>>> Europe : Brokers Upgrades & Downgrades - 31st of January 2025

>>> Up
* ALK-Abello Raised to Buy at Jefferies; PT 185 kroner
* BBVA Raised to Buy at HSBC; PT 13 euros
* IBM PT Raised to $290 from $260 at Argus
* Nokia Raised to Reduce at Inderes; PT 4.20 euros
* Pennon Raised to Hold at Deutsche Bank; PT 570 pence
* RVRC Holding Raised to Buy at SEB Equities; PT 60 kronor
* Sanofi Raised to Hold at Deutsche Bank
* Yara Raised to Hold at Norne Securities; PT 350 kroner

>>> Down
* Admiral Cut to Reduce at Peel Hunt; PT 2,300 pence
* Carrefour Cut to Hold at HSBC; PT 14 euros
* Dowlais Cut to Hold at Peel Hunt; PT 85 pence
* Epiroc Cut to Hold at SEB Equities; PT 230 kronor
* Kongsberg Cut to Hold at SEB Equities; PT 1,335 kroner
* Norconsult Norge Cut to Hold at SEB Equities; PT 46 kroner
* Nordea Bank Cut to Hold at SEB Equities; PT 12.63 euros
* Nordea Bank Cut to Accumulate at Inderes; PT 12.50 euros
* Sainsbury Cut to Hold at HSBC; PT 285 pence
* Tullow Cut to Hold at Panmure Liberum
* UPS Cut to Neutral at Baird; PT $130

>>> Initiation
* Azimut Rated New Neutral at Autonomous
* Bakkavor Rated New Outperform at RBC; PT 170 pence
* GE Vernova Rated New Equal-Weight at Oxcap; PT $362
* Greencore Group Rated New Outperform at RBC; PT 240 pence
* Spirax Rated New Overweight at Oxcap; PT 10,200 pence
* Volex Rated New Buy at Jefferies; PT 350 pence

>>> Call

FT : A new star emerges inside Blackstone


A new star emerges inside Blackstone
Blackstone, the world’s largest alternative manager, is flexing its muscles again after enduring a test when interest rates soared in 2022, causing many investors to sell their investments in its massive property fund, Breit.

It’s on the offensive again after raising $171bn and investing $134bn in 2024, not far off the New York-based group’s activity in 2021 when chief executive Stephen Schwarzman professed an “out of body experience” as cash sloshed around freely.

In its fourth-quarter results, Blackstone’s relatively nascent infrastructure business emerged as a driver of better than expected returns.

Its $43bn perpetual infrastructure fund soared about 20 per cent for the year, lifting its fee-related performance revenues by $1.2bn, or 728 per cent, from the same time in 2023.

At the helm of Blackstone’s infrastructure unit is a rising star inside the group who was name-checked by Schwarzman in front of shareholders on Thursday.

In 2017, Sean Klimczak was tasked with getting Blackstone on the map in infrastructure, an area where non-US groups such as Brookfield, Macquarie and EQT dominate. The efforts didn’t start off swimmingly — a Saudi Arabia-backed effort initially stalled.

Meanwhile, independent infrastructure investment outfits including Global Infrastructure Partners and Stonepeak, which had been spun out of Blackstone, had their assets soar.

But Blackstone’s now collected $55bn in infrastructure assets and believes it has positioned itself to be a major player. It has been bolstered by winning investments such as gas export pioneer Cheniere Energy Partners and data centre operator QTS.

Schwarzman said the toils of building businesses internally carry “significant economic benefits as compared to a strategy of bolt-on acquisitions”, an apparent reference to a wave of infrastructure-related deals such as BlackRock’s $12.5bn takeover of GIP last year.

FT : Stellantis gears up for Trump’s America

Stellantis gears up for Trump’s America
Just before Donald Trump’s inauguration, the scion of Italy’s billionaire Agnelli family John Elkann joined a swelling list of high-powered executives to visit the returning US president.

As ever with Trump, a deal was on the cards. Days later, the Dodge and Jeep maker Stellantis, which Elkann chairs, committed to invest $5bn across its US car factories.

The move is part of Elkann’s plan to turn around the struggling carmaker, after the company parted ways with charismatic but uncompromising chief executive Carlos Tavares last month.

Stellantis’s share price has cratered in the past year as it has struggled with a shortfall in demand for its cars. Tavares’s unrelenting style also damaged relations, not least with US dealers saddled with high-priced vehicles they were unable to shift.

Since Tavares’s departure, Elkann has jetted across Europe to improve relations with the leaders of Italy, France and the EU, cancelled lay-offs in the US and refreshed Stellantis’s management teams.

His visit to Trump may prove the most important step yet in his strategic reset.

Beyond the $5bn investment, Elkann is betting that he can use Trump’s EV scepticism and deregulation push to Stellantis’s advantage.

He told Trump he would back the new administration’s shift away from Joe Biden’s EV targets. The carmaker will launch a number of new models in 2025, across hybrid, electric and petrol formats.

While Elkann may have won Trump’s favour, there are challenges ahead. The company continues to supply the US from Canada and Mexico, who are both threatened with tariffs.

And whoever Elkann chooses as Stellantis’s next chief executive will face the same challenges as the rest of the car industry: increasing competition from China and a long-term slowdown in new car sales.

FT : Grab your popcorn, Masa Son is back

Grab your popcorn, Masa Son is back

SoftBank plots its OpenAI affair
Masayoshi Son has been laying low in recent years, rebuilding the strength of his tech conglomerate SoftBank. DD has missed his often adventurous financial forays.

Masa has been circling the AI craze with relative quiet, but finally he’s within grasp of securing a seat at the table of Silicon Valley’s great investment craze.

SoftBank is in talks to invest as much as $25bn in OpenAI, the darling at the heart of the AI frenzy. The deal would make the Japanese group OpenAI’s biggest financial backer.

The investment would be part of a bigger funding round of about $40bn at Sam Altman’s company, which would push the ChatGPT-maker’s valuation to $300bn, the FT reported late on Thursday.

Masa’s known for majorly leveraging up his investments (one banker in 2019 said there were “layers of leverage upon leverage”). This cuts two ways: when things turn sideways, they implode. But a good call can lead to massive payouts.

When it comes to AI, is Masa buying in at the end of the cycle?

SoftBank’s famous for a few spectacular blow-ups. WeWork’s valuation plummeted after it had to scrap its IPO plan (and then later, filed for bankruptcy). SoftBank’s ties and backing of Greensill Capital also ended in disaster.

So, for a few years, Masa has kept under the radar, licking his wounds while building up a strong conviction that AI would be the centrepiece of his next great set of investments.

And the spigot of massive tech investments has once again opened up, coaxing him to make a big dice roll.

SoftBank’s one of just four investors who have pledged a total of $100bn to fund Stargate, a major new data centre project unveiled last week. (Others backing the project touted by President Donald Trump include Oracle, Abu Dhabi state fund MGX and OpenAI.)

The ties between OpenAI and SoftBank are multiplying quickly. The new potential $25bn investment would cover the latter’s commitment to the US infrastructure project, according to several people familiar with the plans.

When it comes to bets on AI, Masa has had some good luck so far. His investment in Arm — of which SoftBank’s still the majority shareholder — has made him a fortune, with the stock trebling since going public.

This has given him a new stockpile of assets to leverage in every which way to seed his bets. Such firepower has historically become a fount of entertainment for Wall Street, or just good drama.

Please join DD in pulling up a seat with some popcorn and a stiff drink in hand, because our boy’s officially back.

FT : Luxury slowdown? Not at haute couture

Luxury slowdown? Not at haute couture
Alessandro Michele made his couture debut at Valentino and Schiaparelli revived the corset

Valentino creative director Alessandro Michele, the Italian designer who formerly ushered maximalism back into fashion and helped transform Gucci into a €10bn powerhouse between 2015 to 2022, was evidently born for haute couture. He made his debut on that stage on the penultimate night of couture week in Paris, in a show called “Vertigineux” — meaning “breathtaking”, “dizzy”.

The name was apt, inspired by the idea of using lists to form order in chaos and the Italian philosopher Umberto Eco’s essay on that subject. Models in taut, voluminous and excessively ruffled dresses and capes walked out against a black screen that flashed the look number and a running ticker tape of the words that informed each look: boarding school, uniform, plissé, Goethe, et cetera. Silhouettes ran the gamut of costume history, drawing on the 16th- and 18th-century court dresses of Queen Elizabeth and Marie Antoinette respectively, the harem trousers of the late Belle Époque, and the sharp-shouldered jackets and narrow skirts of 1940s Hollywood.

Theatrical, imaginative and ambitious in scale, the looks were also firmly rooted in the Valentino archives of the ’60s and ’70s. There were splashes of cardinal red, while black-and-white polka dots made an appearance on a cropped evening jacket and a ruffled ball dress. A diaphanous chiffon floral-print dress worn by Anjelica Huston in a 1972 shoot was reimagined as a robe à la française with a wide skirt draped over panniers. But the collection was more costume than clothes, and Michele’s exuberant, expansive, more-is-more interpretations lacked the beauty and elegance that have long comprised the essence of the house.

This and the week’s other couture collections were unveiled as luxury groups wrestle with a year-long spending slowdown, particularly acute among young consumers turned off by the recent hike in luxury prices.

But the sector-wide slowdown has not affected haute couture, says Sidney Toledano, former chief executive of LVMH Fashion Group, who spoke to the FT backstage at Dior in his capacity as a member of the executive committee of the Fédération de la Haute Couture et de la Mode. “What is suffering is accessible luxury, not the high end,” he said. “The high-end customers [still] have high [spending] power. They buy haute couture because they want quality, they want detail, they want creativity.”

Haute couture represents the pinnacle of high fashion, and while not a significant business in its own right, designers and executives say it is beneficial for strengthening ties with top-tier clients, or VICs; for recruiting talent across all levels of the organisation; and above all for boosting the image of the house. “Who has a big fragrance business?” said Toledano. “J’adore? No 5? Haute couture names. Because it’s the dream.”

There were more than a few Texan accents among the ranks of clients lining Schiaparelli’s white-carpeted catwalk at the Petit Palais. Designer Daniel Roseberry hails from Dallas, and he knows how to woo the long-standing couture clients of that region, with their oil millions. They looked fabulous trading air-kisses in the sinuous black and heavy gold of past couture collections (a combination Schiaparelli has, impressively, come to own).

Drawing on the myth of Icarus and the ultra-feminine forms of mid-century haute couture, Roseberry poured his models into flesh-coloured dresses with improbably small-waisted corsets, with padded hips and necklines swooping low enough to reveal the bras beneath. Founder Elsa Schiaparelli’s bestselling fragrance, Shocking, mimicked the curvaceous silhouette of American actress Mae West, so there was a strong archival link here.

“Whenever we’ve tried to do a bias-cut dress without a silhouette, it doesn’t feel like us,” Roseberry explained backstage. “So we took a silk georgette dress and put it on top of a shaped bustier.”

It was excellently and meticulously executed, drawing on early 19th-century embroidery techniques — liquid Japanese bugle beads, satin stitch — made modern by an almost minimalist restraint in decoration and purity of line. There was however something jarring about seeing models laced into corsets small enough to wrap their hands around later followed by the designer himself, dressed in a polo shirt and Carhartt jeans. “The things I felt were creatively correct three years ago are different today,” Roseberry offered. “I wanted people to be really focused on the work and the craft and what the ateliers can do.”

There was a keen sense of history in this and many of the season’s other collections. At Dior, designer Maria Grazia Chiuri turned to the brief two-year period, from 1958 to 1960, when a young Yves Saint Laurent succeeded Christian Dior as creative director, aged just 21, and introduced the light, simple, youthful Trapeze line. (His tenure there ended when he was called up for military service.) A second reference point was Lewis Carroll’s Alice’s Adventures in Wonderland — all of which made her look hard at the silhouettes in this collection, Chiuri said backstage before the show.

She recut the house Bar jacket, Mad Hatter-style, into a frock coat paired with a black mini skirt and ballet flats that laced above the knee; teamed ruffled bodices in broderie anglaise with pannier skirts cut away to reveal calves and thighs (black bows referenced Saint Lauren); and draped bronze and gold evening dresses over caged crinolines, built traditionally in horsehair coir and left uncovered but for fine ribbons of floral embroidery that brushed the ground. A neutral palette kept it cohesive. It was one of Chiuri’s stronger couture collections for Dior to date.

Armani Privé, the couture arm of Giorgio Armani, is neither historic nor exactly modern — aesthetically it sits in its own camp of diaphanous sheer silk trousers worn under tunics or soft unstructured jackets (for day) or beaded (for evening). What was nice here was the combination of lightness and freedom of movement, which was largely missing among all the waspish corsets and stiff crinolines found in other collections. And the embroidery was top notch. “It may not be to my taste,” a seatmate observed, “but you can see why the man became a couturier.”

The models were however strikingly thin. Blame Ozempic, or perhaps it’s a sign of a nascent reactionism within the fashion industry, a refusal to kowtow to cancel culture and unofficial watchdogs such as Instagram account Diet Prada. Plus-sized models were almost non-existent at couture week — a rare exception was Paloma Elsesser, who made an appearance at Ludovic de Saint Sernin’s guest collection for Jean Paul Gaultier.

Jean Paul Gaultier began taking on a new guest designer for each couture collection after Gaultier himself retired in 2020, and it has been a surprising success, bringing freshness and novelty to a house with a rich archive and helping to keep its fragrances on the bestseller lists. At 34, Ludovic de Saint Sernin is the youngest designer to step into the role, and he delivered a sensuous, mythical and gender-fluid collection that drew on mermaids, sailors and waterfowl for inspiration (the title was “Le Naufrage” or “Shipwreck”).

Viktor & Rolf is another house bankrolled by a lucrative fragrance business, and whose designers, Viktor Horsting and Rolf Snoeren, don’t take couture too seriously. In fact they often approach it with humour, flipping dresses upside down or adorning them with emojis, and this season they showed the same quintessential French look — a trenchcoat, a white blouse, blue trousers — 24 ways: shrinking or widening or elongating sleeves and shoulders and trains to dramatically change the silhouette. The results were neither beautiful nor wearable, but then they are not destined for the backs of the uber rich — the main clients for their pieces are museums.

Chanel is between designers, announcing in December that Bottega Veneta’s Matthieu Blazy will soon be stepping in the role made vacant by Virginie Viard, who left the house last year. The studio should be proud of the collection they produced here, which was light and simple and unmistakably Chanel with its tweed skirt suits and long pastel dresses, stripped of the cumbersome cuts and cluttery gold jewellery and belts of the past few years. These clothes weren’t exciting or challenging, but they were timeless — pieces a Chanel client could invest in and wear forever.

Also making his debut this week, but in ready-to-wear, was Lanvin’s Peter Copping, formerly the creative director of Oscar de la Renta and Nina Ricci, who for three years quietly directed Balenciaga’s couture collections under creative director Demna. For two years Lanvin has been without a designer and its future looked bleak.

But under Copping, Lanvin is now in safe hands. For his debut he proposed a full wardrobe, comfortable and luxurious, drawing on the Lanvin archives and founder Jeanne Lanvin’s own wardrobe. There were generously cut flannel and tweed coats for men and women, knit dresses with sculptural shoulders and sleeves, and perfect cocktail dresses — a category that has not been well-catered for in recent years — of gold lamé and thin grey grosgrain ribbon stitched together. It all looked comfortable enough to sleep in. Though categorised as ready-to-wear, the collection was more like demi-couture.

Some models carried bags: totes in chocolate and burgundy calf-hair, and leather bucket bags punctuated with metal eyelets, which Copping said are an important part of the strategy to restore Lanvin’s fortunes. He added that he was happy to have a network of 30 stores to build a direct business through; at Nina Ricci he had two.

Copping acknowledged he is starting at the house during a challenging time for luxury. “But I am quite happy to start this during a slowdown. Because for me there’s only one way, and hopefully that’s going to be up.”

FT : Intel sales slide as chipmaker pursues turnaround strategy

Intel sales slide as chipmaker pursues turnaround strategy
Silicon Valley group’s shares tick up even as its revenue outlook misses forecasts

Intel reported a decline in sales and a net loss in the fourth quarter as the US chipmaker attempts a turnaround after turmoil that led to the ouster of chief executive Pat Gelsinger last year.

The Silicon Valley group said its revenues fell 7 per cent year on year in the fourth quarter to $14.3bn. It also posted a net loss of about $126mn, compared with a $2.7bn profit in the same period the previous year. Analysts had forecast a fourth-quarter loss of $838mn on sales of $13.8bn.

“The cost-reduction plan we announced last year to improve the trajectory of the company is having an impact,” said David Zinsner, interim co-CEO and chief financial officer. “We are fostering a culture of efficiency across the business while driving towards greater returns on our invested capital and improved profitability.”

Intel is still searching for a replacement chief executive to try to revive its fortunes. Gelsinger was forced out in December after four years as CEO amid mounting pressure from investors who lost faith in his vision for turning around the business by reinventing it as a client-facing chip manufacturing business. The company reported a $16.6bn loss in the third quarter of 2024, the largest quarterly loss in its history.

Intel’s forecasts for sales and profits in the first quarter of 2025 fell short of Wall Street projections. The group said current quarter revenues will be between $11.7bn and $12.7bn, missing average analysts’ estimates of $12.9bn.

Intel’s shares rose about 2 per cent in after-hours trading in New York.

FT : Apple and Meta battle for hearts, minds, thumbs and eyes

Apple and Meta battle for hearts, minds, thumbs and eyes
If Zuckerberg is right about smart glasses, the two tech giants will come into closer combat

The difference between Apple and Meta Platforms used to be that the former made things, and the latter didn’t. Even now, Apple remains a company driven by real products, while Facebook parent Meta resides mostly in the ether. But the lines between the two are getting less defined.

Selling devices is still serving Apple well. On Thursday it said it had made $124bn of revenue in the latest quarter, compared with Meta’s $48bn. Sales of iPhones, which contribute more than half, are flat — but iPads and Macs are shifting smartly. Revenue from services, like video streaming, grew 14 per cent — not hard goods, but predictable and profitable nonetheless.


Meta peddles objects, too — it’s just that they don’t yet make money. While Cook’s watches, phones and other gadgets bring a 39 per cent gross margin, Meta has notched up nearly $60bn of losses in four years on Reality Labs, a project making virtual-reality headsets and connected Ray-Bans.

At some point, this will bring them into closer combat. Meta founder Mark Zuckerberg mused this week that in a decade, glasses would be the most logical “form factor” through which people accessed the internet. He even suggested that everyone who wore glasses today — more than 3bn people — could be wearing AI-connected eyewear a decade from now.

If this proves true, Apple is in for an upset. Glasses and phones can coexist, as watches and phones do now. But it makes sense that, over time, users would rather have one device than two or three. At the very least, if the point of contact moves from hand to face, then the value of the smartphone, its screen and its design — all Apple’s forte — diminishes.


Of course, smart glasses are nothing new. Zuckerberg has been discussing them for more than a decade. Chipmaker Intel debuted, then shelved, specs that would beam images direct into the wearer’s retina. Still, momentum is building. This year’s Consumer Electronics Show, a big tech showcase, served up smart shades in spades. Zuckerberg says this year the trajectory of the market will become clear — for better or for worse.

This isn’t necessarily a battle Apple CEO Tim Cook will lose. His company threw off $108bn of cash from operations in 2024. Apple, unlike Meta, tends not to talk about new products until it has something to sell.

But if Zuckerberg’s hunch is right, it’s a challenge worth weighing sooner rather than later. Meta is talking its book — many Wall Street analysts ascribe no value to Reality Labs because future profit seems distant. The reverse is likely to apply too, though: Apple investors may not be pricing in the risk they can’t yet see.

FT : The UK-born agitator tapped to shake up Spain’s Telefónica

The UK-born agitator tapped to shake up Spain’s Telefónica
Marc Murtra’s emergence as Prime Minister Pedro Sánchez’s corporate fixer has drawn accusations of crony capitalism

Quiet entrances are not Marc Murtra’s thing. When the Spanish government abruptly installed him at Telefónica this month after kicking out its executive chair, the opposition leader called Murtra an agent of political “colonialism” furthering Spain’s “anti-democratic drift”.

Such hyperbolic fury is inescapable when you are the favourite corporate agitator of Pedro Sánchez, the divisive socialist prime minister with an interventionist streak.

Murtra has emerged as the premier’s go-to fixer for businesses in need of change. The British-Spanish executive brings a steely politeness to the task — but the results were explosive the first time he was deployed.

In 2021, Sánchez ousted the boss of defence tech group Indra and parachuted in Murtra, triggering accusations of crony capitalism and governance heresy from the right.

Many board members doubted Murtra’s credentials and fought to ensure he had no executive powers as chair. But they got their comeuppance a year later when he helped get five independent directors voted out at a tumultuous shareholder meeting. Another resigned in protest. Last year Murtra finally got some of the executive authority he had coveted.

For a lad born in Blackburn in the north of England, Marc Thomas Murtra Millar has travelled a long way to the crossroads of money and power in Spain.

Valued at €22bn, Telefónica lost roughly half its value during the nine-year tenure of Murtra’s predecessor, who slashed its debt but was short of big ideas. Now the government has other concerns. After Saudi Arabia’s STC said it was building a 10 per cent stake in Telefónica in 2023, Madrid ordered the Spanish state to acquire 10 per cent, while CriteriaCaixa, a friendly private institution, did the same. All three joined forces to install Murtra.

According to former Telefónica executives, two things about the company have long attracted governments: its clout as one of Spain’s biggest advertisers, which translates into media influence, and its control of communications data vital to intelligence agencies. More recently, as the EU battles perceptions of economic decline, some officials see Telefónica as a potential consolidator that could acquire the heft to compete as a European champion, based in Madrid.

But the number of executives to whom Sánchez would entrust it is small. The premier is deeply unpopular with Spain’s mostly conservative business elite, which leaves him with only a small pool of like-minded talent to pick from. That helps explain how leadership of Telefónica fell to the grandson of a local doctor who once practised in the small town of Oswaldtwistle.

Murtra’s mother was an English-Northern Irish nurse who met his father, a heart surgeon from Catalonia, while he was working in the UK. The family moved with him to Spain before Murtra’s first birthday and he grew up in Catalonia, although he spent two years back in Lancashire as a boarder at Stonyhurst, a leading Catholic school.

At home he spoke Catalan to his father, English to his mother and Spanish to his sister, absorbing a natural cosmopolitanism that most executives learn only later in life.

Maurici Lucena, a longtime friend and chair and chief executive of Aena, Spain’s airport operator, described Murtra as an avid student of history and political philosophy who was “calm, order-loving, pleasant” and had “a touch of shyness”.

One senior figure in Spanish business said Murtra was an intelligent and refined navigator of corporate bear pits. “He knows how to get what he wants without being rude.”

As Murtra grew older, he built ties with a circle of business-minded Catalan socialists, people who are proud of their region’s distinct identity but have no desire for it to break away from Spain.

Murtra is close to Salvador Illa, a former Spanish health minister who became Catalonia’s regional president last year and is himself a confidant of Sánchez. Such friendships would help him get where he is today, even though his own ideology is more centrist than some.

“He was always an admirer of Tony Blair, which made him different from others,” said Ignasi Nieto Magaldi, managing director of paper maker Miquel y Costas, who has known him for many years. “He had a very liberal line on economic matters. His stance on non-economic issues was more social democratic than socialist.”

Murtra studied industrial engineering at a university in Barcelona and got an MBA from New York University. After starting his career at British Nuclear Fuels in the UK, he took jobs in Spain in consulting and the public sector, where he led a state agency promoting digitalisation and spent two years as chief of staff to a Spanish industry minister, another Catalan socialist. He switched to the private sector in 2011, setting up Barcelona-based boutique investment bank Crea Inversión, which gave him ample M&A experience.

“Often people say ‘he’s political, he’s just a guy with connections’,” said Nieto. “But I disagree. Aside from all his training, he created a business and it did really well.”

Still, when Murtra was tapped to lead Indra, which is 28 per cent owned by the Spanish state, he was largely unknown. His mission was to convert the company from a radar-centred tech business that happened to serve defence clients into an unabashed defence company that was proud to supply the armed forces. Russia’s assault on Ukraine helped him prevail. But the war of attrition with independent directors who opposed him was painful.

After they were ousted, ultimately by shareholders, the blaze of bad publicity was intense. Rodrigo Buenaventura, then head of Spain’s market regulator, said the episode “demonstrates a way of doing things that should be banished from the practices of Spanish companies”. There was speculation that Murtra would be sacked by Sánchez for not orchestrating events more quietly. But he survived and Indra last year reported the best results in its history.

His next mission? The Spanish government wants Telefónica to be a leading EU tech company, including in AI and cyber security. One route could be a cross-border merger with a rival such as Deutsche Telekom, provided EU antitrust regulators loosen up. Another could be fusing with Spanish satellite group Hispasat or, more outlandishly, with Indra.

No such deal would be easy. But for all his gentle manners, Murtra has shown that when he has orders from above, his single-mindedness can be brutal.