LONDON (Reuters Breakingviews) - The UK’s pension pickle is a key credibility test for Theresa May. The UK prime minister is dithering over whether to keep guaranteeing above-inflation increases to pensioners. She shouldn’t.
NEW YORK (Reuters Breakingviews) - "The Circle," a movie adaptation of Dave Eggers' eponymous 2013 novel, tries to chill and amuse while telling the tale of a cultish internet company that wants to save the world by abolishing privacy. The result is neither hellish enough to be a dystopian drama nor biting enough to work as satirical comedy. Like its protagonist, it means well, but lacks a sense of identity.
LONDON (Reuters Breakingviews) - When it comes to being a bank chief executive, the received wisdom is that UBS boss Sergio Ermotti has a stronger hand than Jes Staley at Barclays. Even ignoring the UK bank chief executive’s recent disregard for whistleblowing rules, investors prefer his Swiss counterpart’s strategy of running a focused investment bank alongside a big wealth management business. That is reflected in valuations: UBS trades at 1.3 times tangible book value, almost twice Barclays’
HONG KONG (Reuters Breakingviews) - MSCI may get lucky in China this time around. The U.S. index provider has slashed the number of mainland tickers it wants added to equity benchmarks tracked by $1.6 trillion in assets. This face-saving compromise is likely to overcome asset managers’ reluctance to include onshore Chinese stocks after three previous failed attempts. But the new approach is so conservative that the resulting funds flows into China will resemble a rounding error.
NEW YORK (Reuters Breakingviews) - Some three decades after KKR's Henry Kravis was called a barbarian, he has encountered one at his own gate. Jeff Ubben, whose ValueAct just disclosed an interest in the buyout shop, is usually friendlier in his approach with the companies in which he invests than the term might suggest. Even so, there's a chance things could get testy.
NEW YORK (Reuters Breakingviews) - France is about to choose a new president. The UK has called a surprise election. Germans head to the polls soon and Italians and Greeks could be close behind. As Brexit gets in motion and President Trump settles in, Europe’s election season will bring risks and opportunities.
NEW YORK (Reuters Breakingviews) - The first 100 days of Donald Trump's presidency are shaping up as either a bust or huge. That's how politics rolls: success or failure is in the eye of the beholder. The stock market offers a bit more precision. One message from the 65-odd trading days since Trump took office decrying "American carnage" is that perceived proximity to the Oval Office is no blessing for companies' stock prices.
LONDON (Reuters Breakingviews) - Lloyds Banking Group has hit peak Antonio Horta-Osorio. The UK lender’s recovery under its current chief executive has been impressive, however one slices it. But from here, his efforts become relatively less important in driving Lloyds’ returns than what happens to the British economy.
HONG KONG (Reuters Breakingviews) - Samsung Electronics is falling back on Plan A. The board of the South Korean electronics giant has definitively rejected a restructuring proposal from U.S. hedge fund Elliott. The dismissal does not quite add up.
NEW YORK (Reuters Breakingviews) - Twitter has undeservedly attracted a bunch of new followers. The struggling social-media company touted surprise user growth as evidence it can get back on track under moonlighting Chief Executive Jack Dorsey. Revenue, however, fell 8 percent in the first quarter, a first since Twitter went public in 2013, as advertisers grew skeptical.
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