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Factbox-Key actors in Rogers Communications’ boardroom battle

(Reuters) – Rival factions vying for control of Rogers (NYSE:ROG) Communications Inc’s board will face off in the Supreme Court of British Columbia on Monday seeking legitimacy for their respective sides.

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Factbox-Key actors in Rogers Communications' boardroom battle
© Reuters. FILE PHOTO: A Rogers building, home of Rogers Communications in Toronto, Ontario, Canada October 22, 2021. REUTERS/Carlos Osorio

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(Reuters) – Rival factions vying for control of Rogers (NYSE:) Communications Inc’s board will face off in the Supreme Court of British Columbia on Monday seeking legitimacy for their respective sides.

Here are the key players in the drama https://www.reuters.com/business/media-telecom/edward-rogers-files-petition-canadian-court-validate-new-board-rogers-2021-10-26 that has played out in the open over the past two weeks. The public dispute is rare in the Canadian corporate landscape.

Apart from the core telecoms business, Rogers owns a variety of businesses, including the Toronto Blue Jays baseball team, a franchising agreement with the National Hockey League, and a stake in Maple Leaf Sports & Entertainment Ltd, which owns the Toronto Maple Leafs hockey team and the Toronto Raptors basketball team.

* Edward Rogers – The only son of the late founder Ted Rogers, the 52-year-old Edward was removed as chairman of Rogers Communications on Oct. 21 after he attempted to push out CEO Joe Natale and replace him with former CFO Tony Staffieri without due process, according to an affidavit filed by Rogers Communications’ new chairman. As the chairman of the family-owned Rogers Control Trust, which owns the majority of voting shares in the company, Edward wields power in the ongoing battle. He formed a rival board which nominated him as the chairman and has petitioned the court to legitimize his slate of board members.

* Loretta Rogers – The family matriarch, Loretta, 82, is a Rogers board member and backs Natale as the CEO. She is also a member of the Rogers Control Trust, along with her daughters Melinda Rogers-Hixon and Martha Rogers. In an affidavit filed with the British Columbia court, Loretta said she disagrees with Edward’s portrayal of events in the lead-up to the boardroom brawl’s becoming public. Loretta initiated the motion to remove Edward as chairman and claims he lied to her about Natale’s performance. Edward argued in his affidavit that he wanted to remove Natale as CEO as he failed to turn around the business and he had lost confidence in his ability to lead the company through the C$20 billion ($16.1 billion) merger with Shaw Communications (NYSE:). In her affidavit, Loretta said, independent directors of Rogers had criticized Edward for trying to “insert himself as the de-facto CEO” and jeopardizing the planned C$20 billion ($16.1 billion) takeover of Shaw Communications.

* Joe Natale – Current CEO of Rogers Communications, Natale was hired from Telus (NYSE:) Corp more than four years ago to improve performance. Rogers shares are down 5.6% since Natale joined, while rival BCE (NYSE:) Inc is up 3.9% and Telus has jumped 27%. Natale inadvertently heard a conversation between former CFO Staffieri and another ex-Rogers executive that outlined the upcoming board and management shakeup in the company, which precipitated the crisis. Natale asked the independent directors to remove Staffieri, and he left soon.

* John MacDonald – The current Rogers Communications chair, MacDonald has disputed Edward’s claim that the company board had agreed to remove Natale. MacDonald, who was the lead independent director, has also claimed in his affidavit that the board believed Natale “had met the requisite performance criteria and exceeded his goals.”

($1 = 1.2392 Canadian dollars)

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Goldman Sachs stock forecasts: Goldman has downgraded its recommendation for global stocks for the next 3 months to “below market

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Goldman Sachs stock forecasts

A new Goldman Sachs stock forecast has emerged. Analysts at U.S. bank Goldman Sachs Group Inc. (NYSE:GS) have downgraded their recommendation for global stocks for the next three months to “below market” and maintained an “above market” recommendation for cash amid recessionary risks, Bloomberg writes.

“Current stock valuations may not fully reflect the risks involved, and there’s a chance they will drop even further before they bottom out. Also have a disappointing Goldman Sachs economic forecast,” the Goldman strategist team, led by Christian Muller-Glissmann, wrote.

BlackRock, the world’s largest company by assets under management, advises investors to “divest from most stocks.”

Experts at Morgan Stanley (NYSE:MS) and JPMorgan Asset Management previously laid out similar concerns after the world’s top central banks signaled their firm’s resolve to fight inflation, sending global stocks plunging in the past few days.

Goldman analysts last week sharply lowered their forecast for the value of the U.S. S&P 500 stock index for the end of this year, to 3,600 points from the previously expected 4,300 points. The day before, the indicator finished trading at 3655 points.

Earlier, we reported that European stock markets are trading contradictoryly.

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Stock Market

European stock markets are trading contradictory today

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biggest european stock markets

During today’s trading the major European stock markets do not show unified dynamics. The composite index of the largest companies in the region, Stoxx Europe 600, decreased by 0.18% to 389.68 points.

European stock markets trading today

British stock index FTSE 100 was down 0.06%, while German DAX gained 0.19% and French CAC 40 gained 0.16%. Italian FTSE MIB rose by 1%. Spanish IBEX 35 decreased by 0.34%.

The British financial company Virgin Money UK PLC was among the leaders of the fall in the components of the Stoxx Europe 600 index, falling by 6.7%.

Shares of the Swiss manufacturer of heating and ventilation systems rose 8.4% as Berenberg’s experts improved their recommendations on the company’s securities and raised their price target.

Concerns about the state of the global economy are growing amid persistently high inflation and aggressive measures by major central banks to curb it, writes CNBC.

The elections in Italy are also in the spotlight. The Italian Democratic Party acknowledged defeat in early parliamentary elections that took place on Sunday, reported the media.

The market is also pressed by continuing geopolitical tensions with the ongoing “referendums” in several regions of Ukraine.

Meanwhile, the level of business confidence in the German economy in September fell to 84.3 points from 88.6 points in August, according to a report by the research organization IFO.

Earlier we reported that the yield of British government bonds rose to a 14-year high.

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Yield of British government bonds during recession rises to 14-year high

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yield on government bonds

Yield of British government bonds during the recession is rising today amid expectations that the Bank of England will have to raise rates sharply as a major fiscal stimulus announced by the government last week will lead to a further rise in inflation.

The interest rate on U.K. ten-year government bonds rose to 4.246% p.a. during trading, which, according to Refinitiv, is the highest since 2008.

Yield on government bonds

The yield on ten-year bonds was 4.087% compared to 3.827% at market close on September 23; the yield on two-year government bonds rose to 4.418% from 3.911%.

Last Friday, Britain’s Finance Minister Kwasi Kwarteng announced a massive tax cut that will affect individuals and businesses and increase the budget deficit this fiscal year by more than 70 billion pounds.

The stimulus measures of the new British government will require an increase in government bond issuance, which is one of the factors pushing down their prices. Rising rates could exacerbate difficulties in the economy by reducing disposable income and leading to a rise in the cost of mortgages.

Earlier we reported that investors in the U.S. are buying a record number of risk insurance contracts amid a sell-off.

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