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ICM Acquires Soccer Agency Stellar Group As First Step To Build A Sports Practice

October 8, 2020

Tottenham Hotspur New Signing Gareth Bale and Visit the Tottenham Hotspur Stadium — Global socer icon Gareth Bale, who signed with Tottenham Hotspur last month, will be part of ICM’s new sports agency.

Tottenham Hotspur FC via Getty Images

ICM Partners continued its European expansion with the purchase of London-based sports agency Stellar Group, the biggest acquisition in the 45-year history of the Hollywood talent agency.

Stellar, which ranked fourth last year in Forbes’ annual look at the world’s most powerful sports agencies, represents more than 800 athletes—mostly in soccer but also in track & field, cricket, rugby and the NFL—and manages current contracts totaling almost $3 billion, according to ICM.

“The world is becoming so interconnected and horizontal. The walls are all down with everything. It’s about evaluating talent and what kind of impact you can have with that talent,” says ICM CEO Chris Silbermann, who declined to disclose the price of the Stellar deal. “We feel we can apply a

Paraguay Finance Minister Lopez to Step Down, Take IDB Job: Gov’t Source | World News

October 8, 2020

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ASUNCION (Reuters) – Paraguay’s Finance Minister Benigno López will step down from his ministry position in the next few days to take a senior role at the Inter-American Development Bank (IDB), a government source told Reuters on Thursday.

The regional lender has picked Lopez as vice president for sectors and knowledge, according to a note seen by Reuters, which would involve a three-year term starting in mid-October.

The government source said López would be formally appointed to the IDB role in the coming days. The most likely replacement is former minister Ernst Bergen, the current Paraguayan head of the bi-national Itaipú hydroelectric dam.

López is the half-brother of Paraguayan President Mario Abdo and one of the government’s main advisers. Before being Minister of Finance, he was head of the pension authority and director of the central bank, where he worked for more than two decades.

An IDB spokesman said that

Paraguay finance minister Lopez to step down, take IDB job: gov’t source

October 8, 2020

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By Daniela Desantis

a person sitting in front of a computer: FILE PHOTO: Paraguay's Finance Minister Benigno Lopez Benitez talks to Reuters, in Asuncion

© Reuters/JORGE ADORNO
FILE PHOTO: Paraguay’s Finance Minister Benigno Lopez Benitez talks to Reuters, in Asuncion

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The regional lender has picked Lopez as vice president for sectors and knowledge, according to a note seen by Reuters, which would involve a three-year term starting in mid-October.

López is the half-brother of Paraguayan President Mario Abdo and one of the government’s main advisers. Before being Minister of Finance, he was head of the

‘We need to step forward’: Fed leaders call for new focus on race in the economy

October 8, 2020

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The comments from the leading Fed officials were the latest evidence of the central bank’s growing attention to persistent inequality in the economy — a gap that appears to be widening during the coronavirus pandemic. Black and Hispanic workers have been hit harder by the economic fallout from the Covid-19 lockdown than white workers.

The Fed itself has faced criticism for inadvertently exacerbating inequality because its emergency policies are designed to backstop financial markets and allow companies to borrow money. That has boosted the stock market, most of whose value is owned by the wealthiest Americans, even as some major companies have continued to lay off workers. Just 1.2 percent of the value of stocks is held by Black families and 0.5 percent by Hispanic families, according to quarterly Fed data.

The central bank officials Wednesday said that now is the time to face uncomfortable questions about race and

One Step Forward, Two Steps Back For Corporate Governance In Japan

October 6, 2020

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Capitalism is built on two fundamental concepts: trust, and when that fails, law.

Over the last three decades, foreign investors have increasingly placed a great deal of trust into the Japanese system of corporate governance; one could say an almost outsized trust considering the average annual return of the Nikkei, the lack of influence foreign shareholders often have on Japanese boards, and the sheer breadth of scandals involving corporate governance that have plagued “Japan Inc.”

(Source: Raw data obtained from Tokyo Stock Exchange)

However, that history of scandals was supposed to change course in 2014 when Shinzo Abe presented his “Third Arrow” of economic policy, an amalgamation of governance reforms and liberalization policies that resulted in changes like more outside directors and auditors on company boards or the adoption of the Corporate Governance Code.

For a brief moment, it seemed like it had worked.

The stodgy management of

Fire chiefs step into row over soaring insurance costs for high-rise flats

October 6, 2020

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Fire chiefs have intervened in the financial crisis affecting hundreds of thousands of high-rise leaseholders by urging insurers to think twice before they hike premiums on towers with fire safety problems.

a sign on the side of a building: Photograph: Anselm Ebulue/Getty Images

© Provided by The Guardian
Photograph: Anselm Ebulue/Getty Images

With some leaseholders facing increases of up to 1,200% in building insurance and others unable to get any cover, the National Fire Chiefs Council has met the Association of British Insurers to argue for a “more informed approach”. The fire chiefs are concerned that insurers have been increasing premiums sharply regardless of the degree of danger uncovered in the wake of the Grenfell Tower.

a sign on the side of a building: More than 70 people died in the Grenfell Tower disaster of 2017 but many other buildings are still covered in dangerous cladding.

© Photograph: Anselm Ebulue/Getty Images
More than 70 people died in the Grenfell Tower disaster of 2017 but many other buildings are still covered in dangerous cladding.

One group of leaseholders at the M&M buildings in London saw their premium rise from £100,000 to £700,000, increasing

EU, UK to step up Brexit talks to try to close ‘significant gaps’ over trade deal

October 4, 2020

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By Sarah Young, William James

LONDON (Reuters) – British Prime Minister Boris Johnson and the head of the EU’s executive, Ursula von der Leyen, agreed in a phone call on Saturday to step up Brexit talks to close “significant gaps” barring a new trade partnership.

FILE PHOTO: Britain’s Prime Minister Boris Johnson speaks outside Downing Street after recovering from the coronavirus disease (COVID-19), London, Britain, April 27, 2020. REUTERS/John Sibley/File Photo

The two sides have said this week’s round of negotiations aimed at getting a new, post-Brexit trade agreement from 2021 made some progress but not yielded a breakthrough.

The EU says a deal must be sealed by the end of the month – or in the first days of November at the very latest – to leave enough time for ratification in the bloc by the end of the year.

Johnson and von der Leyen discussed the next steps

ECB Takes Major Step Toward Introducing a Digital Euro

October 2, 2020

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(Bloomberg) — The European Central Bank will start experimenting with a digital version of the euro while holding a public consultation in a major step toward introducing the technology.

a close up of a logo: A hologram with the · symbol shines on a 200 euro banknote.

© Photographer: picture alliance/picture alliance
A hologram with the · symbol shines on a 200 euro banknote.

“Our role is to secure trust in money,” President Christine Lagarde said as the ECB published a study into the benefits and drawbacks of a digital currency. “This means making sure the euro is fit for the digital age. We should be prepared to issue a digital euro, should the need arise.”

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The consultation will start Oct. 12, and the experiment will be held in parallel. The ECB said it will decide toward mid-2021 whether to launch a digital euro project, which would start with an “investigation phase.”

Cryptocurrencies such as Bitcoin, while regularly criticized by central bankers as little more than

Governor Baker says lower-risk COVID-19 communities can move ahead to next step of reopening

September 29, 2020

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Gov. Charlie Baker’s office said Tuesday that starting Oct. 5, communities in the lower risk COVID-19 category can allow some performance venues to increase their capacity, along with gyms, museums, and libraries.

Lower risk communities on Oct. 5 will be permitted to open indoor performance venues with 50 percent capacity and a maximum of 250 people; increase the outdoor venue capacity to 50 percent with the same 250-person ceiling; open attractions such as trampolines, obstacle courses, roller rinks and laser tag at 50 percent capacity; and open fitting rooms in all types of retail stores, the statement said.

In addition, Baker’s office said, the lower risk communities will be able to increase capacity to 50 percent at museums, libraries and driving and flight schools.

“On May 18, the Baker-Polito Administration released a four-phased plan to reopen the economy based on sustained improvements in public health data,” the statement said. “Last

Here’s What Investors Think of China’s Latest Step Toward Financial Opening

September 28, 2020

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(Bloomberg) — China has taken another step toward opening its financial system to the rest of the world by expanding the range of investment options available to foreigners.

a man standing in front of a building: A pedestrian wearing a protective mask walks through the Lujiazui Financial District in Shanghai, China, on Friday, March 20, 2020. Most of China is now considered low risk and should return to normal work and life, Premier Li Keqiang said at a government meeting on the coronavirus, which is spreading rapidly in Europe, the U.S. and elsewhere.

© Bloomberg
A pedestrian wearing a protective mask walks through the Lujiazui Financial District in Shanghai, China, on Friday, March 20, 2020. Most of China is now considered low risk and should return to normal work and life, Premier Li Keqiang said at a government meeting on the coronavirus, which is spreading rapidly in Europe, the U.S. and elsewhere.

The reforms involve the Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors programs, and were announced Friday by the securities regulator, central bank and foreign exchange administration. The changes came on the same day that FTSE Russell became the last major bond index compiler to add Chinese government debt to its gauges.

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While the wording of the new rules