Americas

JPMorgan nears its $1 trln conundrum

16 May 2025

Boss Jamie Dimon built Wall Street’s most profitable juggernaut. A 13-figure market value may be within reach before he exits, but a mismatch between its current worth and outsized returns suggests concern that the cautious CEO will leave it with more capital than opportunities.

Charter deal runs valuable $35 bln extension cord

16 May 2025

Adding rival Cox would create the biggest US cable operator with 38 mln customers. Cost savings worth $4 bln are handy as the industry grapples with streaming, mobile and unsubscribers. If trustbusters OK the combination, the most important asset boss Chris Winfrey buys is time.

Value investing is poised to rise from the dead

15 May 2025

Warren Buffett has announced his retirement. The investment style championed by the Oracle of Omaha has fallen out of fashion as buyers chase growth stocks and passive funds. However, history suggests the prospects for value investors are brightest when the world loses faith.

Foot Locker deal calls for some fancy footwork

15 May 2025

Dick’s Sporting Goods is buying the sneaker chain for $2.4 bln, expanding its international presence. Cost savings worth about $900 mln help, but fall 20% short of the premium being paid. For boss Lauren Hobart to justify the strategic merits will take bigger financial strides.

Walmart can discount tariffs only so much

15 May 2025

The $750 bln retailer will raise prices, weeks after it put on a happier face. JPMorgan boss Jamie Dimon also warns that recession remains a threat despite lower duties for China. Sustained gloom signals to the White House that there’s a limited supply of ways to shield shoppers.

Gulf’s delicate US-China balance can easily flip

15 May 2025

Saudi and the UAE’s reliance on Silicon Valley’s talents and tech makes it easier to adhere to Washington's new Huawei chip curbs. But Beijing remains a big trading customer and is making headway in AI. The Gulf states may be in the West's camp, but they may not stay there.

Nestlé bets biggest in brand giants’ tariff casino

15 May 2025

The $272 bln KitKat maker will swallow hits from tariffs, unlike US rivals like P&G who will pass them on. Who’s right hinges on whether investors value top-line growth, or stable margins. But with a valuation below 2020 levels, Nestlé is more exposed if its bet goes sour.

Hong Kong is solid plan B for robotaxi operator

15 May 2025

Just 6 months after its New York IPO, China's Pony AI may be exploring a listing in the city. The risk of being kicked off American exchanges makes finding a second home more urgent. Meanwhile, dual-listed Alibaba and peers show the Asian financial hub can offer decent liquidity.

Pauses, tweaks and can-kicking are new trade norms

15 May 2025

The US inked a deal with the UK and agreed to freeze triple-digit tariffs on China. In this Viewsroom podcast, Breakingviews columnists explain what these agreements reveal about the Trump administration’s negotiating hand, and what trade is likely to look like in the future.

Tariff gloom is another thumb on the lending scale

14 May 2025

Trade tensions slowed bank lending to buyouts or junk-rated firms to a snail’s pace, with just $8 bln of loans issued in April. Nervy volatility exacerbates traditional lenders’ weaknesses versus the likes of Apollo. More shifts away from old-guard bankers are in the cards.

Swatch activist risks tripping over family ties

14 May 2025

The $9 bln watchmaker is the target of US investor Steven Wood, who is trying to muscle onto the board. Sprucing up the luxury unit and investing in the firm’s online offering could fix its share price. But convincing the controlling Hayek clan to loosen its grip will be tricky.

US Congress will be reluctant trade war spoiler

14 May 2025

Donald Trump has used emergency powers to justify his tariff assault. Legal challenges by US states and small businesses face an uphill climb. Congress could reclaim its trade primacy over the president – but only if the economic and political costs become too large to ignore.

Trump’s Saudi victory lap belies AI fears

13 May 2025

The president unveiled $600 bln of mooted investments between the nations, with access to cutting-edge AI chips in the mix. Yet a shock ban on silicon from China’s Huawei affirms a stark reality. The US can’t stop tech advances by rivals, so must lock the world in as a customer.

Coinbase amplifies crypto’s shiny object syndrome

13 May 2025

The $60 bln cryptocurrency exchange operator will join the S&P 500 Index, putting decentralized finance into far more investment portfolios. It’s a fresh step in legitimizing digital money, following ETFs and lax oversight. The glossy veneer, however, belies a murky industry.

UnitedHealth faces a long and painful recovery

13 May 2025

Chairman Stephen Hemsley is back as CEO after the insurer’s robust run abruptly stopped. The best elderly patients have been cherry picked, costs are rising and public glare makes it harder to deny care. Even radical therapy may fail to rescue $300 bln of lost market value.

Eutelsat French rescue may cloud future flightpath

13 May 2025

The debt-stricken $2 bln satellite group replaced its CEO with an executive from state-linked telco Orange ahead of a possible capital injection by Paris. A Gallic rescue would keep the firm alive, but it might also complicate the dream of building a Europe-wide Starlink rival.

Europe’s self-defence is battle on multiple fronts

13 May 2025

Leaders are scrambling to shore up defences against Russia while also becoming less dependent on the US. In this episode of The Big View podcast, Bruegel Senior Fellow Guntram Wolff talks about the need for a joint European body to make the increase in spending more effective.

Apple’s China detox is painful and overdue

13 May 2025

Geopolitics and trade wars have upended the iPhone maker's lucrative dependence on the People's Republic. As CEO Tim Cook seeks other supply chains, Beijing has reason to keep the giant onside. Spreading the $3 trillion company’s risks will be costly and time-consuming.

US tariff climbdown complicates bleak budget math

12 May 2025

Trump officials once touted twin benefits of reshoring supply chains and raising $600 bln from trade levies. Now-reduced charges on Chinese goods, if they stick, may make a smaller revenue bump more sustainable. Some $5 trln in proposed tax cuts, though, would overwhelm it.

HP spawn inherits pugnacious M&A gene

12 May 2025

The tech pioneer’s cloud offshoot, HPE, is now battling pushy Elliott as it fights trustbusters to buy Juniper for $14 bln. Having endured ugly Compaq and Autonomy clashes, boss Antonio Neri has some useful DNA. It may come in handy again: his company screens well for a breakup.