Edition:
United Kingdom

Jeffrey Goldfarb

Breakingviews - China Biologic suffers contaminated infusion

27 Aug 2018

HONG KONG (Reuters Breakingviews) - China Biologic Products makes a good case for why it should go private. Instead of accepting one of two takeover bids offering hefty premiums, the U.S.-listed manufacturer of plasma products opted for a dilutive share sale at a discount to both. Fuzzy math and poor corporate governance create nothing but bad blood.

Breakingviews - Aussie tycoon hammers home overboarding message

20 Jul 2018

HONG KONG (Reuters Breakingviews) - Companies around the world just got a stark reminder about how stretched executives can get. Australian billionaire James Packer has resigned from a whopping 22 directorships after quitting the board of casino operator Crown Resorts for mental health reasons. Campaigns against such so-called “overboarding” are on the rise, especially as evidence suggests returns can suffer.

Breakingviews - China script flipped at hedge fund idea-fest

31 May 2018

HONG KONG (Reuters Breakingviews) - As China bulls gain momentum, a new breed of bears has awakened, too. Waning concerns about the country’s economy, debt and infrastructure projects were reflected in some of the investment opportunities proposed at Sohn Hong Kong, the annual idea-fest that helps raise money to fight cancer. Scepticism about tech titans, however, suggests a new mindset shift could be underway.

Breakingviews - Chinese tech stars are MAXD out beyond FANG stocks

07 May 2018

HONG KONG (Reuters Breakingviews) - The global investment community may not be gagging for yet another acronym, but four Chinese tech mega-startups are serving up a ready-made one: MAXD. It even spells out a cautionary message.

Breakingviews - Steve Wynn's casinos make best of bad hand

23 Mar 2018

HONG KONG (Reuters Breakingviews) - Steve Wynn has left the building even if his name is still on it. In just two months since the 76-year-old casino mogul denied sexual-misconduct allegations, he has stepped down from leadership roles at Wynn Resorts and now is selling his entire stake in the eponymous $18 billion U.S. company. Meanwhile, new boss Matt Maddox is making the best of the bad hand dealt to him.

Breakingviews - Zuckerberg is making a worrying passel of enemies

19 Mar 2018

HONG KONG (Reuters Breakingviews) - For a business built on growing friendships, Facebook is making an astonishing number of enemies. Revelations by two newspapers that some 50 million of its user profiles were inappropriately harvested add to a growing list of outcries over the social network's practices. It has come to the point where founder Mark Zuckerberg will have to prove somehow he is not in way over his head.

Breakingviews - Westfield's $15 bln sale is dangerously discounted

22 Feb 2018

HONG KONG (Reuters Breakingviews) - Beware any chief executive without a Plan B. Westfield boss Peter Lowy is the latest to lack one, declaring on Thursday that despite a big drop in the value of a takeover bid from Unibail-Rodamco, there is no alternative to the sale he and his mall operator agreed in December, originally worth $25 billion including debt. The French buyer also says it has no intention of changing the deal terms. Investors could be forgiven for having other ideas.

Breakingviews - Korea can aim for Olympic economic bronze

09 Feb 2018

HONG KONG (Reuters Breakingviews) - Organizing the Olympics is generally a losing economic proposition. In one financial competition, though, South Korea can aim for bronze.

Breakingviews - San Miguel serves up an enticing spread

05 Feb 2018

HONG KONG (Reuters Breakingviews) - San Miguel has an alcohol problem. The Philippine conglomerate run by billionaire Ramon Ang is consolidating its beer and liquor businesses with its Manila-listed producer of meat, poultry and feed. A complex share swap suggests the enlarged San Miguel Pure Foods would be worth some $9.1 billion. It trades at a discount, however.

Breakingviews - The Exchange: Dual-class dueling

25 Jan 2018

HONG KONG (Reuters Breakingviews) - Hong Kong’s plan to welcome super-voting stock weakens corporate governance, but its appeal to Chinese tech companies also may be exaggerated. Officials from Credit Suisse, BlackRock, PCCW Media and Bain Capital debated the upcoming changes at a recent Breakingviews event.

World News

Iran warns U.S. and Israel of revenge after parade attack

Iran's Supreme Leader Ayatollah Ali Khamenei said on Monday the attackers who killed 25 people at a military parade had been paid by Saudi Arabia and the United Arab Emirates, and that Iran would "severely punish" those behind the bloodshed.