LONDON (Reuters Breakingviews) - “The needy nations grow more destitute, while the rich nations become even richer.” When Pope Paul VI wrote that in 1967, the leader of the Catholic Church was expressing the era’s conventional wisdom. The pope then begged all people of goodwill, poor and rich alike, to change the situation. Much of his prayer has been granted.
LONDON (Reuters Breakingviews) - The British government’s Royal Bank of Scotland sale looks priced for a messy Brexit. Chancellor Philip Hammond intends to raise 15 billion pounds to meet fiscal targets by selling the state’s holding in the UK lender. He could achieve that even if RBS shares tumble 30 percent, Breakingviews calculates.
HONG KONG (Reuters Breakingviews) - CEFC China Energy will aggravate Western paranoia over Beijing's investment intentions. The private company came out of nowhere to buy a $9.1 billion stake in Russian oil giant Rosneft - the sort of deal once reserved for state energy champions. It has raised eyebrows by trying to invest in U.S. brokerage Cowen. Now Reuters reports the enigmatic firm might bid for Time Warner's stake in a central European media group. The company is acting as if it has a permi
HONG KONG (Reuters Breakingviews) - The longtime Asia bull and Quantum Fund co-founder thinks the worst bear market of his lifetime is coming. He swung by our Hong Kong bureau to discuss the risks, as well as Trump’s Asia tour and why America could become its own worst enemy if it lets China dominate the region.
By Lauren Silva Laughlin DALLAS (Reuters Breakingviews) - Procter still digs in with Peltz, With hubris but nothing much else. Insularity remains, Causing new corporate stains, As the board waits for fresh Trian welts. It isn’t that Peltz pushed too hard: The campaign started without much petard. He sought simply a seat. But was met with conceit From an entrenched group of clubby blowhards.
LONDON (Reuters Breakingviews) - Travis Kalanick has a lot to answer for at Uber Technologies. Sure, he founded the revolutionary ride-hailing service and built it into a global business. But the legacy of irresponsibility while he served as chief executive has cast a shadow over the company’s future.
LONDON (Reuters Breakingviews) - Philip Hammond is struggling with his Brexit straitjacket. Britain’s chancellor announced giveaways to homebuyers and the health service in his autumn budget. But bleak growth forecasts and the economic drag caused by leaving the European Union severely limit his generosity.
HONG KONG (Reuters Breakingviews) - Nippon Paint’s run at Axalta looks less than brilliant. The $11 billion Japanese company has lobbed in a cash bid for its U.S. rival, according to Reuters, killing the target’s merger talks with Akzo Nobel of the Netherlands. A deal valued at some $12 billion including debt, even assuming hefty savings, would destroy value. Fulfilling global ambitions may be costly.
NEW YORK (Reuters Breakingviews) - President Donald Trump’s administration is scrambling media signals. The Department of Justice on Monday sued to block AT&T’s merger with Time Warner over concerns the two will use content to stiff rivals. But another agency intends to scrap rules that force internet providers to treat web traffic equally.
HONG KONG (Reuters Breakingviews) - WPP has rebranded its Tokyo defence. The advertising conglomerate is selling into a $1.4 billion buyout it argued “significantly undervalues” its Japanese partner ADK. That reveals a weaker-than-billed negotiating position. One consolation could be re-investing in the Bain-led deal.
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