FT : Humanity and genius in the sketches of Leonardo da Vinci

Humanity and genius in the sketches of Leonardo da Vinci
The Queen’s Gallery is the standout among this year’s global exhibitions marking Leonardo’s death in 1519

In his The Lives of the Artists the 16th-century artist and writer Giorgio Vasari gives special place to Leonardo, “marvellous and divine . . . variable and unstable”, who left so many paintings and sculptures incomplete because “he was convinced that his hands, for all their skill, could never perfectly express the subtle and wonderful ideas of his imagination”.

But his drawings did. Rearing horses, twisting violently, kicking, biting, and a raging rider, cloak billowing in the wind, leap out from the bright sketches for the 18-metre war mural “The Battle of Anghiari”, never finished, now lost. Human and animal power and fury, muscular force and grace, rise and fall in a few swirling red chalk marks on paper.

Leonardo’s most ambitious completed painting, “The Last Supper”, already deteriorated in his lifetime; its energy and psychological originality live potently in the rapidly sketched head of St James, eyes cast down in horror; in the ethereal black chalk “St Philip”; in the guilty coils of “Judas”. For “The Arm of St Peter”, curving back as the apostle leans over Judas’ shoulder, the chalk is expressive, tonal. By contrast Leonardo uses pen and ink in “Sketches for the Last Supper”, delineating structure: integrating 13 men in a harmonious composition while differentiating facial type, pose and gesture.

All these drawings belong to the Royal Collection, the world’s most comprehensive Leonardo holdings. Leonardo da Vinci: A Life in Drawing at the Queen’s Gallery in London features almost half its collection of 550 sheets, and is the standout among this year’s global exhibitions marking 500 years since Leonardo’s death in 1519.

It demonstrates conclusively that drawing was central to everything Leonardo did, and how, whenever he lifted pen or brush, he strove for perfection. In the circular striped “Star-of-Bethlehem” he gives as close attention to the clump of greenery to soften the edge of the rock on which the swan stands in the (lost) painting “Leda” as, in the lovely “Head of Leda”, to the girl’s demure, distant countenance and sumptuously interlacing plaits. A swag of drapery falling from right shoulder over the left hip of a kneeling figure, drawn in brush and black ink with white heightening on blue paper, is a study for the angel in “The Virgin of the Rocks”; it is also an enthralled depiction of light passing through and reflecting off textiles.

No artist ever articulated their thoughts, their attempts to understand an infinite range of experience, with such supreme technical accomplishment yet sense of mystery, as Leonardo in his works on paper. On a single sheet, in 1490, he draws patterns of circles, arcs and triangles, a mighty horse; an old man whose cloak merges with a study of trees; geometric diagrams morphing into mountains; a blade of grass, cumulus clouds, a screw press, a vision of a deluge. In a breath, he moves from representing the appearance of things to analysing the rules of the universe, from art to engineering, geology, botany, and on to the apocalyptic.

If Leonardo is remote and magisterial in his paintings, here he is immediate, personal, his interests and obsessions threading across three decades. Palpable is the love for animals, especially horses — from early metal-point studies to a black-chalk sheet from 1517-18, “Horses, St George fighting the dragon, and a lion”, where he experiments with depicting extreme movements.

Dominant, too, is water. “Studies of water” fixes the momentary impression of bubbles in a pool. “A river landscape” is an idyllic study of the Adda near Milan, with boats and ferrymen, coursing over shallow rapids. In the lively charcoal “The Arno valley with the route of a proposed canal” water is a phenomenon to be tamed by engineering logic. In “Map of Valdichiana” the bright blue lake resembles the silhouette of a bird circling the land, as if Leonardo envisaged the scene in aerial view — an image connected to his diagrams for flying machines. In the black chalk “Deluge” suite, water is the force overcoming everything: mountains fragment, towns are washed away, a fortress collapses. In the final sheet, nothing stable remains in the rush of air, cloud, rain, wind, each discernible yet merging into formless chaos.

Visionary possibility, and human life as a mere moment in unconscionable timespans: Leonardo distilled in his drawings the extremes of Renaissance sensibility as well as the span of Renaissance knowledge.

His anatomical studies, including the complex, large-scale “The cardiovascular system and principal organs of a woman”, based on dissections, unite early-16th-century scientific endeavour and humanist optimism. Chalk drawings of young men with classical profiles and corkscrew locks, probably inspired by Leonardo’s assistant/lover Salai (according to Vasari “a very attractive youth of unusual grace and looks, with beautiful hair which he wore curled in ringlets and which delighted his master”), idealise nobility and sensuality. There are leadpoint “Designs for Boats and Other Machinery”, then a declaration that all this is futile: the fantastical “A Cloudburst of Material Possessions”, where rakes, ladders, shears, set-squares, pliers, fall in a torrent.


The backcloth is war and politics in Florence and Milan, whose regimes competed for the artist; his last patron, the French king François I, “did not believe there could be anyone else on earth who knew as much as Leonardo”.

In 1499 French troops invading Milan used Leonardo’s model for his massive Sforza sculpture as target practice and razed it, only to commission from him a new one celebrating the destroyer, the Trivulzio Monument. It was also unrealised. No studies for either commission have the tragic grandeur of his final drawing, in 1517-18, of an equestrian monument imagined for his own delight: a soaring horse and naked rider on a lightly sketched pedestal with hints of frieze and pilasters, the uncertain scale and hazy black chalk giving a dreamy atmosphere of interiority.

Leonardo designed (unbuilt) weapons for various rulers, with the proviso they only be used against “ambitious tyrants . . . to preserve Nature’s chiefest boon, that is freedom”. He never surrendered his independence: through his sheer pleasure in drawing, we glimpse in this magnificent exhibition the exhilarating freedom of one of the most inventive, restless minds that ever lived.

WSJ : Trump Administration Preparing Executive Order on Health-Cost Disclosure D

Trump Administration Preparing Executive Order on Health-Cost Disclosure
Directive for price transparency could be released next week amid growing pushback against industry’s secrecy

President Trump is expected to release an executive order as early as next week to mandate the disclosure of prices in the health-care industry, according to people familiar with the discussion.

The order could direct federal agencies to pursue actions to force a host of players in the industry to divulge cost data, the people said. The administration is also looking at using agencies such as the Justice Department to tackle regional monopolies of hospitals and health-insurance plans over concerns they are driving up the cost of care, according to two people familiar with the discussions.

The White House declined to comment on its plans.

While the administration has been discussing various initiatives to increase price transparency in the health-care industry, the executive order is a presidential directive with the force of law. If the concepts are acted upon, that could upend an industry long used to transacting in private.

The White House has been working for months on a strategy officials believe will lower health-care costs by giving consumers and employers data for the first time on the discounted and negotiated rates between insurers, hospitals, doctors and other providers.

Internal administrative disputes over how aggressively to mandate price disclosure have delayed earlier plans to issue an executive order, two people said, and some details of the current order are still being completed. Meetings at the White House are planned Friday over the details of the executive order, one person familiar with the discussions said.

The Trump administration is considering a number of administrative tools that officials believe could force price disclosure as part of the executive order. They include the 21st Century Cures Act, the Affordable Care Act, Health Insurance Portability and Accountability Act and Employee Retirement Income Security Act, two people said.

The action would represent a new front in an attack on high health-care costs. Both the White House and a growing number of members of Congress are targeting the industry, saying consumers and employers will benefit if the secrecy around prices is peeled back.

On Thursday, Sens. Lamar Alexander (R., Tenn.) and Patty Murray (D., Wash.) released a plan aimed at lowering health-care costs that included a number of proposals to push price disclosure. It would require providers and health plans to give patients good-faith estimates of their expected out-of-pocket costs for health services within 48 hours of a request.

The administration is also likely to use a coming hospital outpatient rule to require hospitals to disclose their negotiated rates with insurers, two people said. The rule is expected this summer.

Industry groups are mobilizing to derail the efforts that could extend to hospitals, doctors, and insurers in the private employer market. The Wall Street Journal has reported that the administration has been considering issuing a Labor Department rule to force insurers to publicize the negotiated rates they pay for services.

The Department of Health and Human Services has also sought public comment on whether patients have a right to see the discounted prices in advance of obtaining care. The first-of-a-kind proposal could force doctors and hospitals to publicly share the negotiated and often discounted amounts they charge insurers.

Disputes have erupted within the administration over health-care policy, according to several people outside the administration who are familiar with internal discussions. Joe Grogan, a key adviser to Mr. Trump who heads the White House Domestic Policy Council, has opposed more aggressive HHS proposals on drug-price transparency and competition, five people said.

Hospitals have argued that patients need to know their out-of-pocket costs rather than negotiated rates. Others have said disclosure of average rates rather than total price of all negotiated charges would be a more useful measure. They also argue that disclosing rates could backfire by driving costs up if competitors see other providers are getting paid more for the same services.

“Transparency for transparency’s sake, and forced disclosure of thousands upon thousands of competitively negotiated rates, will not help consumers,” said Matt Eyles, president of America’s Health Insurance Plans, an association of health insurers. “Instead, it will cause health-care costs to go up for every American. To improve access and affordability, we need to work together to improve competition, choice and collaboration.”

Critics also say the administration could be overreaching if it believes the Labor Department has the authority to mandate the disclosure of insurers’ negotiated rates with providers.

About 158 million people get their health insurance in the private employer market.

Price disclosure is rapidly emerging as a major issue on Capitol Hill. A May 21 bill sponsored by Sens. Bill Cassidy (R., La.) and Michael Bennet (D., Colo.) would end contractual gag clauses between providers such as hospitals and insurers that can restrict the ability of patients to get cost information.

Sen. Ron Wyden (D., Ore.) introduced legislation this month that would make insurers tell consumers what their out-of-pocket costs would be for drugs or in-network procedures.

“In a grocery store, you can get a price check for a can of peas on Aisle 2,” Mr. Wyden said. “Health care is much more difficult, but it ought to be a lot easier for Americans to find out what they will have to pay before they get to a doctor.”

FT : Deutsche Bank cannot afford further delay to overhaul Governance protest at

Deutsche Bank cannot afford further delay to overhaul
Governance protest at AGM should trigger a deep, fast restructuring

Deutsche Bank’s long-suffering shareholders have delivered a clear message to Germany’s biggest lender. The votes at Thursday’s annual meeting, though non-binding, showed investors are losing confidence in both the group’s supervisory board and the management board.

Barely three-quarters of shareholders who voted supported directors, with an unusually low tally of 34 per cent of investors bothering to cast a vote.

Paul Achleitner, the supervisory board chairman who has overseen four chief executives and an aggregate 75 per cent drop in the share price since he arrived in the role in 2012, could soon be forced to find his own successor. But governance is the tip of the problem at Deutsche Bank.

The real ire of shareholders, reflected in Thursday’s votes, runs far deeper. Having rightly walked away from a potential merger with local rival Commerzbank a few weeks ago, the group has yet to outline a convincing new strategy. In that vacuum, Deutsche’s share price has been repeatedly hitting new all-time lows in recent days.

Chief executive Christian Sewing hinted in his AGM speech that he now realises that the surgery on Deutsche Bank must involve far deeper cuts. He has made some headway on trimming costs, but the ambition must be far greater. It must be accompanied by the wholesale withdrawal from uneconomic business lines, such as equities and rates and large swaths of the US operation.

There will be a painful hit to revenues in the short term but if the execution of the plan is effective then the longer-term profit outlook should improve.

Management should equally set out a far clearer vision for businesses in which Deutsche can excel — such as its corporate transaction banking franchise, certain corporate loan niches, key parts of European fixed-income investment banking and German asset management.

It would also be welcome if stalled talks could be revived with UBS over a plan to combine the banks’ asset management units. Only by gaining scale can midsized players like these hope to compete with the dominant behemoths of investment like BlackRock and Vanguard.

To help clarify the future shape of the bank, and remotivate staff, it would help, too, if Deutsche hived off its highest-risk assets — hard-to-value “level 3” assets still amount to €25bn and derivatives exposure tops €300bn — into a noncore unit. The bank, which is finally decently capitalised, may even have enough excess equity to absorb the sale of at least some of this portfolio. That might be seen as unnecessary value distraction, but a clean break has a lot to recommend it, both for its signalling and the clarity of focus it encourages.

Bank executives suggest in private that Mr Sewing’s overhaul could indeed be drastic. One described it as the most radical reorganisation since Bankers Trust, the US acquisition 20 years ago that launched Deutsche’s ambition to be a global investment bank to rival Wall Street’s finest.

Holding the necessary resolve to reverse that strategy altogether — and do it quickly — will be tough. But after a year in charge, juggling legacy scandals and the distracting talks with Commerzbank, Mr Sewing can waste no more time before detailing the shrinkage plan he has hinted at. The longer he delays the more his room for manoeuvre will narrow. Deutsche’s systemically important balance sheet — currently valued at €1.4tn — must not be allowed to spin out of control.

>>> What to look at today - 24th of April

Stocks in Asia traded mixed, still on track for a third week of losses, as investors digested the latest trade war headlines. Treasuries steadied following Thursday’s rally.
Declines on Japan’s Topix index eased, with shares in Hong Kong edging higher alongside gains in S&P 500 Index futures. Stocks in Australia remained lower. The drop in South Korea’s key index erased its 2019 advance. After the close on Wall Street, President Donald Trump said that Huawei Technologies Co., which was put on a U.S. blacklist earlier this month, could be part of a trade pact with the country. The rally in sovereign bonds showed signs of easing after yields on 10-year Treasuries touched the lowest since 2017. Crude oil recovered.
US After Hours  VSAT +9%, DECK +5%, DXC +4%, INTU +1.7%, ADSK -9%, LGF.A -5%, ROST -3%, SPLK -2%, HPE -1.7% following earnings/guidance

Nikkei -0.25% Hang Seng+0.24% CSI +0.29% Shanghai +0.02% Shenzen -0.40%

Eur$ 1.1182 CNH 6.9299 CNY 6.9121 JPY 109.61 GBP 1.26666 RUB 64.7465 CHF 1.0039 TRY 6.1276 wTI$58.63 +1.24%

S&P +0.34% EurosToxx +0.30% FTSE +0.30% Dax+0.34% SMI +0.33%

Macro :
- Trump Says Huawei Could Be Included in a Trade Deal With China
- Goldman Trade-War Scenarios See U.S. Stocks Sliding Up to 7%
- Money Market Funds, U.S. Equities See Inflows, Jefferies Says

Keep an eye on :
- AED BB : Aedifica to Spend EU72m on Four German Care Homes in Specht Pact
- AIRN SW : Airopack Technology to Delist From SIX Swiss Exchange
- BG AV : Bawag Offering by Holder Prices 9.3m Shares at EU36/Share
- B2H NO : B2Holding First Quarter Ebit Misses Estimates
- BT/A LN : BT Says ‘Hugely Disappointed’ to Lose FA Cup Broadcast Rights
- CO FP : Casino Was Materially Misleading Investors, Muddy Waters Says
- CO FP : Casino Holding Rallye Granted Creditor Protection: Le Figaro
- EKTAB SS : Elekta Unity System Gets Japanese Approval for Clinical Use
- GAM SW : Billionaire Soros's Fund Buys 3% Stake in Asset Manager GAM
- GLEN LN : Glencore Agriculture Replaces CEO as Chris Mahoney to Retire
- IAG LN : Latam Airlines International Routes Plans Blocked by Chile Court
- INDV LN : Indivior, Rhodes Settle Patent Case Over Opioid-Addiction Drug
- ITX SM : Inditex to Split Chairman-CEO Role Into Two, Promote Crespo
- BAER VX : Julius Baer Draws Up Shortlist to Pick CEO Replacement in Months, Julius Baer New Money Growth Misses Goal While Assets at Record
- NYR BB : Nyrstar Postpones Full-Year Earnings Report Two Days to May 26
- RAL FP : Rallye Gets Creditor Protection; Securities Listing Resume Fri., *RALLYE: PART OF DEBT SUBJECT TO PLEDGE OVER SHARES
- RNO FP : Ghosn’s Executives Proposed Foundation to Run Alliance: FT
- SFL IM : Safilo Agrees to Sell U.S. Retail Chain Solstice to Fairway
- SAF FP : Safran: AGM Approves EU1.82/Shr Div., Board Reappoints McInnes
- SRP LN : Serco Placing Priced at 126 Pence Per Share, Raising GBP140m
- SWEDA SS : Lawyer Grimstad Looked at Swedbank Laundering Risks in 2017: DI
- TM17 LN : Team17 Holders Paul Bray and Kelvin Aston to Offer 8.6m Shrs
- VAO GY : Vapiano Gets Loan Commitments of EU30 Million From Lenders
- VIV FP : Vivendi Discussed Possibility of Share Buyback for 5% Of Capital
- VIV FP : Trade War Is Music to a French Billionaire’s Ears: Webb & Culpan
- WPP LN : Target in Talks to Buy WPP’s Retail Ad Firm Triad: WSJ

>>> Europe : Brokers Upgrades & Downgrades - 24th of May 2019

>>> Up
* AIB Group Upgraded to Buy at Citi
* Amigo Upgraded to Hold at Goodbody; PT 2.12 Pounds
* Hugo Boss Raised to Buy at Baader Helvea; Price Target 67 Euros
* Mitchells & Butlers Upgraded to Buy at Citi
* Royal Mail Upgraded to Buy at Goldman; PT 3.20 Pounds
* Serco Upgraded to Buy at Liberum
* Valora Upgraded to Hold at Baader Helvea; PT 266 Francs
* Vodafone Upgraded to Buy at HSBC; Price Target 1.60 Pounds

>>> Down
* Danske Bank Downgraded to Neutral at Goldman; PT 155 Kroner
* Sanne Group Downgraded to Hold at Liberum
* Sectra Downgraded to Sell at Pareto Securities; PT 249 Kronor

>>> Initiation
* Brooks Macdonald Rated New Sector Perform at RBC
* JULIUS BAER DRAWS UP SHORTLIST TO PICK NEW CEO WITHIN MONTHS
* Norcros Rated New Buy at Peel Hunt; PT 2.60 Pounds
* Quilter Rated New Outperform at RBC; PT 1.75 Pounds

>>> Call
* AIB Raised as Citi Sees Return to Gross Loan Growth This Year
* Inditex Strategy to Remain Unchanged With New CEO: Citi