NEW YORK (Reuters Breakingviews) - Talk about a logistical nightmare. Delegations from 195 countries, lobbyists, company representatives and the like now have to rethink their plans after Chile’s government pulled out of hosting December’s annual United Nations climate summit. The decision by President Sebastian Piñera followed weeks of deadly protests over inequality. It exemplifies the dilemmas governments and companies face trying to tackle long-term problems when there are also immediate needs.
NEW YORK (Reuters Breakingviews) - General Motors and Toyota Motor are among the major automakers making a song and dance about their commitment to reducing emissions. The $225 billion Japanese manufacturer was a pioneer of mass-market hybrid cars with its Prius lineup; it’s also trying to develop hydrogen fuel cells. GM, meanwhile, talks about its commitment to zero emissions, along with zero crashes and zero congestion. But on Monday both decided, along with Fiat Chrysler Automobiles and Hyundai Motor, to back a White House push to strip California of its right to set its own tailpipe-emissions standards.
NEW YORK (Reuters Breakingviews) - Beijing-based Kr Space switched from renting out space held on long-term leases to selling services after the shared-office market crashed. Following suit may help WeWork stem losses. Also: climate change and Canada’s election. Plus: the gloomy IMF and unrest in Latin America.
NEW YORK (Reuters Breakingviews) - Elon Musk is finally giving Tesla shareholders some good financial news. Third-quarter earnings unveiled after the markets closed on Wednesday brought an unexpected, if small, profit of $143 million at the electric-car maker. Unlike this time last year, fast-growing sales weren’t the cause: cost discipline was. That’s a welcome change.
NEW YORK (Reuters Breakingviews) - Adam Neumann’s reign at WeWork is over – with a reward for failure. The office-sharing firm’s board has chosen a nearly $10 billion rescue package from existing backer SoftBank, valuing the business 83% below its $47 billion peak, the Wall Street Journal reported on Tuesday. Whether that’s enough for WeWork parent The We Company to build a profitable foundation won’t be apparent for some time. Investors can, however, ensure Neumann is the last founder able to run amok.
NEW YORK (Reuters Breakingviews) - President Donald Trump is touting the latest Sino-American talks as a real win, especially for farmers. China agreed to buy more agricultural goods like soybeans, but big issues like intellectual-property theft are still up in the air. Plus: The pros and cons of direct listings.
NEW YORK (Reuters Breakingviews) - New Buicks, Cadillacs and Chevys may soon start rolling out of factories across America again. On Wednesday, negotiators for the United Auto Workers and General Motors finally struck a deal aimed at ending their month-long dispute over the next four-year workers contract. Details may not emerge until Thursday, and the 48,000 or so union members who work at the $52 billion automaker have to vote on it. Either way, the resolution brings less relief than expected.
NEW YORK (Reuters Breakingviews) - Workers downed tools over three weeks ago, despite last-minute concessions by the U.S. carmaker. Job-security fears are a sticking point. So is the union’s need to prove its worth after a kickbacks scandal. Plus: U.S. basketball plays smart defense on China’s Hong Kong backlash.
NEW YORK (Reuters Breakingviews) - That’s when the Facebook CEO rejected Yahoo’s $1 bln takeover bid. Now he uses the decision to justify his grip on control and decisions on data, privacy and the chance of a breakup under a Democratic president. Plus: How a spat over shrubbery almost felled Credit Suisse’s CEO.
NEW YORK (Reuters Breakingviews) - If only those who talk about mitigating climate change put their money where their mouths are. This week’s United Nations Climate Action Summit in New York brought forth pledges and proposals, but the financial resources being committed to the problem are puny.