Latest news with #LGT
Irish Times
04-08-2025
- Business
- Irish Times
Liechtenstein's LGT takes stake in CEO advisory firm Teneo
Advisory group Teneo , which has a large presence in Dublin, has received a minority investment from an asset manager owned by Liechtenstein's royal family, in a deal that values the advisory group at $2.3 billion (€1.99 billion) and ends a long-running process by the firm's owner CVC to sell down its stake. Under the deal, Teneo will remain majority owned by private equity group CVC, which acquired the firm at a valuation of more than $700 million in 2019, according to people familiar with the matter. Liechtenstein's LGT Capital Partners has become a minority owner, they added. Teneo, which describes itself as a 'CEO advisory firm', is among the largest public relations and financial communications groups, and also counsels on corporate turnarounds and restructuring. READ MORE It advises executives and boards of blue-chip companies such as oil major Chevron and UK-listed Unilever and Tesco, and has drawn scrutiny for its work for Saudi Arabia's Public Investment Fund. [ Former tánaiste Frances Fitzgerald joins consultancy firm Teneo as adviser Opens in new window ] Teneo's Irish business has 100 people working across five business segments with annual revenues of about €20 million. The Irish arm, which is led by Michael O'Keeffe, numbers former Fine Gael minister Frances Fitzgerald as a senior adviser. She is on a Teneo Ireland advisory board that is chaired by businessman Gary McGann and includes former Ireland and Lions rugby captain Brian O'Driscoll. LGT, which has more than $100 billion of assets, has acquired minority stakes in companies since 2010. CVC — which bought out BC Partners' stake in Teneo when it invested in 2019 — will remain the majority owner while members of Teneo management will also retain shareholdings, following the LGT deal, the people said. The new money from LGT will allow CVC to distribute some funds to its backers, another person said, at a time when private equity groups have been under pressure to return cash to their investors amid a slowdown in deals. CVC had explored various options for Teneo, including a sale, before opting for a deal that hands LGT a minority stake, one of the people said, adding that LGT would have a double-digit percentage ownership. Globally, Teneo competes with the likes of Brunswick, FTI Consulting and FGS Global, which was acquired by KKR at a valuation of around $1.6 billion last year amid industry consolidation. It was founded in 2011 by US businessman Doug Band — a former aide to Bill Clinton — and Tipperary man Declan Kelly, who was appointed by Hillary Clinton as a US economic envoy to Northern Ireland. However, a series of scandals led to two of its three founders departing abruptly during the pandemic. The company is now led by another co-founder Paul Keary. New York-based Teneo has expanded through acquisitions, including boutique UK PR groups Tulchan, Blue Rubicon and Stockwell. It also bought Deloitte's British restructuring business in 2021. People familiar with the company said that unit had performed significantly better than many of the firm's traditional business lines, which face fierce competition in a sector that is threatened by the growth of artificial intelligence. Bloomberg News first reported LGT's investment. Teneo, CVC and LGT declined to comment. - Copyright The Financial Times Limited 2025
Yahoo
07-07-2025
- Business
- Yahoo
Pound slips as markets await news of tariff deals
The pound was down against the dollar on Monday morning, slipping 0.2% to $1.3619, as traders awaited news of the tariff "deals and letters" which Donald Trump said he will issue later today. Trump warned overnight that he will impose a new 10% tariff on any country that aligns itself with the Brics group of developing nations, claiming they are 'anti-American'. The warning comes as the US finalises trade deals with a number of partners, while Washington is expected on Monday to begin informing other trade partners of the tariffs it has settled on. They will be implemented from 1 August, according to the president. "The 90-day US tariff pause began on 2 April and is set to expire on Wednesday, leaving markets uncertain about what comes next. Trump announced on Sunday that the higher tariffs are set to take effect on 1 August, but countries without a bilateral deal will be notified by the 9 July deadline," said Shane Strowmatt, an analyst at LGT, a private bank. Read more: How to start investing with an employee share scheme Brics is a grouping that includes Brazil, China, Russia, South Africa and India. The US Dollar Index ( which tracks the greenback against a basket of six major currencies, was steady at 97.19. In other currency moves, the pound was basically flat against the euro, at €1.1585 at the time of writing. Gold prices lost ground in early European trading, pressured by a steady US dollar and tempered investor expectations of imminent interest rate cuts by the Federal Reserve. Gold futures retreated 0.8% to $3,316.20 an ounce, while spot gold lost 0.7% to $31253 per ounce. The pullback followed stronger-than-expected US employment data last week and a postponement of a US tariff deadline. The prospect of renewed trade tensions provided limited support for safe haven assets, as Trump deferred his proposed tariff implementation deadline to 1 August, rather than 9 July as initially suggested. Analysts said gold prices were more directly weighed down by the dollar, which held on to most of its gains from last week. The greenback was buoyed by last week's robust non-farm payrolls report, which showed continued strength in the US labour market. Read more: FTSE 100 LIVE: Markets mainly fall as Trump threatens extra 10% Brics tariff for 'anti-American' policies However, the dollar's biggest point of support was a sharp scaling back in expectations that the Federal Reserve will cut interest rates at its next two meetings. Data from the CME FedWatch tool showed traders largely unwinding bets on a July rate cut, and increasingly their positions for the Fed to hold steady in September. Higher interest rates typically support the dollar and weigh on non-yielding assets like gold, which is priced in dollars. Despite the recent retreat, gold remains more than 25% higher in the year to date and is trading about $190 below its April all-time high. The metal has drawn sustained support from safe haven demand amid persistent geopolitical tensions and persistent trade uncertainties. The rally has also been fuelled by inflows into bullion-backed exchange-traded funds and continued purchases by central banks. Oil prices retreated on Monday morning after Opec+ announced a sharper-than-anticipated increase in production for August, stoking concerns over a potential oversupply and weakening demand outlook amid global trade uncertainty. Brent crude lost 1% to $68.14 a barrel, while West Texas Intermediate dropped by 0.8% to trade at $66.45. The move caught markets off guard, as the group of oil producers opted to raise output by more than the monthly increases of 411,000 barrels per day it had approved for May through July, and well above the 138,000 bpd added in April. "The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue," Tim Evans of Evans Energy said in a note. The decision comes as concerns mount over the impact of potential US tariffs on global economic growth, with uncertainty around trade policy weighing on forecasts for oil demand in the second half of the year. Goldman Sachs analysts said they now expect Opec+ to approve a final 550,000 bpd increase for September at its next meeting scheduled for 3 August. In a research note issued on Sunday, the bank wrote: 'Saturday's announcement to accelerate supply hikes increases our confidence that the shift, which we started flagging last summer, to a more long-run equilibrium focused on normalising spare capacity and market share, supporting internal cohesion, and strategically disciplining US shale supply, is continuing.' Stocks: Create your watchlist and portfolio In equities, the UK's FTSE 100 (^FTSE) was lower, down 0.2% to trade at 8,8033 points. For more details follow our live coverage here.
Yahoo
07-07-2025
- Business
- Yahoo
Pound slips as markets await news of tariff deals
The pound was down against the dollar on Monday morning, slipping 0.2% to $1.3619, as traders awaited news of the tariff "deals and letters" which Donald Trump said he will issue later today. Trump warned overnight that he will impose a new 10% tariff on any country that aligns itself with the Brics group of developing nations, claiming they are 'anti-American'. The warning comes as the US finalises trade deals with a number of partners, while Washington is expected on Monday to begin informing other trade partners of the tariffs it has settled on. They will be implemented from 1 August, according to the president. "The 90-day US tariff pause began on 2 April and is set to expire on Wednesday, leaving markets uncertain about what comes next. Trump announced on Sunday that the higher tariffs are set to take effect on 1 August, but countries without a bilateral deal will be notified by the 9 July deadline," said Shane Strowmatt, an analyst at LGT, a private bank. Read more: How to start investing with an employee share scheme Brics is a grouping that includes Brazil, China, Russia, South Africa and India. The US Dollar Index ( which tracks the greenback against a basket of six major currencies, was steady at 97.19. In other currency moves, the pound was basically flat against the euro, at €1.1585 at the time of writing. Gold prices lost ground in early European trading, pressured by a steady US dollar and tempered investor expectations of imminent interest rate cuts by the Federal Reserve. Gold futures retreated 0.8% to $3,316.20 an ounce, while spot gold lost 0.7% to $31253 per ounce. The pullback followed stronger-than-expected US employment data last week and a postponement of a US tariff deadline. The prospect of renewed trade tensions provided limited support for safe haven assets, as Trump deferred his proposed tariff implementation deadline to 1 August, rather than 9 July as initially suggested. Analysts said gold prices were more directly weighed down by the dollar, which held on to most of its gains from last week. The greenback was buoyed by last week's robust non-farm payrolls report, which showed continued strength in the US labour market. Read more: FTSE 100 LIVE: Markets mainly fall as Trump threatens extra 10% Brics tariff for 'anti-American' policies However, the dollar's biggest point of support was a sharp scaling back in expectations that the Federal Reserve will cut interest rates at its next two meetings. Data from the CME FedWatch tool showed traders largely unwinding bets on a July rate cut, and increasingly their positions for the Fed to hold steady in September. Higher interest rates typically support the dollar and weigh on non-yielding assets like gold, which is priced in dollars. Despite the recent retreat, gold remains more than 25% higher in the year to date and is trading about $190 below its April all-time high. The metal has drawn sustained support from safe haven demand amid persistent geopolitical tensions and persistent trade uncertainties. The rally has also been fuelled by inflows into bullion-backed exchange-traded funds and continued purchases by central banks. Oil prices retreated on Monday morning after Opec+ announced a sharper-than-anticipated increase in production for August, stoking concerns over a potential oversupply and weakening demand outlook amid global trade uncertainty. Brent crude lost 1% to $68.14 a barrel, while West Texas Intermediate dropped by 0.8% to trade at $66.45. The move caught markets off guard, as the group of oil producers opted to raise output by more than the monthly increases of 411,000 barrels per day it had approved for May through July, and well above the 138,000 bpd added in April. "The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue," Tim Evans of Evans Energy said in a note. The decision comes as concerns mount over the impact of potential US tariffs on global economic growth, with uncertainty around trade policy weighing on forecasts for oil demand in the second half of the year. Goldman Sachs analysts said they now expect Opec+ to approve a final 550,000 bpd increase for September at its next meeting scheduled for 3 August. In a research note issued on Sunday, the bank wrote: 'Saturday's announcement to accelerate supply hikes increases our confidence that the shift, which we started flagging last summer, to a more long-run equilibrium focused on normalising spare capacity and market share, supporting internal cohesion, and strategically disciplining US shale supply, is continuing.' Stocks: Create your watchlist and portfolio In equities, the UK's FTSE 100 (^FTSE) was lower, down 0.2% to trade at 8,8033 points. For more details follow our live coverage nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
07-07-2025
- Business
- Yahoo
Pound slips as markets await news of tariff deals
The pound was down against the dollar on Monday morning, slipping 0.2% to $1.3619, as traders awaited news of the tariff "deals and letters" which Donald Trump said he will issue later today. Trump warned overnight that he will impose a new 10% tariff on any country that aligns itself with the Brics group of developing nations, claiming they are 'anti-American'. The warning comes as the US finalises trade deals with a number of partners, while Washington is expected on Monday to begin informing other trade partners of the tariffs it has settled on. They will be implemented from 1 August, according to the president. "The 90-day US tariff pause began on 2 April and is set to expire on Wednesday, leaving markets uncertain about what comes next. Trump announced on Sunday that the higher tariffs are set to take effect on 1 August, but countries without a bilateral deal will be notified by the 9 July deadline," said Shane Strowmatt, an analyst at LGT, a private bank. Read more: How to start investing with an employee share scheme Brics is a grouping that includes Brazil, China, Russia, South Africa and India. The US Dollar Index ( which tracks the greenback against a basket of six major currencies, was steady at 97.19. In other currency moves, the pound was basically flat against the euro, at €1.1585 at the time of writing. Gold prices lost ground in early European trading, pressured by a steady US dollar and tempered investor expectations of imminent interest rate cuts by the Federal Reserve. Gold futures retreated 0.8% to $3,316.20 an ounce, while spot gold lost 0.7% to $31253 per ounce. The pullback followed stronger-than-expected US employment data last week and a postponement of a US tariff deadline. The prospect of renewed trade tensions provided limited support for safe haven assets, as Trump deferred his proposed tariff implementation deadline to 1 August, rather than 9 July as initially suggested. Analysts said gold prices were more directly weighed down by the dollar, which held on to most of its gains from last week. The greenback was buoyed by last week's robust non-farm payrolls report, which showed continued strength in the US labour market. Read more: FTSE 100 LIVE: Markets mainly fall as Trump threatens extra 10% Brics tariff for 'anti-American' policies However, the dollar's biggest point of support was a sharp scaling back in expectations that the Federal Reserve will cut interest rates at its next two meetings. Data from the CME FedWatch tool showed traders largely unwinding bets on a July rate cut, and increasingly their positions for the Fed to hold steady in September. Higher interest rates typically support the dollar and weigh on non-yielding assets like gold, which is priced in dollars. Despite the recent retreat, gold remains more than 25% higher in the year to date and is trading about $190 below its April all-time high. The metal has drawn sustained support from safe haven demand amid persistent geopolitical tensions and persistent trade uncertainties. The rally has also been fuelled by inflows into bullion-backed exchange-traded funds and continued purchases by central banks. Oil prices retreated on Monday morning after Opec+ announced a sharper-than-anticipated increase in production for August, stoking concerns over a potential oversupply and weakening demand outlook amid global trade uncertainty. Brent crude lost 1% to $68.14 a barrel, while West Texas Intermediate dropped by 0.8% to trade at $66.45. The move caught markets off guard, as the group of oil producers opted to raise output by more than the monthly increases of 411,000 barrels per day it had approved for May through July, and well above the 138,000 bpd added in April. "The increased production clearly represents a more aggressive competition for market share and some tolerance for the resulting decline in price and revenue," Tim Evans of Evans Energy said in a note. The decision comes as concerns mount over the impact of potential US tariffs on global economic growth, with uncertainty around trade policy weighing on forecasts for oil demand in the second half of the year. Goldman Sachs analysts said they now expect Opec+ to approve a final 550,000 bpd increase for September at its next meeting scheduled for 3 August. In a research note issued on Sunday, the bank wrote: 'Saturday's announcement to accelerate supply hikes increases our confidence that the shift, which we started flagging last summer, to a more long-run equilibrium focused on normalising spare capacity and market share, supporting internal cohesion, and strategically disciplining US shale supply, is continuing.' Stocks: Create your watchlist and portfolio In equities, the UK's FTSE 100 (^FTSE) was lower, down 0.2% to trade at 8,8033 points. For more details follow our live coverage 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
Straits Times
01-07-2025
- Business
- Straits Times
Singapore shares move in tandem with Wall Street rally
SINGAPORE - Buoyed by the overnight Wall Street rally, Singapore shares rose on July 1 with about the top one-third of counters by weighting among the blue-chip-gauge Straits Times Index (STI) all closing higher. The STI was up 25.47 points or 0.6 per cent to 3,989.76 points, after the United States indexes S&P 500 and Nasdaq ended at record highs on June 30. Elsewhere in Asia, some indexes edged higher after their respective countries reported improvements in their latest purchasing managers' index, noted private banking and asset management group LGT. Over in Singapore, gainers led decliners 247 to 148 across the broad market. Transactions came in at 1.25 billion of securities totalling $1.15 billion in value. The top gainer on the STI tally was Hongkong Land, with its shares spiking US$0.35 or 6.1 per cent to US$6.12, a day after it announced that it had repurchased 664,000 shares – to be scrapped – over two recent trading sessions at a weighted average price of about US$5.80. The counter of QAF reached a 52-week-high at $0.91, up 1.1 per cent or $0.01, a day after the food company, which is also in the distribution and warehousing business, reported an increase in the interest of joint group managing director Lin Kejian. Mr Lin acquired 115,500 shares for nearly $1 million, which raised his direct interest by 0.02 per cent to 0.968 per cent, and his deemed interest to 39.171 per cent. Meanwhile, CapAllianz was the most active counter with 433.1 million shares transacted, but closed unchanged at $0.003. The Catalist-listed investment holding firm owns a subsidiary engaging in software development and IT consulting and holds a 20 per cent stake in oil concessions. THE BUSINESS TIMES Join ST's Telegram channel and get the latest breaking news delivered to you.
