Law

Holding: Big Tech’s U.S. legal exceptionalism

20 Feb 2020

The approval of T-Mobile US’s merger with Sprint is the latest sign that different rules apply to technology firms. Consequences include gig-worker gripes, unchecked online lies, and abuses of corporate power. Congress and the courts should focus more on equality under the law.

Rosneft’s sanctions yellow card won’t turn red

19 Feb 2020

The Russian oil giant’s trading subsidiary is the target of the toughest form of U.S. sanctions over Venezuela. Unlike 2018 curbs on Rusal and En+, it shouldn’t hurt Rosneft much. Tougher measures are unlikely given the unwanted surge they might trigger in oil prices.

Capitalism pardoned Milken long before Trump did

18 Feb 2020

The U.S. president granted clemency to the financier-turned-philanthropist for crimes committed in the 1980s. Michael Milken remade himself after prison time and is worth an estimated $4 bln. Pardoning him undermines the point of his story: America specializes in second chances.

Bayer settlement only slightly eases Monsanto pain

24 Jan 2020

The German chemicals group may spend $10 billion compensating alleged cancer victims of its acquisition’s Roundup weed killer. That would be better than CEO Werner Baumann’s worst fears. But it barely makes his ill-starred $66 billion deal look any better.

Wells Fargo fine is one half of a double deterrent

23 Jan 2020

Former boss John Stumpf will pay $17.5 mln for overseeing pervasive misbehavior at the U.S. bank. It may dissuade other executives from wrongdoing, but pales next to the $75 bln or so foregone by investors. That seems just, too: In some ways they were also asleep at the wheel.

Vale dam cleanup hints at miners’ rising ESG bill

21 Jan 2020

The world’s top iron ore producer faces criminal charges for a deadly 2019 dam collapse. It has spent billions on reparations and safety upgrades, and seen its share price stumble. The total financial hit is yet to become clear, but other resources firms will face reckonings too.

Viewsroom: Carlos Ghosn’s great escape

16 Jan 2020

The international car boss who fled Japanese authorities is now lambasting Nissan and suing Renault for money due. Breakingviews columnists discuss why the latest twists overshadow the fraying global alliance of three automakers. Also, why China’s Geely wants Aston Martin.

Holding: EU may spoil FBI bid to hack Apple phones

16 Jan 2020

A deal allowing U.S. firms like Facebook to move data from Europe is already fragile. It might break if the iPhone maker bows to criticism from Donald Trump and others and unlocks a mass shooter’s devices. Law enforcement matters, but privacy shouldn’t be so easily breached.

Hadas: Ghosn caught in non-prisoner dilemma

15 Jan 2020

The self-liberated former Nissan boss dodged Japanese justice, but took his conscience with him to Lebanon. His decision to flee would be hard to justify without insistent claims of total innocence. Still, the moral and practical case for showing some contrition is strong.

Carlos Ghosn’s image rehab begins in wrong gear

8 Jan 2020

The ex-Renault boss used his first public statements since fleeing Japan to claim a plot involving Nissan and Tokyo prosecutors. The assertions were light on detail, though. That left too much time for missteps such as likening his arrest to Japan’s attack on Pearl Harbor.

Goldman set for show of guilt without tears

19 Dec 2019

The Wall Street firm may pay $2 bln for its role in the 1MDB bribery scandal and offer a rare admission of wrongdoing. Neither fine nor mea culpa would carry much sting. As often happens in the cat-and-mouse game of enforcement, the end result looks half-baked.

Bringing back Tata’s old boss offers no panacea

18 Dec 2019

A court has ordered the $160 bln Indian giant to reinstate Cyrus Mistry – ousted as chairman in 2016 – and declared his successor’s appointment illegal. The disruption may exacerbate Tata woes that range from cars to steel. And returns under Mistry were only slightly better.

India drops social wildfire on economic tinder

17 Dec 2019

A law easing the path to citizenship for some non-Muslim migrants has led to violent protests and a partial internet shutdown. Japan’s Shinzo Abe cancelled a visit. With growth slow and jobs a problem, it’s a risky time to tinker with divisive issues.

Viewsroom: Angela Merkel faces early retirement

5 Dec 2019

The German chancellor’s administration is in peril after coalition partner SPD chose left-wingers to lead the party. A snap 2020 election would probably end her 14 years in power and remove another of the world’s centrist governments. Plus: Australia’s colossal bank scandal.

Glencore’s new probe applies shove to succession

5 Dec 2019

British police are investigating possible bribery at the commodity giant. Two days ago 62-year-old boss Ivan Glasenberg, whose firm also faces a U.S. probe, said he could retire next year. Having to fight a legal war on two fronts may help him make up his mind.

U.S.-China fault line runs right through Hong Kong

28 Nov 2019

President Donald Trump grudgingly signed a law effectively backing the city’s anti-government protesters. He tried to soften the blow for Chinese counterpart Xi Jinping. Bipartisan U.S. support, though, shows antagonism will outlast precarious trade talks – or a change of leader.

GM takes FCA to task over past and future slights

21 Nov 2019

Detroit’s top carmaker claims Fiat Chrysler bribed union officials to get a better deal than GM in contract talks. CEO Mary Barra’s crew even called out her almost-merger partner posthumously. The lawsuit smacks of payback, but its goal must be to gum up Fiat’s deal with Peugeot.

ArcelorMittal win will help India heal debt wounds

15 Nov 2019

The country’s top court squashed a decision that threatened the steelmaker’s $6 bln bid for Essar through a new bankruptcy regime. The Mittal family’s homecoming can go ahead. It’s also a timely boost for lenders and investors needed to re-energise the flagging economy.

Review: Everyone loses in “Laundromat” shell game

8 Nov 2019

Legalese rarely makes for a snappy screenplay. But Steven Soderbergh’s dark farce about the Panama Papers tries to do just that. It might not fully succeed, but kudos to the director for skewering the pretensions of today’s masters of the universe – including those in Hollywood.

Hadas: Different rules for new corporate giants

30 Oct 2019

Cheaper information and global markets have produced a new generation of vast and entrenched companies. Abuses of competitive power are likely, but old-style breakups don’t work. Lawmakers and enforcers need to monitor behaviour – and maybe even control prices.