People

Tesla’s Elon Musk turns from prey to predator

30 Apr 2020

The electric-car maker’s boss lashed out at state-imposed “fascist” lockdowns. Truth is, Tesla’s having a good crisis. Its $160 bln valuation bests all but Toyota. Rather than kvetching, Musk could use this firepower to seize the moment and expand global manufacturing capacity.

Kim Jong Un unnerves the world equally in absentia

29 Apr 2020

The North Korean leader is rumoured to be sick, comatose or dead due to heart problems at around 36. Ill or healthy, Kim has identified no successor, and an internal power struggle would destabilise the region. Investors should pray for his health now, and reformist heirs next.

Branson’s asset-light touch leaves Virgin exposed

21 Apr 2020

Despite his reputed billions, the bearded businessman is struggling for cash to save Virgin Atlantic. Like the ailing airline, Branson owns little: His assets include a Caribbean island and stakes in ventures like space tourism. The brand-centric business has found its limits.

Chancellor: Economic Consequences of Mr. Johnson

16 Apr 2020

Winston Churchill’s biographer Boris Johnson deemed Britain’s 1925 return to the gold standard a “catastrophic error”. The Great Lockdown may be another economic disaster in the making. The recovering leader must hope that the experts haven’t misled him as they did his hero.

Mr. Whatever It Takes is Italy’s post-corona card

2 Apr 2020

As ECB chief, Mario Draghi saved the euro in 2012 with monetary policy magic and prevented an Italian default. As Italy crumbles under the cost of a spiralling epidemic, his name has emerged as either the next premier or president. But he shouldn’t rush into either job just yet.

Green investing loses star player at bad time

31 Mar 2020

Hiro Mizuno is leaving Japan’s $1.5 trln pension fund. The chief investment officer led the way in focusing more on environmental, social and governance factors. Asset management can ill afford the exit of such a figurehead just as Covid-19 pushes these issues to the backburner.

Review: A loose cannon on the deck of the world

20 Mar 2020

Saudi Arabia’s decision to launch a full-on oil price war is destabilising, risky and aggressive. But as Ben Hubbard’s new book shows, it’s a signature move for Crown Prince Mohammed bin Salman. It seems unlikely that his kingdom will become any less repressive – or volatile.

Christine Lagarde makes hard ECB job even harder

13 Mar 2020

A blunt remark by the European Central Bank chief drove up Italian bond yields - the last thing she wanted. She could get away with not knowing what pushes traders’ buttons when markets were placid. But that lacuna means she’s facing a crisis saddled with a credibility deficit.

MbS vs. Putin will be an oil drama in several acts

11 Mar 2020

The Saudi crown prince and Russian president’s crude supply pact has blown up into a full-on price war. On the face of it, Moscow’s budget means Vladimir Putin is better able to bear extended low prices. But Mohammed bin Salman also has options to keep the wolf from the door.

Jamie Dimon gives succession plan a scary test run

6 Mar 2020

JPMorgan’s CEO is recovering after emergency heart surgery. Deputies Daniel Pinto and Gordon Smith are in charge for now. Others have been waiting in the wings too. How well they get along and manage the virus crisis will provide investors with a glimpse of the bank’s future.

Malaysian upheaval turns back clock for Goldman

2 Mar 2020

A surprise new prime minister is supported by the party whose ex-leader is on trial over 1MDB. That undercuts a fight against corruption. It also resets talks with the Wall Street bank over its role in the fund scandal, even if this government may reconsider an $8 bln tab.

India-born CEOs take one step back, two forward

21 Feb 2020

The governance mess at Gulf hospital operator NMC has put an Indian executive on the map for the wrong reason. But the country’s huge business diaspora is taking charge of giant firms like IBM. The international influence highlights a dearth of local opportunity.

Coronavirus may come for boards and CEOs

20 Feb 2020

Infectious diseases are inevitable, but the financial havoc they wreak is not. Pandemics and efforts to contain them eat away an estimated 1% of GDP each year. Too many companies have failed to prepare, and shareholders ought not shrug off the Wuhan episode as a black swan.

Election that Bloomberg buys may not be his own

20 Feb 2020

The billionaire fumbled his first debate as a presidential contender. But his political machine matters more than his performance. Bloomberg has 2,100 staffers, provides corporate-style perks and may drop over $500 mln on TV ads. It’s a springboard for future Democratic hopefuls.

Mark Carney’s green push needs disclosure stick

14 Feb 2020

The outgoing Bank of England boss wants firms to say how they’ll cut carbon emissions. Ideally, he would use his new role as U.N. climate finance envoy to make such disclosure mandatory after November’s UK climate summit. But there’s only so much political capital to go round.

Samsung defies corporate governance logic

14 Feb 2020

The South Korean tech titan’s chairman has quit just months after heir Jay Y. Lee left the board. Even with yet another leadership crisis, Samsung stock trades at a record high and its valuation keeps soaring. As questions about growth mount, shareholders may regret the optimism.

Credit Suisse’s staid future is a mixed blessing

13 Feb 2020

Outgoing CEO Tidjane Thiam unveiled decent 2019 results, and said recent Instagram posts had not been his idea. The odd mix echoes a tenure that had highs and lows. New boss Thomas Gottstein may give investors a less bumpy ride, but that may not improve the bank’s valuation.

Jes Staley’s old associate haunts Barclays revival

13 Feb 2020

Regulators are probing the UK bank CEO’s description of his relationship with disgraced financier Jeffrey Epstein. It’s another distraction from efforts to lift the $39 bln lender’s return on tangible equity into double digits. Low interest rates already make that a challenge.

Thiam exit only first on Credit Suisse to-do list

7 Feb 2020

Parting with CEO Tidjane Thiam following a spy scandal may repair damage to the Swiss bank’s credibility with customers and regulators. But Chairman Urs Rohner recruited him and has lost investors’ confidence. He’ll struggle to make a credible case for serving out his term, too.

Chinese panic is more contagious than coronavirus

7 Feb 2020

Shoppers are aggressively hoarding rice, toilet paper and vegetables, and sealing off their gated apartment complexes. That suggests they think things will get a lot worse before they get better. Such anxiety may become self-fulfilling; economic malaise can outlive an epidemic.