EMEA

Capital Calls: BlackRock, Tim Cook’s pay

13 Jan 2023

Concise views on global finance: The asset manager edges closer to its Blackstone roots by expanding in private investments; compensation for Apple’s CEO re-enters Earth’s atmosphere.

Global energy prices face a turbulent 2023

12 Jan 2023

The cost of natural gas has halved from a peak last year thanks to warmer weather and bulky European stores. In this Viewsroom podcast, Breakingviews columnists discuss why it’s too early for companies and households to rule out further supply shocks and price volatility.

EU’s frozen Russian assets plan is best put on ice

12 Jan 2023

The European Commission wants to use nearly $200 bln of Russian assets to help finance the reconstruction of Ukraine. Germany seems to like the idea. But it is legally shaky, financially marginal, and politically fraught. For now Europe and its allies must shoulder the task.

Capital Calls: Prices down, jobs saved?

12 Jan 2023

Concise views on global finance: New data shows U.S. prices falling 0.1% in December, marking the largest drop since early 2020. With inflation in retreat, the Fed can focus more on keeping Americans employed.

LVMH has smarter way to tackle succession dilemma

11 Jan 2023

Bernard Arnault picked his daughter Delphine to run the luxury giant’s Dior brand. If she proves her mettle, she may win the race among her siblings to eventually replace the 73-year-old tycoon. Naming one heir would help LVMH extend its success to the next generation.

Guest view: Debt fixes can help rebuild Ukraine

11 Jan 2023

Even as Russia’s invasion ravages the country, policymakers need to start planning for reconstruction, write William Rhodes and Stuart Mackintosh. States and private creditors will chip in. U.S.-backed Brady bonds, which helped ease past crises, can provide further relief.

Bayer’s rude health lays better path for breakup

11 Jan 2023

Activists including Jeff Ubben are piling into the $58 bln German seed and drug maker. Its cheap share price, thanks to the dire Monsanto deal, has for years dangled the promise of a lucrative carve-up. Improvements in the pharma unit and a CEO change make it more likely now.

Capital Calls: California flooding

11 Jan 2023

Concise views on global finance: Heavy rainfalls have revealed the cracks in California lawmakers’ disaster spending measures, that have helped to prepare for fires and earthquakes.

How geopolitical shocks will spread in 2023

10 Jan 2023

Traders and chief executives were caught out by shock events in 2022. In this Exchange podcast, Tina Fordham, founder of Fordham Global Foresight, discusses the new risks emerging from China, Iran and Russia this year.

First Abu Dhabi and StanChart may have second act

10 Jan 2023

The UAE bank was considering a bid for the $23 bln UK-listed emerging market lender but is no longer doing so. Nevertheless, StanChart shares are hovering above their pre-bid level. While a deal would create capital and regulatory headaches, that doesn’t mean it won’t happen.

City spinner’s $80 mln sale sets an M&A template

10 Jan 2023

Tulchan founder Andrew Grant, a communications consigliere to UK boards, is selling to private equity-backed U.S. group Teneo. It’s an admission that PR firms need a global presence to win the biggest clients. Rivals like Powerscourt and Headland could follow suit.

Capital Calls: McDonald’s ex-CEO fine

10 Jan 2023

Concise views on global finance: The Security and Exchange Commission’s decision to slap former fast food chain boss Stephen Easterbrook with a penalty is a convoluted way to the right outcome.

Cheaper gas is temporary salve for Europe Inc

9 Jan 2023

Warm winter days and enough reserves to offset Russian imports have halved the fuel’s cost. Yet Europe’s energy security also hinges on abundant liquefied natural gas purchases. As China’s fuel-guzzling economy reopens post-Covid, industrial giants like BASF may still suffer.

Smarter taxes could ease UK productivity crisis

9 Jan 2023

Britain is the sick man of Europe again, due mostly to workers’ weak output. It needs an extra 115 bln pounds of annual investment just to match G7 peers. The government’s best bet is to prod businesses to spend more with tax incentives, funded by levies on wealth and property.

Capital Calls: AstraZeneca

9 Jan 2023

Concise views on global finance: The drug giant is to pay up to $1.8 bln for U.S. group CinCor Pharma to beef up its kidney and heart businesses.

European inflation control is a double-edged sword

6 Jan 2023

Prices in Spain or France have risen less than in other big euro zone economies. One reason is lower dependence on Russian energy, but government price controls also helped smooth the shock. The risk is that suppressed inflation will catch up after the crisis subsides.

StanChart suitors track banking’s flighty fortunes

6 Jan 2023

The emerging market lender has been the subject of takeover chat for four decades. First Abu Dhabi Bank is the latest to consider an offer, following British, American, Chinese and Australian rivals. It’s as much an indicator of Middle Eastern optimism as of StanChart’s appeal.

Capital Calls: Southwest, U.S. jobs and wages

6 Jan 2023

Concise views on global finance: Financial bumpiness caused by the airline’s major flight disruptions should be temporary, partly due to limited competition; slower U.S. wage growth raises the chances that the Fed won’t have to crush the labor market to bring down inflation.

EU is stuck playing catch-up with Amazon and Apple

5 Jan 2023

Antitrust tsar Margrethe Vestager wrung concessions from the $880 bln e-commerce giant, while the iPhone maker could open to third-party app stores. That sounds like progress, but the giants could have other tricks up their sleeves. Enforcers will be left racing to keep up.

The challenges of being prepared for 2023

5 Jan 2023

The global pandemic and Russia’s invasion of Ukraine exposed the difficulty of making predictions. Forecasting the coming year is even more fraught than usual. In this Viewsroom podcast, Breakingviews columnists discuss some scenarios that may play out in the next 12 months.