Government & Agencies

Putin’s problems are only minor boost for Ukraine

29 Jun 2023

The Russian president restored a semblance of calm in Moscow after an aborted mutiny. In this Viewsroom podcast, Breakingviews columnists debate what this means for the country’s invasion of its neighbour. It’s helpful, but not necessarily transformative, for Kyiv’s resistance.

Macau wannabes risk being short of gamblers

29 Jun 2023

Japan and the UAE will soon have legal casinos; Thailand may follow. In theory Wynn, MGM and peers will have around $12 bln of new annual revenue to play for, more than Macau has raked in this year. But newcomers can’t rely on Chinese punters and their home markets are untested.

Capital Calls: Digital euro, Thames Water

28 Jun 2023

Concise views on global finance: Brussels is in a new push to convince EU member states and the European Parliament to endorse a digital euro; Britain’s Thames Water could be placed into special administration.

Hong Kong’s market promotions get shrill

28 Jun 2023

The city’s bourse is trying to lure foreign listings from Europe and the Middle East while regulators push local lenders to bank crypto exchanges. The first initiative is worthwhile but unlikely to yield much new business; the latter creates fresh headaches for HSBC and peers.

Pricey property is a pointy dilemma for Singapore

28 Jun 2023

Rich foreign arrivals including family offices are an easy scapegoat for house prices bucking a global slump. But Asia’s safe haven needs to keep the public onside more than other hubs like Hong Kong as it vies for global capital. The stakes of keeping everyone happy are high.

UK banks are appropriate airbag for mortgage crash

27 Jun 2023

British politicians are starting to call out lenders that have delayed passing on higher rates to savers, even as they charge borrowers more. Bank share valuations already implied such windfalls might be temporary. The sector’s rising margins justify some political arm-twisting.

Why backing prevention can yield better health

27 Jun 2023

Treating illnesses like cancer consumes 11% of global GDP, according to the World Health Organization. In this Exchange podcast, Dr. Katie Tryon, director of healthcare strategy at Vitality, explains that overburdened care systems need to spend their way back into shape.

Europe has more Russian lessons to learn

26 Jun 2023

Yevgeny Prigozhin’s failed mutiny rams home the EU’s need to protect itself from trouble abroad. Leaders meeting this week in Brussels are thinking in more geostrategic terms and may now agree a China policy. But until they act as a bloc they will lack clout, says Hugo Dixon.

PwC cauterisation Down Under leaves infection risk

26 Jun 2023

The accounting firm’s Australia outfit hopes a new CEO and the sale of its government advisory unit for less than one dollar will stem a conflicts of interest scandal. With a tainted brand and probes continuing it’s unlikely. Keeping the fallout in-country would be a victory.

Capital Calls: Canada is calling Meta’s bluff

23 Jun 2023

Concise views on global finance: The Facebook owner plans to pull news on its platforms in Canada after the country passed a bill that requires internet giants pay publishers. If Australia is any guide, Meta will eventually cave.  

Credit-card crackdown will net limited rewards

22 Jun 2023

Over 80% of Americans have one, yet plastic’s complexity rivals financial derivatives. A Biden administration plan to cut late fees to $8 sounds like a step toward simplicity and a savvy vote-winner. Banks will probably be no worse off, however, and consumers scantly better.

Rebuilding Ukraine: how much and who pays?

22 Jun 2023

Talk of reconstruction may seem premature with Russia still firing missiles at Kyiv. Yet that’s what policymakers and financiers gathered in London this week to debate. In this Viewsroom podcast, Breakingviews columnists discuss the cost, the timetable, and who picks up the tab.

Donors can digest Ukraine dam attack damage

21 Jun 2023

The destruction of the Kakhovka dam is a big blow to Kyiv and adds billions of dollars to its recovery bill. Yet international donors meeting this week in London can absorb the long-term shock. Especially if they take the assault as a sign of Russia’s rising military desperation.

EU phase-out of Huawei, ZTE is tricky but vital

20 Jun 2023

Commissioner Thierry Breton wants EU countries to end use of Chinese telecoms gear on national security grounds. Some states have already cut Huawei and ZTE from 5G networks. The EU survived decoupling from Russian energy, and it can manage this. But it requires German buy-in.

US and China are decoupling, and it is permanent

19 Jun 2023

Forget de-risking or containment. In this Exchange podcast, Gavekal research director Chris Beddor explains the political framing of the slogans, unpicks changing trade and financial flows between the world’s two biggest economies and explains why China hasn’t retaliated more.

Pirelli boss turns de-risking into opportunity

19 Jun 2023

Rome has limited the power of the $5 bln tyremaker’s Chinese shareholder, without forcing it to sell. Pirelli and Italy get to de-risk China ties without burning too many bridges. But the real winner is CEO Marco Tronchetti Provera, who has again found a way to come out on top.

Green alliance crisis is more than just a US drama

19 Jun 2023

Most insurers have quit their industry’s UN-backed climate body. Sector specifics and fear of US lawsuits partly explain why, but so do European governments focusing on energy security rather than net-zero targets. The same dynamic may affect banks and fund managers.

Crypto is dead: long live crypto!

16 Jun 2023

Already reeling from fraud and falling prices, cryptocurrencies suffered a fatal blow with US charges against two leading exchanges. Yet Felix Martin argues that the demise of speculative digital tokens may help revive their original purpose as private global currencies.

Toyota shareholders make 15% the new win-win

16 Jun 2023

That’s how few voted against re-electing Chair Akio Toyoda to the board over concerns about independence. He can claim victory but the biggest dip in years of his approval rating is awkward. It puts pressure on the $270 bln carmaker to keep its US shareholders onside.

China’s world banks are geopolitical victims

15 Jun 2023

Canada suspended activity at the AIIB after a senior employee claimed it has become an instrument of the Chinese Communist Party. The Beijing-based infrastructure lender tried to play by global rules, but multilateral funding models are struggling to evade diplomatic tensions.