MUMBAI, Aug 9 (Reuters Breakingviews) - Gautam Adani is a different sort of Indian tycoon. The 60-year-old university dropout and son of a trader is a first-generation entrepreneur who has become the world’s fourth-richest man by building and buying critical energy and infrastructure assets at lightning speed. There is none of the obvious financial profligacy that broke many of his rivals in recent years, but other concerns cast a shadow over the billionaire who is starting to get too big to fail.

At some $220 billion, the combined market value of the Adani group’s seven publicly traded companies, all of which carry the industrialist’s name, has increased tenfold in three years. Gautam Adani leads as chairman and is flanked by his wife, brother, two sons and some nephews in various roles. The family’s power rests with large equity stakes of up to 75%, including in the flagship Adani Enterprises (ADEL.NS) which houses data centres, roads and airports and incubates new...

MUMBAI, Aug 9 (Reuters Breakingviews) - Gautam Adani is a different sort of Indian tycoon. The 60-year-old university dropout and son of a trader is a first-generation entrepreneur who has become the world’s fourth-richest man by building and buying critical energy and infrastructure assets at lightning speed. There is none of the obvious financial profligacy that broke many of his rivals read more in recent years, but other concerns cast a shadow over the billionaire who is starting to get too big to fail.

At some $220 billion, the combined market value of the Adani group’s seven publicly traded companies, all of which carry the industrialist’s name, has increased tenfold in three years. Gautam Adani leads as chairman and is flanked by his wife, brother, two sons and some nephews in various roles. The family’s power rests with large equity stakes of up to 75%, including in the flagship Adani Enterprises (ADEL.NS) which houses data centres, roads and airports and...

MUMBAI, Aug 9 (Reuters Breakingviews) - Gautam Adani is a different sort of Indian tycoon. The 60-year-old university dropout and son of a trader is a first-generation entrepreneur who has become the world’s fourth-richest man by building and buying critical energy and infrastructure assets at lightning speed. There is none of the obvious financial profligacy that broke many of his rivals read more in recent years, but other concerns cast a shadow over the billionaire who is starting to get too big to fail.

At some $220 billion, the combined market value of the Adani group’s seven publicly traded companies, all of which carry the industrialist’s name, has increased tenfold in three years. Gautam Adani leads as chairman and is flanked by his wife, brother, two sons and some nephews in various roles. The family’s power rests with large equity stakes of up to 75%, including in the flagship Adani Enterprises (ADEL.NS) which houses data centres, roads and airports and...

NEW YORK, Aug 8 (Reuters Breakingviews) - Carlyle’s former Chief Executive Kewsong “Kew” Lee had big plans for the $14 billion asset manager. But what’s left of executing his blueprint will fall into someone else’s hands. The firm said Sunday that Lee had stepped down, effective immediately, before the end of his five-year contract. The setback in its leadership transition turns the screws on Carlyle’s next generation – and its founders, too.

The private equity firm opened its doors in 1987, a year before KKR’s (KKR.N) infamous deal to buy RJR Nabisco. Along with other leveraged buyout shops like Blackstone and Apollo Global Management (APO.N), Carlyle blazed the path for private equity. Founders of other firms, including KKR’s Henry Kravis and Apollo’s Leon Black, all led them until recently. Steve Schwarzman still sits atop the $123 billion Blackstone, the largest of its competitors by market capitalization.

Lee was the start of a transition away from the people...

NEW YORK, Aug 8 (Reuters Breakingviews) - Carlyle’s former Chief Executive Kewsong “Kew” Lee had big plans for the $14 billion asset manager. But what’s left of executing his blueprint will fall into someone else’s hands. The firm said Sunday that Lee had stepped down, effective immediately, before the end of his five-year contract. The setback in its leadership transition turns the screws on Carlyle’s next generation – and its founders, too.

The private equity firm opened its doors in 1987, a year before KKR’s (KKR.N) infamous deal to buy RJR Nabisco. Along with other leveraged buyout shops like Blackstone and Apollo Global Management (APO.N), Carlyle blazed the path for private equity. Founders of other firms, including KKR’s Henry Kravis and Apollo’s Leon Black, all led them until recently. Steve Schwarzman still sits atop the $123 billion Blackstone, the largest of its competitors by market capitalization.

Lee was the start of a transition away from the people...

NEW YORK, Aug 8 (Reuters Breakingviews) - With transportation deals, as in life, it’s not the destination but the journey. Canadian Pacific Railway’s (CP.TO) plan to close its $27 billion merger with Kansas City Southern has gotten fresh pushback after more than a year in limbo. And shareholders in JetBlue Airways’(JBLU.O) tie-up with Spirit Airlines (SAVE.N) may be stuck in a similar layover. Painful concessions may be involved. But with deals in quasi-monopolistic industries, the key is seeing deals through.

The first union of large North American railroads in two decades was bound for a battle after CP made an offer for KCS some 17 months ago. Rival Canadian National Railway (CNR.TO) launched a challenging bid soon after, and that’s not an unusual strategy in industries that have few natural competitors. As consolidation presents clear pricing advantages for those who do the rolling up, it’s better for the losers to try to thwart a deal – or encourage a competitor to...

NEW YORK, Aug 8 (Reuters Breakingviews) - With transportation deals, as in life, it’s not the destination but the journey. Canadian Pacific Railway’s (CP.TO) plan to close its $27 billion merger with Kansas City Southern has gotten fresh pushback after more than a year in limbo. And shareholders in JetBlue Airways’(JBLU.O) tie-up with Spirit Airlines (SAVE.N) may be stuck in a similar layover. Painful concessions may be involved. But with deals in quasi-monopolistic industries, the key is seeing deals through.

The first union of large North American railroads in two decades was bound for a battle after CP made an offer for KCS some 17 months ago. Rival Canadian National Railway (CNR.TO) launched a challenging bid soon after, and that’s not an unusual strategy in industries that have few natural competitors. As consolidation presents clear pricing advantages for those who do the rolling up, it’s better for the losers to try to thwart a deal – or encourage a competitor to...

NEW YORK, Aug 8 (Reuters Breakingviews) - With transportation deals, as in life, it’s not the destination but the journey. Canadian Pacific Railway’s (CP.TO) plan to close its $27 billion merger with Kansas City Southern has gotten fresh pushback after more than a year in limbo. And shareholders in JetBlue Airways’(JBLU.O) tie-up with Spirit Airlines (SAVE.N) may be stuck in a similar layover. Painful concessions may be involved. But with deals in quasi-monopolistic industries, the key is seeing deals through.

The first union of large North American railroads in two decades was bound for a battle after CP made an offer for KCS some 17 months ago. Rival Canadian National Railway (CNR.TO) launched a challenging bid soon after, and that’s not an unusual strategy in industries that have few natural competitors. As consolidation presents clear pricing advantages for those who do the rolling up, it’s better for the losers to try to thwart a deal – or encourage a competitor to...

HONG KONG, Aug 8 (Reuters Breakingviews) - In the British nursery rhyme, the Grand Old Duke of York marched his men up and down a hill to no effect. SoftBank Group (9984.T) evokes similar feelings of futility. When markets go up, so does the $67 billion group’s performance – not to mention the braggadocio of founder Masayoshi Son. With markets go down, as they did in the last three months, it reported a record $23 billion net loss. Son kept his presentation short, answered questions and talked of learning lessons.

Writedowns and realised losses in SoftBank’s venture capital-like Vision Funds accounted for the vast bulk of the hit. The company said cumulative gains from the funds had shrunk to 112.2 billion yen ($830 million) from 3.05 trillion yen as recently as March. Weak markets were the biggest single driver. But the scale of the losses suggests Vision Fund managers may have been as bearish as possible on some investments yet to be taken public. That produces an...

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A group of rebel shareholders has replaced the chairman of a London fund managed by Nelson Peltz. It’s a rare setback for the veteran corporate cage-rattler. But the victory leaves the fund with a divided investor base and uncertain future, says Neil Unmack.

HONG KONG, Aug 8 (Reuters Breakingviews) - In the British nursery rhyme, the Grand Old Duke of York marched his men up and down a hill to no effect. SoftBank Group (9984.T) evokes similar feelings of futility. When markets go up, so does the $67 billion group’s performance – not to mention the braggadocio of founder Masayoshi Son. With markets go down, as they did in the last three months, it reported a record $23 billion net loss. Son kept his presentation short, answered questions and talked of learning lessons.

Writedowns and realised losses in SoftBank’s venture capital-like Vision Funds accounted for the vast bulk of the hit. The company said cumulative gains from the funds had shrunk to 112.2 billion yen ($830 million) from 3.05 trillion yen as recently as March. Weak markets were the biggest single driver. But the scale of the losses suggests Vision Fund managers may have been as bearish as possible on some investments yet to be taken public. That produces an...

HONG KONG, Aug 8 (Reuters Breakingviews) - Chinese officials love enumeration: the "Three Represents" outlines the responsibilities of the Chinese Communist Party; the "Five Confidences" codify socialism with Chinese characteristics. The latest "Eight Suspends" may well become shorthand for the final stage of the disintegrating relationship between Washington and the People’s Republic.

On Friday Beijing ended bilateral cooperation on drugs, climate, military dialogue and crime after House of Representatives Speaker Nancy Pelosi visited Taiwan, an independently governed island over which China claims sovereignty. In the near-term little will change because actual collaboration in those areas was at best minimal in the first place.

Some American negotiators may even be relieved. Over the weekend, China’s navy has turned the Taiwan Strait into an enormous missile testing ground, but that is preferable to a full-scale blockade or invasion. Beijing has also banned a...