Sweden’s Wallenberg Says Business Must Adapt to New World Order

Swedish business leader Marcus Wallenberg said companies and governments must adapt to a “completely new world order,” in which tension between China and the US has driven western countries to pour billions of public dollars into clean-energy industries.

Bloomberg News

Laura Dhillon Kane

Published Oct 08, 2023  •  Last updated Oct 09, 2023  •  3 minute read

Marcus Wallenberg during an interview in Ottawa on Oct. 6. Photographer: David Kawai/Bloomberg
Marcus Wallenberg during an interview in Ottawa on Oct. 6. Photographer: David Kawai/Bloomberg Photo by David Kawai /Bloomberg

(Bloomberg) — Swedish business leader Marcus Wallenberg said companies and governments must adapt to a “completely new world order,” in which tension between China and the US has driven western countries to pour billions of public dollars into clean-energy industries.

While the chair of Wallenberg Investments AB described himself as a free trader at heart, he said the current geopolitical circumstances have forced everyone to adapt and recognize the need for investment in the sectors of the future.

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Rugby World Cup: The business of the game

Sponsorship, video games, and tickets – what brings the most revenue to rugby and how good an investment is the sport?

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As rugby fans celebrate the thrills and highlights of the past few world cup matches, the tournament’s organisers can rub their hands with glee: the economic boon and revenue the event has given to host France is sizeable.

A previously released report from Ernst & Young’s claimed that the tournament in Japan in 2019 saw the highest ever economic impact in Rugby World Cup history, and increased the GDP by $2.93 billion (€2.75 billion).

The profitable sport mega event is attracting even more tourists to France, meaning hotels, airlines, museums, and more cleaning up.

The 2023 tournament – the tenth edition – is expected to attract more than half a million visitors to the country, and bring approximately $1 billion (€940 million) into its economy.

Meanwhile, the organisation Rugby World Cup Ltd is expected to rake in a hefty revenue, in the vicinity of $500 million.

Football’s a very different ball game

It’s by comparing rugby to other commercial sports that you can clearly see the impact it has. The obvious one is football.

The Rugby World Cup is considered to be a top 20 sport mega event, while the Football World Cup is in the top three, and so predictably brings in a gargantuan sum.

“So it’s believed that for World Rugby, the organisers of this particular competition, may generate around $500 million from the competition,” said Simon Chadwick Professor of Sport and Geopolitical Economy at Skema Business School in Paris.

“In comparison with FIFA, the 2022 World Cup in Qatar brought somewhere in the region of about $7.5 billion to the organisers,” he added.

Where is the money coming from?

While the financial value of football may eclipse that of rugby on the world stage, the funds that flow through old rugger are not to be sniffed at.

There are three major drivers that put the balance sheet of the Rugby World Cup into the positive every four years, following three preparatory years of huge expense and investment.

The majority of the revenue comes from broadcasting rights, followed closely by sponsorships and then income from ticketing and merchandise.

Broadcasting rights include everything from showing live games to edited highlights, news reports and social media clips.

The big question is, how many pairs of eyes can the

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How to run a business in a dangerous and disorderly world

CHIEF EXECUTIVES have long had to be contortionists, balancing the needs of employees, suppliers and above all shareholders while staying within the limits set by governments. But the twisting and stretching is now more fiendish than ever. The world is becoming dangerous and disorderly as governments try to manipulate corporate behaviour. Global companies and their bosses find themselves being pulled in all directions.

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Few multinationals are unscathed. As tensions between China and America ratchet up, chipmakers from Micron to Nvidia have been the target of sanctions. TikTok, a Chinese-owned short-video app, is in the sights of American lawmakers. The Biden administration’s plans to curb outbound investment will encompass private-equity giants and venture capitalists. Once-staid carmakers now find their investments in the spotlight, as countries vie to host the next electric-vehicle factory. China’s tech behemoths have been tamed by Xi Jinping. Everyone from bankers to brewers has been ensnared in America’s toxic culture wars.

All this rips up the unspoken agreement between government and business that held sway in America and much of the West after the 1970s. Businesses aimed for shareholder value, by maximising wealth for their owners, promising efficiency, prosperity and jobs. Governments set taxes and wrote rules but broadly left business alone. Although the gains of the system were not evenly spread across society, trade flourished and consumers benefited from greater choice and cheaper goods.

The rules have changed. Governments are becoming more dirigiste, spurred by fragile supply chains in the pandemic, a more menacing China and the dangers of climate change. Company ceos need a new approach for a new age.

Businesses’ re-entry into politics began in the run-up to the Trump era. By taking a stand on social issues bosses saw a way to signal their distaste for populism—and surely also a way to signal their virtue to their employees and customers. It was around this time that Larry Fink, the boss of BlackRock, America’s largest asset manager, became a proponent of investing using environmental, social and governance principles, or esg.

Yet instead of solving social problems, that seemed only to deepen divisions. As we set out in an extended profile, Mr Fink has been demonised by the right for going too far and the left for not going far

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Tightening rules and trade tariffs globally will pressure export-oriented sectors similar to IT companies and auto, but the weakening rupee will somewhat mute this affect, the report added. The staff of public sector banks will go on a two-day strike from May 30-31 to protest a ‘meagre’ 2 per cent wage hike supplied by the Indian Banks’ Affiliation (IBA).

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