has been told it cannot own The Daily Telegraph, let alone a public service broadcaster with guaranteed platform prominence and an audience of millions. Lord Grade, chairman of Ofcom, gestured to this when asked by lawmakers if the media regulator has any concerns about RedBird IMI's interest in ITV. He said this month that RedBird IMI is a 'peculiar' prospect because of its links to the United Arab Emirates government. An industry source told us RedBird IMI has 'never expressed any interest in the broadcast arm,' meaning the foreign ownership questions are not an issue. RedBird IMI's acquisition of All3Media was waived through without so much as an eyebrow being raised by the government. Grade also pointed out that foreign ownership of public service broadcasters is not off the table, given Paramount controls Channel 5. Banijay may be a more palatable option in this respect, with one person suggesting that the French producer could use the ITV network as a testing ground for new shows, akin to the way John de Mol has done at Talpa. There are other options. Some think ITV should explore a joint venture for ITV Studios, allowing it to secure investment and scale while maintaining some control. ITV CEO McCall, who has been in the job for more than seven years, has continued to bolster the production arm, recently sanctioning deals for The Gentlemen co-producer Moonage Pictures and Hartswood Films, the company behind Sherlock. Those close to her say she is unwilling to 'stand on touchlines' as consolidation goes on around ITV in a market where it is competing with Netflix, YouTube, and Meta for eyeballs and revenue. What can be said with certainty is that any deal will be complicated. Thomas Dey, a seasoned media industry M&A broker at investment bank ACF, summed it up like this: 'Achieving the transaction will be hard. I think you've got to be quite special and get quite a lot of support.' For now, ITV's future feels like the subject that everyone and no one is talking about. Best of Deadline Everything We Know About The 'Hunger Games: Sunrise On The Reaping' Movie So Far TV Show Book Adaptations Arriving In 2025 So Far Book-To-Movie Adaptations Coming Out In 2025 Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
7 hours ago
- Yahoo
EU considers adding Russia to money-laundering 'gray list,' Financial Times reports
The European Union is considering placing Russia on its "gray list" of countries with inadequate controls against money laundering, the Financial Times reported June 6, citing officials from the European Commission. Inclusion on the list would damage Russia's global financial standing and compel banks to apply stricter scrutiny to transactions involving Russian individuals or entities — raising compliance costs and increasing operational burdens. Although the decision was expected this week, the European Commission delayed a final ruling due to 'administrative or procedural reasons,' according to the Financial Times. A decision is now expected early next week. "There is huge support for putting Russia on the list," said Markus Ferber, a German MEP who oversees economic affairs for the European People's Party, the EU's main center-right bloc. Most European Parliament members reportedly back the move, though no consensus has yet been formalized. The EU's gray list generally mirrors the assessments of the Financial Action Task Force (FATF), an international watchdog on money laundering and terrorism financing. Russia's FATF membership was suspended in 2023, after its full-scale invasion of Ukraine. Efforts to list Russia on the grey list have faced resistance, as countries with close ties to Moscow are likely to block any formal move for enhanced monitoring. The EU's most recent internal draft of the gray list includes countries such as Algeria, Kenya, Laos, and Venezuela. Several others — including Barbados, the United Arab Emirates, and Senegal — are expected to be removed. If implemented, the designation would further isolate Moscow from global markets and tighten compliance obligations on any remaining cross-border financial operations involving Russian institutions. Read also: Ukraine war latest: Ukraine strikes Russian missile base in Bryansk Oblast, damages Iskander launchers; Trump dismisses timeline to impose Russian sanctions We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
