FT : How concrete found its sensual side: the spectacular Paris home designed fo

How concrete found its sensual side: the spectacular Paris home designed for showing off art
All curves, one room flows to another


A rough, concrete structure combining geometric shapes and rows of small rectangular windows reminiscent of a 35mm film reel sits in the heart of Paris’s 16th arrondissement. The design would seem to be a nod to the architecture of a nearby house by Le Corbusier, but its owner, Brigitte Lecêtre, rejects the comparison.

“You call this a Brutalist house?” says the retired events organiser and co-founder of the Art Paris fair. “I call it poetry.”

The seven-bedroom home she designed 20 years ago with her friend, the Italian architect Stefania Stera, is purposely stylistically atemporal. On the market for €26m, it is an unexpected blend of geometric Modernist forms and classical Italian style.


The story of Lecêtre’s “maison à quatre mains” (a four-handed creation), which took four years to build, began in 1996, when she and Stera obtained permission to demolish a 1960s house located between Jasmin Metro station and the Bois de Boulogne in western Paris.

Stera drew up plans for the 1,400 sq m property progressively, taking in Lecêtre’s ideas as they travelled through Italy together, visiting palazzi in Venice and Rome that year. Their trip influenced the property’s interiors: 14 bespoke frescoes, by the Italian artist Marco Tirelli, flow from the living room to the upstairs corridors and study. The turquoise and ochre tones recall classical Italian murals, while displaying contemporary, abstract shapes.

The concrete flooring in the living room, dining room, kitchen and study borrows from Italian terrazzo — a composite material made from small pieces of stone — with the Parisian builders recreating the effect with marble and cement. The furniture is finished in gold leaf.


Originally from Rome, Stera moved to Paris aged 20 to study at the École Nationale Supérieure d'Architecture de Paris-Belleville. One of her first assignments was a photo reportage on the Maison La Roche, a 1920s house designed by Le Corbusier and sited just 190m from Lecêtre’s home.

Stera intended for her design to enter into a dialogue with both the Le Corbusier house and a Modernist villa by another influential French architect, Robert Mallet-Stevens, around the corner. However Lecêtre sees her curved concrete home as far surpassing both in terms of style and finish, comparing it to the body of a woman: “sensual but strong”.


Stera says the house suits the private exhibition of art, with the openness of its spaces recalling Le Corbusier’s concept of promenade architecturale, according to which the structure of the layout invites movement from one room to the next. Even the rectangular windows of the upstairs bedrooms and study, created like a film reel to frame the view of the garden, create a sense of continuity.

The house is reached via an alley and shielded from the street by mature trees and azaleas. Every upstairs room has access to a different-sized terrace; every downstairs room has access to the garden. A roof terrace offers partial views of the Eiffel Tower.

The idea was also to build a functional home that would work as well for family living as for entertaining. “We wanted space for dancing, space for hosting dinners that do not feel lonely if there’s only two of us at the table,” says Lecêtre, who shares the house with her husband Patrick.

In order to avoid the vision of an empty dining room, Stera created folding benches that can be adapted to accommodate more guests as needed. Upstairs, folding walls reveal surprises too: a hidden door behind the mirror in the master bedroom leads to a secret exit. In another bedroom, a wardrobe opens on to the en-suite bathroom.

Now retired, the couple are selling the house because they spend most of their time at their new home in Sardinia, also created by Stera. However, the sale might be a lengthy process. Lecêtre is protective of her creation: “I had an offer from someone who wanted to tear down the kitchen to expand the swimming pool,” she says. “I said, ‘No, thanks.’”

FT : Sympathy for the Devil — when Mick Jagger dabbled in the occult

Sympathy for the Devil — when Mick Jagger dabbled in the occult
The Rolling Stones’ singer went through a satanic phase, and this diabolic 1968 track was one of the results

Many artists have exploited the shock value of toying with the occult and Satanism in song. Few have produced an imperious masterclass in musical menace to rival The Rolling Stones’ compelling “Sympathy for the Devil”.

In 1967, a manuscript of Mikhail Bulgakov’s satirical novel The Master and Margarita was smuggled out of Moscow. A fantastical musing on Satan visiting the Soviet Union, it was heavily censored there. A publisher rushed out an English-language edition and Marianne Faithfull gave a copy to her boyfriend, Mick Jagger.

It had a large impact on The Rolling Stones’ singer. At the end of 1967, his band released Their Satanic Majesties Request. That album bore no specific lyrical references to the occult — but Jagger became increasingly fascinated by Satanism.

His interest was partly inculcated by film-maker Kenneth Anger, who was later to direct Lucifer Rising (Jagger turned down the title role). Jagger also spent 1968 filming Performance, written and co-directed by noted occultist Donald Cammell.

When The Stones came to record their Beggars Banquet album in spring 1968, Jagger penned “a sort of Bob Dylan song” adopting the persona of the Devil. Yet his Lucifer was no fire and brimstone-spitting Old Testament Beelzebub. Like Bulgakov’s anti-hero, he was a seductive sophisticate.

Originally titled “The Devil Is My Name”, the song openedwith Jagger’s Satan oozing diabolic charm: “Please allow me to introduce myself, I’m a man of wealth and taste.” It was initially a folk song until Keith Richards upped the tempo, introducing funky rhythms.

Over a samba beat, Jagger’s drawling Devil claimed malign agency over numerous historical catastrophes. He began with the biggest of all, the crucifixion of Christ: “I made damn sure Pilate washed his hands, and sealed his fate!”

Jagger’s louche Lucifer took credit for the Russian revolution, killing the Romanovs (“Anastasia screamed in vain”), Nazi atrocities and the Hundred Years’ War. Behind him, the frenzied beat pulsed and quickened like a diabolic incantation.

In the original lyric, the Devil asked, “Who killed Kennedy?” On June 5, 1968, as The Stones recorded the song, JFK’s brother, Robert, was shot dead in Los Angeles. Ever the opportunist, Jagger changed the line to “Who killed the Kennedys?”

Behind the possessed-sounding Jagger, the other Stones, along with Faithfull, Richards’ partner Anita Pallenberg and producer Jimmy Miller wailed “Woo-woo!”backing vocals. Pallenberg had the idea after overhearing Miller talking to himself: “Who you singing about, Mick? Who? Who?”

Avant-garde director Jean-Luc Godard shot The Stones recording the song for his movie, One Plus One. The film, with odd scenes of Black Power activists reading manifestos and firing rifles in a scrapyard, is bafflingly incoherent, the studio footage the best thing about it by far.

Godard’s lights started a studio fire, damaging the band’s gear — was “Sympathy for the Devil” cursed? Some blamed it for instigating the crowd unrest at 1969’s Altamont Festival that led to the murder of Meredith Hunter by Hell’s Angels security guards during The Stones’ set. During their performance, the band had to stop and restart the song due to the disturbances.

Carlos Santana, also on the Altamont bill, claimed that the track had unleashed demonic forces. “I don’t have no sympathy for the Devil,” he told NME. “The Devil is not Santa Claus. He’s for real.”

Just a few brave artists have essayed covers. Bryan Ferrywarbled through it in 1973, Jane’s Addictionbrooded in 1987, and Slavonic art-rockers Laibachdid a whole album of reworkings of the song in 1990.

Guns N’ Roses’ 1994 versionwas the last song Slash played on before quitting the band. Ozzy Osbourne,an expert on rock occultism, whined through it in 2005, and it was the closing song on Motörhead’s23rd and final album, 2015’s Bad Magic.

The dilettante Jagger soon disavowed any interest in Satanism and moved on. Yet the ever-unconventional Richards remains less inclined to deny the spirit of The Stones’ dark, labyrinthine masterpiece.

“‘Sympathy…’ is an uplifting song,” he has mused. “It’s just a matter of looking the Devil in the face. He’s there all the time. I’ve had very close contact with Lucifer — I’ve met him several times.”

WWD : Burberry Promotes Gianluca Flore to Chief Commercial Officer

Burberry Promotes Gianluca Flore to Chief Commercial Officer
Thibaut Perrin-Faivre, who serves as senior vice president of retail, Americas, will succeed Gianluca as president Americas.

LONDON — Gianluca Flore, Burberry’s current president Americas and global head of retail excellence, will be promoted to chief commercial officer from Sept. 1, succeeding Gavin Haig, who will leave the company at the end of August, WWD has learned.

A Burberry spokesman confirmed that Flore, who joined Burberry in July 2017 from Brioni, will relocate to London for the new role. The transition between Haig and Flore will take place over the coming weeks, and Flore will manage the handover of his Americas responsibilities in the coming months.

Thibaut Perrin-Faivre, who serves as senior vice president of retail, Americas, will succeed Flore as president Americas from Jan. 1.

Marco Gobbetti, outgoing chief executive officer of Burberry, said Flore has had “a hugely positive impact” on the business. The Americas was Burberry’s fastest-growing region in the first quarter of 2021, where full-price comparable-store sales more than doubled.

“With his exceptional depth of retail expertise and breadth of geographical experience, he is uniquely positioned to lead this next phase of growth,” Gobbetti added of Flore.

Gobbetti praised Perrin-Faivre as “a strong cross-functional leader and we are excited to see him bring his inclusive and dynamic leadership to all aspects of our business in the Americas.”

He also thanked Haig for “his significant contribution to Burberry.”

It’s understood that the new appointments are part of Burberry’s plan to drive growth in the next phase of its strategy, and are not directly linked to the departure of Gobbetti, who will join Salvatore Ferragamo as CEO after leaving Burberry at the end of 2021.

An Italian national, Flore began his career as an auditor and financial adviser at Arthur Andersen and went on to work at La Perla North America and Fendi Americas. Prior to joining Burberry, he worked at Kering for nearly a decade at Bottega Veneta and Brioni.

FT : Wm Morrison/Fortress: weight of funds gives buyout groups impetus

Wm Morrison/Fortress: weight of funds gives buyout groups impetus
Private equity firms are sitting on mountains of ‘dry powder’ that they need to deploy

Over to you, Clayton, Dubilier & Rice. The US private equity firm has been granted extra time to submit a formal bid for Wm Morrison, the UK supermarket chain already in receipt of a near-£10bn offer from fellow buyout specialists Fortress.

The tussle shows not only that UK assets are cheap but also that the weight of funds has reduced private equity groups to scrapping over them. Private equity is sitting on mountains of “dry powder” — $413bn in Europe alone, reckons Preqin — which they need to deploy. The buyout industry can never quite buck the cycle.

Having taken the bidding war for the UK’s largest supermarket public back in June, CD&R showed its hand early via an informal approach. Fortress has upped the ante pre-emptively, with its latest formal bid representing a near-50 per cent premium to the share price before takeover chatter began. Investors see room to go higher still.

It will be galling for warring US private equity firms to go head-to-head. Even more so if there is an auction of the kind already deciding the fate of inhalers group Vectura. These spawn no bargains.

Trade buyers are mostly absent from supermarket aisles, particularly in the UK, because of competition issues. Recall how J Sainsbury’s £7bn bid for Asda was kiboshed by antitrust regulators in 2019.

CD&R, which counts former Tesco boss Sir Terry Leahy as an adviser, will need to find new sources of value to make a bigger price tag work. Morrisons is tightly run. Returns would flow largely from financial engineering: sale and leaseback of properties, disposals including petrol stations, and from increasing debt and cutting costs.

Fortress’s revised bid is equivalent to an enterprise value of 9.1 times next year’s estimated ebitda on UBS numbers. That is a fifth higher than CD&R’s opening shot and a whisker ahead of levels last seen in early 2016.

There is an irony here. It may take the pressure of another wave on unspent capital for Morrisons to command a decent exit multiple in a few years’ time.

WSJ : Senate Moves Closer to Passing Infrastructure Bill

Senate Moves Closer to Passing Infrastructure Bill
Lawmakers moved forward on procedural votes on a bipartisan basis

WASHINGTON—The roughly $1 trillion bipartisan infrastructure bill cleared a final set of procedural hurdles in the Senate, putting the legislation on track to easily pass the chamber in the coming days.

While Republicans and Democrats disagreed throughout the weekend on how to consider additional amendments to the legislation, they moved forward with procedural votes on a bipartisan basis. As many as 19 Republicans joined with Democrats on the various procedural motions.

The bill will face a more complicated path in the House, where House Speaker Nancy Pelosi (D., Calif.) has said she wouldn’t bring it up until the Senate also passes a $3.5 trillion antipoverty and climate bill.

Senate Majority Leader Chuck Schumer (D., N.Y.) is also pushing for Democrats to approve the budget outline for the $3.5 trillion package in the coming days.

“We can get this done the easy way or the hard way. In either case, the Senate will stay in session until we finish our work. It’s up to my Republican colleagues how long it takes,” Mr. Schumer said.

Republican support for the infrastructure bill remained robust even after Congress’s nonpartisan scorekeeping found that it would add $256 billion to the deficit over 10 years. The estimate contradicted bill negotiators’ claims that its cost was fully covered with savings and new revenue.

But that finding from the Congressional Budget Office did inflame existing opposition from some Republicans to the bill, complicating efforts to quickly wrap up the amendment process.

A spokesman for Sen. Bill Hagerty (R., Tenn.) said earlier this week that he “cannot in good conscience agree to expedite a process immediately after the CBO confirmed that the bill would add over a quarter of a trillion dollars to the deficit.”

Senate Minority Leader Mitch McConnell (R., Ky.) voted in favor of the procedural vote and called for the Senate to consider additional amendments.

“The American people need roads, bridges, ports, and airports to build their businesses, build their families, and build their lives,” he said. “Republicans and Democrats have radically different visions these days, but both those visions include physical infrastructure that works for our citizens.”

The bill provides $550 billion in new funding on top of money authorized for existing federal infrastructure programs. Of that $550 billion, $65 billion is dedicated to expanding access to broadband, $110 billion will go toward rebuilding bridges and roads, and $55 billion is aimed at water infrastructure. Repurposing Covid-19 aid and delaying a Trump-era Medicare rebate rule are among the sources of funds for covering the cost of the plan.

Among the amendments lawmakers were grappling with were those related to a measure that seeks to raise money through tougher tax enforcement of cryptocurrency transactions. Dueling groups of senators have proposed amendments seeking to clarify how the bill defines a broker, which the legislation would require to report gains reaped to the Internal Revenue Service.

Sen. Mark Warner (D., Va.) said he had made changes to the cryptocurrency amendment that he has proposed with Sens. Rob Portman (R., Ohio) and Kyrsten Sinema (D., Ariz.). Sen. Ron Wyden (D., Ore.), one of the authors of the other amendment, said talks were continuing on the issue.

FT : Australia’s Macquarie buys £1bn majority stake in Southern Water

Australia’s Macquarie buys £1bn majority stake in Southern Water
Investment comes just weeks after UK water company was hit with record fine for sewage pollution

Australian infrastructure bank Macquarie has taken a majority stake in Southern Water for more than £1bn, just weeks after the UK water company was fined a record £90m for deliberately dumping billions of litres of raw sewage in rivers and the sea.

Southern Water, which supplies water and treats sewage for 4.7m people in Kent, Sussex, Hampshire and the Isle of Wight, had been under financial stress and is among the most indebted companies in the sector. The deal will involve Macquarie investing more than £1bn of equity.

Macquarie’s investment will dilute the stakes of existing shareholders, including private equity firms, banks and infrastructure funds, by an undisclosed amount.

Southern Water said the deal would enable it to invest £2bn over the next four years, or about £1,000 per property in its catchment area, in improving sewage treatment works, pumping stations and pipes.

The company was fined £90m in July for dumping between 16bn and 21bn litres of sewage — the equivalent of 7,400 Olympic-sized swimming pools — between 2010 and 2015, in a case that the judge described as showing “a shocking and wholesale disregard for the environment”.

Another investigation by the Environment Agency is under way that covers pollution incidents after 2015, but it has not yet brought any criminal charges.

Macquarie is one of the world’s biggest infrastructure investors, with stakes in Cadent, the gas distribution network, and KCOM, a fibre telecoms business in the UK. It was the largest investor in Thames Water, Britain’s biggest water company, between 2006 and 2017 and was widely criticised for extracting millions of pounds in dividends as the utility struggled with leakages and pollution failures.

Macquarie and other investors have committed to a dividend yield of under 4 per cent over the next four years as part of the Southern Water deal.

Leigh Harrison, head of Macquarie Infrastructure and Real Assets, said: “Southern Water needs significant investment to improve its operational and environmental performance and financial health. Without it, the business will be unable to fulfil the expectations.”

Keith Lough, chair of Southern Water, said. “A £1bn equity investment in Southern Water and its group strengthens our balance sheet to enable Southern Water to increase investment in our network and accelerate the transformation plans we have put in place.”

Since 2007 Southern has been owned by a consortium of infrastructure investors, including UBS Asset Management and JPMorgan Asset Management. It has a complex multi-layered structure and its ultimate parent is Greensands Holdings, which is incorporated in Jersey.

UK regulator Ofwat said it welcomed the deal: “The new investor recognises that the current performance of Southern Water for its customers and the environment is not good enough and has committed to a substantial package of investment.”

Kate Bayliss, research associate at the department of economics at Soas University of London, said the news was “astounding”, given that Macquarie were the “architects of the huge financial extraction to shareholders during their 10 years as owners of Thames Water”.

“Water is an essential public service, which needs to be properly protected for the benefit of all users and not [used by] a private commodity to generate shareholder profit,” she said.

>>> US Gapping Down

Gapping down
In reaction to earnings/guidance
:

  • BLUE -20.1%, EPZM -13.4% (announces Chief Executive Officer succession plan ) ELAN -8%, AVYA -7.7%, DRNA -1.4%, GOLD -1.3%,

Other news:

  • AXSM -45.5% (announces AXS-05 achieves primary and key secondary endpoints in the MERIT Phase 2 Trial in treatment resistant depression)
  • BIVI -34.2% (priced of its underwritten public offering of 2,500,000 shares of its Class A common stock at a public offering price of $8.00/share)
  • ETON -13.8% (today is PDUFA date for NDA for topiramate oral solution)
  • VNOM -4.9% (announces Midland Basin acquisition)
  • DMRC -4.6% (files for 3,740,240 share common stock offering by selling shareholders)
  • VNE -3.6% (to engage in discussions with Qualcomm (QCOM))
  • ZI -3.2% (announces secondary offering of 20 mln shares of Class A common stock by holders )
  • OXY -3% (Carl Icahn lowers active stake following the sale of nearly 3.5 mln shares)
  • AQB -3% (files for 18,219,824 share common stock offering by selling shareholders)
  • LXRX -2.2% (files for $200 mln mixed securities shelf offering)
  • GOLD -1.3% (announces second $250 million ($0.14 per share) return of capital tranche in addition to a $0.09 per share quarterly dividend)
  • PLL -1.3% (provides an update as to the county rezoning process for its Carolina Lithium Project)
  • REAL -0.9% (provides monthly business update for July), .

Analyst comments:

  • MRTN -2.5% (downgraded to Sector Weight from Overweight at KeyBanc)
  • GLP -2% (downgraded to Underweight from Equal Weight at Barclays; tgt $21)
  • WYNN -1.9% (downgraded to Neutral from Buy at BofA )
  • DLTR -1.7% (downgraded to Hold from Buy at Deutsche Bank)
  • WERN -1.1% (downgraded to Sector Weight from Overweight at KeyBanc)
  • ONEM -1% (downgraded to Neutral from Outperform at Robert W. Baird; tgt lowered to $31)
  • DRI -0.9% (downgraded to In-line from Outperform at Evercore ISI), .

>>> US Gapping Up

Gapping up
In reaction to earnings/guidance
:

  • SWAV +10.5%, BNTX +4.9%, RDNT +4.8%, SGMS +4.6%, VTRS +4.2%, USFD +3.9%, TSN +3.3%, CEVA +2.6%, CRNC +1.9%, .

M&A news:

  • SIC +29.1% (to acquire Select Interior Concepts for $411 mln )
  • SAFM +8.6% (Cargill and Continental Grain Company confirm to acquire Sanderson Farms for $203 per share in cash)
  • ANAT +8.2% (Brookfield Asset Management Reinsurance Partners to acquire American National in $5.1 bln transaction (~$190/share)), . 

Other news:

  • FTFT +22.7% (extends momentum from +21% move during regular session)
  • EPZM +13.8% (and HUTCHMED announce strategic collaboration to develop and commercialize TAZVERIK in Greater China)
  • QFIN +6.6% (announced that its 360 Jietiao app is being restored to app stores for downloads in succession)
  • KTOS +3.6% (awarded $340 mln Air Force contract)
  • YCBD +2.2% (signs binding letter of intent with IM Cannabis Corp. (IMCC) to enter Israeli Market)
  • JKS +1.6% (obtained the first photovoltaic module Life Cycle Assessment certificate in the Greater China region issued by TÜV Rheinland (China) and concurrently passed the Italian EPD certification)

Analyst comments:

  • VSCO +4.4% (initiated with an Overweight at JP Morgan; tgt $100)
  • MKFG +3.2% (initiated with a Buy at Stifel; tgt $13.50)
  • EDIT +2.5% (upgraded to Buy from Hold at Truist; tgt raised to $80)
  • FTSI +2.1% (upgraded to Buy from Hold at Stifel; tgt $32)
  • TSLA +1.6% (upgraded to Buy from Hold at Jefferies; tgt raised to $850)
  • CZR +1% (upgraded to Buy from Neutral at BofA )

>>> US Early premarket gappers

Early premarket gappers

  • Gapping up: SIC +29.1%, FTFT +25.1%, EPZM +13.8%, SAFM +11.3%, ANAT +7.6%, QFIN +6.5%, BNTX +4.9%, VTRS +3.9%, KTOS +3.6%, USFD +3.2%, AMRX +2.7%, CEVA +2.6%, JKS +1.6%,
  • Gapping down: BIVI -34.2%, AXSM -32.1%, ETON -16%, ELAN -5.2%, BLUE -5.1%, ZI -3.6%, VNE -3.6%, OXY -3.3%, AQB -3%, LXRX -2.2%, AVYA -1.7%,