People

Jimmy Cayne fed myth of the Wall Street buccaneer

29 Dec 2021

The former Bear Stearns boss, who has died aged 87, is best known for leading his brokerage to near-collapse in 2008. The bridge-playing Cayne added a personal flavor to Bear’s fate. But the global financial crisis was a failure of entire systems, not a few individuals.

Mammoth re-engineering project begins: Germany

28 Dec 2021

Its manufacturing-led, carbon intensive economy is ill-suited to the 21st century. Chancellor Olaf Scholz and firms like Volkswagen will spend more on green and digital investment. The trick will be to plough on despite short-term supply chain problems and rising labour costs.

Capital Calls: Enel’s payments punt

24 Dec 2021

Concise views on global finance: The 70 bln euro utility is paying up to 361 mln euros for a relatively pricey punt on fellow Italian payments firm Mooney.

Italy will miss Mario Draghi’s premiership

23 Dec 2021

The ex-ECB boss may swap his prime minister role for that of president. A political version of a CEO-turned-chairman, Draghi could still steer affairs and reassure markets of Rome’s EU faith. But he would have less clout to push reform just as elections lead to stormier politics.

Capital Calls: Hedge fund fine

22 Dec 2021

Concise views on global finance: Britain’s FCA fines BlueCrest Capital 41 mln pounds, a third of the fund’s U.S. penalty.

China celebrity crackdown is tech’s horror show

21 Dec 2021

"Queen of livestreaming" Viya was fined $210 mln for tax evasion and had her social-media accounts shut. Investors wiped up to 12% off platform providers like Bilibili and Alibaba. The effect on the fast-growing $300 bln influencer market suggests that underestimates the risk.

The Exchange: Australian Treasurer Josh Frydenberg

21 Dec 2021

With an election looming early next year, the Liberal Party’s deputy leader discusses everything from booster shots to Big Tech, climate change to China, immigration to inflation, and more. He tells Jeffrey Goldfarb how his country can overcome the many economic challenges ahead.

Rio Tinto’s new chair is an odd change agent

20 Dec 2021

The $105 bln miner has appointed Dominic Barton to run its board. China experience fits well with managing Rio’s key relationship, but scandal tainted McKinsey while he ran the consultancy. For a group trying to move on from its own controversies, it’s a strange choice.

Capital Calls: Bundesbank, Biogen

20 Dec 2021

Concise views on global finance: The new head of Germany's central bank is a reassuringly boring choice; cutting the price of its Alzheimer's drug could help Biogen squeeze something out of what looks like a flop.

Xi’s 2022 GDP target will be moment of truth

20 Dec 2021

One of the Chinese president’s signature policy initiatives was to curb property-related risks. That implies slower but higher quality growth: 4% or so in 2022. Outside advisers are pushing for more. The final economic decision will signal the extent of Xi Jinping’s power.

Aussie climate ambition will restart at ballot box

20 Dec 2021

The $1.4 trln economy has all it needs to be an energy-transition leader, except a proactive government. The 2022 election will change that, making independent, global warming-savvy candidates the kingmakers. Stronger policy also will be lucrative for domestic and export markets.

Capital Calls: McDonald’s makes ex-CEO pay

16 Dec 2021

Concise views on global finance: The fast-food chain settled its lawsuit with ousted boss Steve Easterbrook, recovering compensation now worth $105 million.

Capital Calls: 3M is a banker’s idea of no fun

15 Dec 2021

Concise views on global finance: The industrial giant has paid investment bankers 95% less in fees than General Electric. The company may have a hard time getting Wall Street’s best advice, even though deals might not help it.

Billionaire Drahi plays the long game at BT

14 Dec 2021

The Franco-Israeli tycoon has upped his stake in the UK telco to 18%. The government would almost certainly nix a full bid, especially with BT’s fibre-optic rollout hitting top speed. But with operators across Europe falling into private hands, Drahi can afford to sit and wait.

Xi’s new year’s resolutions are hard balancing act

13 Dec 2021

China's president wants to tap the brakes on tech and other crackdowns in 2022. He's also softening his energy-transition stance while pushing for more infrastructure. Yet he plans no U-turns on property or how regions raise funds. Officials will be walking a tightrope to comply.

Review: There is no successor to “Succession”

10 Dec 2021

The HBO series about a fictional mogul and his adult children scheming to replace him is so good because it draws on real-life dynasties like the Murdochs. But those sprawling media empires are being dismantled. It’s hard to imagine Mark Zuckerberg inspiring similar drama.

Andrea Orcel’s moral victory weakens Ana Botin

10 Dec 2021

A court awarded the Italian banker 68 mln euros as compensation for Santander’s sloppy U-turn on making him its CEO. The Spanish bank will appeal. But the ruling vindicates Orcel’s decision to fight, while reviving doubts about Santander’s chair, and the rest of the board.

Fortescue unearths transition leadership challenge

10 Dec 2021

The Aussie miner’s CEO will step down, a year after Chairman Andrew Forrest unveiled his bold green-hydrogen plans. Straddling iron ore and new energy is no easy feat. Others trying to remake themselves for a new era also will wrestle with finding the right person for the job.

Capital Calls: Securitas

8 Dec 2021

Concise views on global finance: The Swedish security specialist’s acquisition of Stanley Black & Decker’s alarms unit should boost growth and margins.

Capital Calls: Microsoft, AT&T, American Airlines

7 Dec 2021

Concise views on global finance: Microsoft is finally being scrutinized with Europe’s probe of its $16 bln Nuance deal; U.S. lawmakers have antitrust worries about the telecom firm’s Discovery deal; American Airlines’ retiring CEO leaves shareholders short-changed.