• RT @Reuters: From @Breakingviews: Caixabank has bested the Spanish state in a $5 billion bank job, @CGAThompson says https://t.co/nKIvGiLlgA
    ReutersBreakingviews Mon 21 Sep 2020 02:11
  • RT @Reuters: From @Breakingviews: Another Trump Supreme Court pick could be good for companies – less so for their employees and customers…
    ReutersBreakingviews Mon 21 Sep 2020 02:11
  • RT @ReutersBiz: From @Breakingviews: Caixabank has agreed to buy Bankia to create Spain's biggest domestic bank with total assets of more t…
    ReutersBreakingviews Mon 21 Sep 2020 02:11
  • Raju has resumed selling tea at his Mumbai roadside stall, but his post-lockdown business is diminished. Covid-19 has accelerated a shift to a more efficient, formal Indian economy. One consequence is that the strong are displacing the weak: Link @ugalani https://t.co/c02ALUtNcd
    ReutersBreakingviews Mon 21 Sep 2020 02:11

    Raju has resumed selling tea at his Mumbai roadside stall, but his post-lockdown business is diminished. Covid-19 has accelerated a shift to a more efficient, formal Indian economy. One consequence is that, from street to stock market, the strong are displacing the weak.

  • TikTok fudge leaves new owners trouble in store, says @GinaChon: Link https://t.co/op48goN7oq
    ReutersBreakingviews Mon 21 Sep 2020 00:41

    Donald Trump will allow ByteDance to keep a big stake in its video-app unit while Oracle and Walmart will be new U.S. investors. It comes with political baggage because it falls short of the full sale ordered by the president. D.C. will continue to be a thorn in TikTok’s side.

  • Justice Ruth Bader Ginsburg's death hands Donald Trump his third U.S. Supreme Court pick. The anti-regulation bias could last a generation. That may be good for companies – less so their employees and customers, writes @GinaChon. Link https://t.co/eCPSFxBxHe
    ReutersBreakingviews Sat 19 Sep 2020 01:45

    The death of Justice Ruth Bader Ginsburg hands Donald Trump his third U.S. Supreme Court pick. He’s already appointed 25% of active federal judges. The resulting anti-regulation bias could last a generation. That may be good for companies – less so their employees and customers.

  • The White House will stop Americans from downloading both TikTok and WeChat. The saga centers on national-security worries but the immediate turmoil is of Trump’s making, writes @jennifersaba. Link https://t.co/3HDyp8Ifqp
    ReutersBreakingviews Fri 18 Sep 2020 16:44

    The White House will stop Americans from downloading the video app and WeChat, both Chinese-owned. The plot centers on national-security worries but the immediate drama is of the U.S. president’s making. Shifting a TikTok deadline past election day adds to the political intrigue.

  • Corona Capital: New Jersey taxes the rich; high fashion struggles as remote work prevails. Catch up with the latest pandemic-related financial insights: Link https://t.co/0eu29KohGX
    ReutersBreakingviews Fri 18 Sep 2020 15:54

    Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.

    Latest

    – Millionaire tax

    – Rent the Runway

    Gym, tan, laundry, taxes. New Jersey has picked its poison. On Thursday Garden State Governor Philip Murphy announced a deal to increase income taxes on those who make over $1 million to help mend fiscal shortfalls caused by Covid-19. The move gives the state one of the highest tax rates in the country and caused the state’s Republicans to criticize the plan.

    The hike is less than two percentage points – from 8.97% to 10.75% for every dollar earned between $1 million and $5 million – making the decision potentially more symbolic than effective. Still Murphy, a Democrat who worked for over two decades at Goldman Sachs, may not be as affected as his former colleagues. He made $6.8 million in 2017, which dropped to $2.2 million in 2018, his first year...

  • Caixabank is buying state-controlled Bankia to create Spain’s largest domestic lender. @CGAThompson explains how Caixabank boss Gonzalo Gortázar has scored a winner https://t.co/rV8RHbPuAL
    ReutersBreakingviews Fri 18 Sep 2020 13:39
  • Review: Oil historian of record drops his compass Link @gfhay https://t.co/SwxFgmanHV
    ReutersBreakingviews Fri 18 Sep 2020 12:34

    Three decades after his celebrated history of the hydrocarbon industry, “The Prize”, Daniel Yergin has published “The New Map”. His account of recent energy geopolitics is typically authoritative. A discussion of the ongoing energy transition, however, lacks clear signposts.

  • Caixabank is buying government-controlled Bankia to create Spain’s largest domestic bank. But the 20% premium looks small. Taxpayers and regulators are helping Caixabank boss Gonzalo Gortázar take it off the public’s hands, writes @CGAThompson: Link https://t.co/Xu5HtfwgNU
    ReutersBreakingviews Fri 18 Sep 2020 11:24

    The Valencia-based lender is buying government-controlled Bankia to create Spain’s largest domestic bank. With cost savings worth more than 3 billion euros, the 20% premium looks small. Taxpayers and regulators are helping CEO Gonzalo Gortázar take it off the public’s hands.

  • Sandro Botticelli’s “The Birth of Venus” has a calm aura that makes it an ageless Italian masterpiece. The sale process for Borsa Italiana, dubbed “Project Botticelli”, lacks any such Renaissance elegance, writes @LJucca: Link https://t.co/DkMyoL4SGR
    ReutersBreakingviews Fri 18 Sep 2020 11:19

    The French group is in exclusive talks to buy Borsa Italiana despite submitting a lowball bid. Open meddling by Rome has skewed the London Stock Exchange’s attempts to run an auction. Still, avoiding a state veto and completing its $27 bln Refinitiv deal may justify the discount.

  • Fresh from a week of investor presentations on his plans to grow renewable energy capacity, BP boss Bernard Looney may look like he’s going to corner the offshore wind market in double-quick time. The reality is more nuanced, writes @gfhay: Link https://t.co/0N7c9a9Wyc
    ReutersBreakingviews Fri 18 Sep 2020 11:19

    The UK oil major’s “green week” yielded a target of 20 GW of renewable energy by 2025. Even with a mooted $5 bln a year in investment, BP would struggle to get there via higher cost offshore wind. That’s probably why CEO Bernard Looney’s blueprint allows for a steadier pace.

  • Vaccine hedge, UK lockdown, Gloves. Catch up with the latest pandemic-related financial insights from @Breakingviews here: Link https://t.co/Iv9xWJeKGN
    ReutersBreakingviews Fri 18 Sep 2020 10:54

    Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.

    Latest

    – Vaccine hedge

    – UK lockdown 2.0

    – Glove and condom boom

    A bird in the hand. Roche has a useful backup plan in case the race for a Covid-19 vaccine slows. On Friday the $320 billion pharmaceutical giant said that one of its drugs is helping to keep viral patients off ventilators. Mechanical breathing devices were initially seen as the best hope of treating the deadly virus, but recent falling death rates have been tied to better treatments rather than the machines. Roche says that hospital patients taking its drug were 44% less likely to need ventilators or die.

    It’s just as well. The hunt for a vaccine is looking tougher. Last week, AstraZeneca slammed the breaks on its trial after a participant fell ill. That trial has partly resumed. But Moderna, another developer of a...

  • Euronext gain is LSE loss in flawed Italian sale Link @LJucca https://t.co/vFtsnjEH9h
    ReutersBreakingviews Fri 18 Sep 2020 10:49

    The French group is in exclusive talks to buy Borsa Italiana despite submitting a lowball bid. Open meddling by Rome has skewed the London Stock Exchange’s attempts to run an auction. Still, avoiding a state veto and completing its $27 bln Refinitiv deal may justify the discount.

  • Caixabank gets state boost in $5 bln Spanish union Link @CGAThompson https://t.co/9QjeED0AAz
    ReutersBreakingviews Fri 18 Sep 2020 10:09

    The Valencia-based lender is buying government-controlled Bankia to create Spain’s largest domestic bank. With cost savings worth more than 3 billion euros, the 20% premium looks small. Taxpayers and regulators are helping CEO Gonzalo Gortázar take it off the public’s hands.

  • BP’s wind tilt is more steady breeze than gale Link @gfhay https://t.co/pOXid8FYuy
    ReutersBreakingviews Fri 18 Sep 2020 10:04

    The UK oil major’s “green week” yielded a target of 20 GW of renewable energy by 2025. Even with a mooted $5 bln a year in investment, BP would struggle to get there via higher cost offshore wind. That’s probably why CEO Bernard Looney’s blueprint allows for a steadier pace.

  • RT @ReutersBiz: From @Breakingviews: Green bonds could slide into irrelevance, writes @Unmack1 Link
    ReutersBreakingviews Fri 18 Sep 2020 07:34

    LONDON (Reuters Breakingviews) - Green bonds are booming. Everyone from JPMorgan to Germany is issuing securities earmarked for environmentally friendly projects. Yet the benefits of the $800 billion market in channelling new money to green causes are less obvious.

    Green bonds just mean a company issues securities and earmark proceeds for projects like wind farms. That gives the investor certainty how the money is spent. This year as much as $350 billion of the bonds could be created, the Climate Bonds Initiative reckons. Yet the securities may not always be used for very green ends. Oil and gas group Repsol’s 2017 bond, for example, was used to make refineries more efficient.

  • Moutai is issuing $2.2 bln of bonds to help buy a highway operator from a struggling local government. The diversification erased $10 bln from its market cap. It’s a reminder of how the China's listed companies can be called to serve, argues @ywchen1: Link. https://t.co/OQdN6CemzK
    ReutersBreakingviews Fri 18 Sep 2020 07:19

    China’s liquor titan is issuing $2.2 bln of bonds to help buy a highway operator from a struggling local government. The ludicrous diversification erased $10 bln from its enormous market cap. It’s a sobering reminder of how the country’s listed companies can be called to serve.

  • The PBOC's new rules to curb reckless sprawl and systemic risk are ready. Designed to stop another Tomorrow-like debacle, they may force conglomerates and state-owned groups to restructure. The trick will be for Beijing to stay vigilant, says @ywchen1: Link. https://t.co/qubpE23Dzc
    ReutersBreakingviews Fri 18 Sep 2020 07:19

    The central bank’s new rules to curb reckless sprawl and systemic risk are ready to roll. Designed to stop another Tomorrow-like debacle, they may force influential conglomerates such as CITIC and state-owned groups to restructure. The trick will be for Beijing to stay vigilant.

  • Competition has crushed ZTO’s margins. With reduced forecast earnings, it trades on a valuation multiple higher than Alibaba. Proceeds from a $1.6 bln Hong Kong secondary listing will help ZTO triumph in a price war and any consolidation, says @mak_robyn: Link https://t.co/aRIP4xW2kG
    ReutersBreakingviews Fri 18 Sep 2020 07:14

    Competition has crushed the courier’s margins and with reduced forecast earnings it trades on a valuation multiple higher than its investor and customer, Alibaba. Proceeds from a $1.6 bln Hong Kong secondary listing will help ZTO triumph in a price war and any consolidation.

  • Moutai ladles out value from its punch bowl, says @ywchen1 Link https://t.co/u62uaN5iiy
    ReutersBreakingviews Fri 18 Sep 2020 05:04

    China’s liquor titan is issuing $2.2 bln of bonds to help buy a highway operator from a struggling local government. The ludicrous diversification erased $10 bln from its enormous market cap. It’s a sobering reminder of how the country’s listed companies can be called to serve.

  • China sounds keen to tame financial giants, writes @ywchen1: Link. https://t.co/9cllNRQ9JI
    ReutersBreakingviews Fri 18 Sep 2020 01:54

    The central bank’s new rules to curb reckless sprawl and systemic risk are ready to roll. Designed to stop another Tomorrow-like debacle, they may force influential conglomerates such as CITIC and state-owned groups to restructure. The trick will be for Beijing to stay vigilant.

  • ZTO digs deep trench in China's logistics war, writes @mak_robyn: Link. https://t.co/mfN6ElmXCE
    ReutersBreakingviews Fri 18 Sep 2020 01:49

    Competition has crushed the courier’s margins and with reduced forecast earnings it trades on a valuation multiple higher than its investor and customer, Alibaba. Proceeds from a $1.6 bln Hong Kong secondary listing will help ZTO triumph in a price war and any consolidation.

  • RT @Reuters: Catch up on the latest pandemic-related financial insights from @Breakingviews, featuring Russia’s revenue hunt to Britain’s e…
    ReutersBreakingviews Fri 18 Sep 2020 01:49
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