United States of America

US engineers decisive split in global auto market

15 Jan 2025

Washington will ban the sale and import of connected cars and related tech from China. The benefits for GM, Ford and others are debatable. But concerns over data security look hard to dismiss. That means the policy is likely to last, and could catch on in other markets too.

Wild TikTok dance adds clumsy Beijing shuffle-step

14 Jan 2025

As the top US court weighs a ban of the popular app, China may be open to letting owner ByteDance sell it to Elon Musk. It’s probably worth some $100 bln, but even with other suitors such as Oracle in the mix, a discount is likely. It also will take more than two to tango here.

Wall Street titans may find a fly in the champagne

14 Jan 2025

Resurgent M&A helped power Goldman Sachs and Morgan Stanley’s annual investment banking fees higher by 24% and 35%, respectively, analysts estimate. Combined with shifts to stable money-management income, that has lifted valuations. Yet bond-market chaos may cloud celebrations.

Huawei is a microcosm of China’s last four decades

14 Jan 2025

Since its founding in 1987 the tech giant has learned from Western rivals, expanded overseas, and is now on the front lines of a new Cold War. In this episode of The Big View podcast Eva Dou, author of ‘House of Huawei’, explains how the secretive firm became a national champion.

Wall St climate cop-out is superficial — for now

14 Jan 2025

Goldman Sachs, JPMorgan, BlackRock and others have quit some high-profile net-zero initiatives. It may seem a victory for Donald Trump's anti-ESG agenda. But the groups have served some of their purpose. The real surrender would come if the firms ditch their own green goals.

US Steel becomes a target as weak as its industry

13 Jan 2025

During a wild press conference, Cleveland-Cliffs boss Lourenco Goncalves vowed to buy the rival producer, even as it tries to salvage a blocked sale to Nippon Steel. The price is well below that deal’s $15 bln price tag. With the market in a rut, though, options are running thin.

J&J’s $15 bln depression deal eases pharma blues

13 Jan 2025

The $344 bln healthcare firm has spent years dealing with lawsuits and pruning assets. Meanwhile, novel drug developers’ stocks have been stuck in purgatory for a decade, making them look cheap. For giants like Johnson & Johnson in need of new products an M&A solution is obvious.

Greenland gambit takes nearshoring to absurd ends

13 Jan 2025

A hostile US takeover of the Danish island would secure control of minerals used to make smartphones and EVs. It also might undercut supply chains and years of chipping away at China’s rare-earths dominance. It’s a classic case of cooperation triumphing over expansionist autarky.

Apollo’s Japan deal will require buyout black belt

13 Jan 2025

The US firm might put $9.5 bln towards a family-led bid for convenience store chain Seven & i. Writing a check that size would stretch Apollo’s ability to arrange big, complex financings. Japan’s private equity gold rush is pushing global asset managers to develop new tricks.

Workwear peddler models post-inflation M&A look

10 Jan 2025

Cintas unveiled its unsolicited $5 bln bid for rival UniFirst, a healthy 62% premium. The suitor’s higher profitability and valuation will help it pile on pressure. It’s also a deal template that heavyweights in other industries are likely to follow as pricing power wanes.

Constellation mega-deal delicately orbits AI sun

10 Jan 2025

The biggest US nuclear power producer agreed to buy gas-fueled rival Calpine for $27 bln to help feed insatiable high-tech demand. Optimistic projections have wrong-footed electricity providers before. In this case, though, the price is cheap and hedged by paying in stock.

Versace is an awkward fit for most luxury buyers

10 Jan 2025

Michael Kors owner Capri has put the storied brand on the block. A potential $3 bln valuation wouldn’t be a financial stretch for the likes of Prada. Even so, Versace would represent a different strategic direction to the one the healthier luxury players have embarked on.

Los Angeles fires expose inflated US home prices

9 Jan 2025

Devastation around the country’s second-largest city has already led to one damage estimate beyond $50 bln. New California rules ease the way for insurers to charge more to cover the risks. Once the blazes are contained, housing market realities will start to spread nationwide.

Fact-check: Meta fights for money, not speech

9 Jan 2025

Boss Mark Zuckerberg said 'free expression' motivated the decision to stop moderating Facebook and Instagram posts. Left unsaid was that it also should help alleviate MAGA pressure. It’s more of a tactical business move, especially with TikTok advertisers hanging in the balance.

Trump’s peace pledge shows up in oil tanker rates

9 Jan 2025

The US president-elect has vowed to end the Ukraine and Gaza wars quickly. If Donald Trump does what he says, the impact on Russian sanctions and transit distances may be profound. The negative impact on tanker rates may be why firms transporting oil have taken a valuation hit.

Altered states will rule in 2025

9 Jan 2025

From President-elect Donald Trump’s whims to volatile capital markets, uncertainty is rising worldwide. In this Viewsroom podcast, Breakingviews columnists share predictions for how robotic cars, obesity drug-fueled M&A or a smartphone backlash will take root amid the upheaval.

US Steel spat strengthens case for deal guardrails

8 Jan 2025

The steelmaker and suitor Nippon Steel are suing the government over President Biden’s decision to nix their $15 bln tie-up. Overturning the ruling is a long shot, despite signs of transactional politicking. But foreign investors would benefit from a more trustworthy process.

Trump’s agenda already faces irresistible forces

8 Jan 2025

With his party in legislative control, the US president-elect is promising action on an $8 trln tax plan, immigration and energy. But with long-term bond yields spiking to 5% even after central bank cuts and congressional dysfunction looming, he might be stymied from the start.

How private share sales could kill the tech IPO

8 Jan 2025

Databricks, Stripe and Elon Musk’s $350 bln SpaceX facilitated large exits by insiders without a float. There’s a growing pool of patient capital targeting mature startups. The bigger the trend gets, the more likely it is that profitable unicorns can stay private indefinitely.

Meta’s Brussels bark may be worse than its bite

8 Jan 2025

The tech giant’s boss Mark Zuckerberg lambasted the EU for ‘institutionalising censorship’, and said he’ll do less fact-checking. It’s an artful way to both cosy up to President-elect Trump and push back on regulation. But in dealing with Europe, Meta doesn’t hold all the cards.