People

Thiam absolved but not unscathed in spy scandal

1 Oct 2019

An internal investigation has cleared the Credit Suisse CEO of wrongdoing after his chief lieutenant hired spies to tail an ex-employee. Tidjane Thiam has now lost two key staff in three months. Worse, ignorance of key decisions in the company you run is not a good look.

Bob Dudley has made decent lemonade from BP lemons

30 Sep 2019

The oil major’s chief executive may step down next year. The company is in tolerably good shape given the scale of the Gulf of Mexico mess that he inherited nine years ago. Breaking with Dudley’s cautious approach to climate change would allow his successor to usher in a new era.

Credit Suisse spy caper explodes Swiss discretion

24 Sep 2019

The Swiss bank’s former wealth management boss Iqbal Khan called police after private detectives pursued him around Zurich. Lenders have legitimate fears about rivals poaching staff. But snooping on bankers suggests paranoia, while getting caught in the act is just incompetent.

Digital viewers add cash to Bollywood’s glitz

19 Sep 2019

After two decades abroad, India's Oscars swept into Mumbai this week. It's a timely homecoming for the world's busiest film industry. Box office receipts are booming and the sale of rights to Amazon, Netflix and others have helped earnings too. Everyone is winning, for now.

Mugabe gave Zimbabwe freedom from monetary logic

6 Sep 2019

The long-serving president, who has died aged 95, presided over hyperinflation more than a decade ago. Yet he stayed in office until 2017. That showed Zimbabweans it was okay to ignore basic fiscal and monetary norms. It’s a legacy his successor seems unable to move on from.

India gets stuck in anti-corruption crossfire

23 Aug 2019

After tycoons, authorities are turning to politicians, arresting opposition veteran and former finance minister P. Chidambaram. The move, months after Narendra Modi's big win, fuels fears of factionalism; it also raises concerns about the unwanted consequences of a cleanup.

Unrest is recurring cost of Hong Kong’s stinginess

16 Aug 2019

Since demonstrations rocked the city in 2014, economic roots of dissatisfaction have worsened. Housing prices rose, tycoons’ dominance increased, and officials made token gestures while hoarding fiscal reserves. Today’s protests are political, but inequality feeds the flames.

Nio flashes warning for China’s luxury car market

16 Aug 2019

A co-founder of the $3 bln Tesla wannabe has quit, the latest in a string of departures. It comes after battery fires and other strategic missteps at the electric-vehicle maker. But its woes may also portend slowing premium demand: that should worry peers.

CEO exit leaves HSBC with worrying gap at the top

5 Aug 2019

John Flint has parted company with the Asia-focused lender after 18 months at the helm. The abrupt exit of a veteran banker overshadows decent earnings and a $1 bln buyback. Given mounting uncertainty around Brexit, a trade war and Hong Kong, it's a bad time to be adding more.

Hadas: U.S. slavery reparations might just work

24 Jul 2019

In terms of race, American society remains stubbornly separate and unequal 155 years after abolition. Much of the economy still works as if racial attitudes had not changed. One way to reduce the black-white social gap is a womb-to-tomb campaign of well-targeted incentives.

China’s hardline premier set peak for gigantomania

24 Jul 2019

Former premier Li Peng died on Monday. Infamous for crushing protesters in 1989, he was also known for championing the giant, controversial Three Gorges Dam. China still likes mega-projects, but officials can’t flout financial and environmental concerns so easily these days.

Macquarie is both target and role model on pay

24 Jul 2019

Aussie watchdogs are cracking down on bank remuneration, and a group of shareholders plans to contest Macquarie’s pay at this year’s shareholder meeting. That’s odd, because Macquarie’s practices are pretty sensible – and its rewards pale versus poorer performers on Wall Street.

CLSA exodus leaves owner Citic with an empty shell

20 Jun 2019

The brokerage's star analysts are being poached by rivals like Credit Suisse and Jefferies. They take with them much of the brand value China's Citic Securities paid $1.3 bln for in 2013. Such mergers are always tough. But the state-owned group missed opportunities to do better.

Popular Modi puts Indian resistance to the test

24 May 2019

Prime Minister Narendra Modi has been re-elected despite concerns he strong-arms the central bank, judiciary, and media. Voters seem unfussed about checks and balances - a global trend. But if he pushes them too hard, India’s democratic institutions will struggle to hold up.

Indian investors missed memo on crony capitalism

20 May 2019

Companies linked to Anil Ambani and Gautam Adani jumped in value after exit polls tipped Narendra Modi to win easily. Both tycoons are deemed close to the prime minister who has, in fact, made strides tackling corruption. The market moves imply perceptions will be hard to change.

Nissan chief makes useful scapegoat for everyone

17 May 2019

Hiroto Saikawa may stay longer than expected at the $30 bln Japanese carmaker. Nissan is in shambles, but there's a case for letting him clean up the worst of it, then hiring a more charismatic successor. If he makes things worse, Renault has a stronger argument for merging.

Mourned Aussie prime minister raises ballot bar

17 May 2019

Bob Hawke, dead at 89, floated the currency, boosted trade and broadly opened the country. Though his eight-year tenure ended in 1991 as Australia slid into recession, there hasn’t been one since. His legacy looms large as voters go to polls this weekend, amid a cooling economy.

Qantas captain flies into risky tenure territory

8 May 2019

Alan Joyce agreed to serve as CEO of the $6 bln Aussie airline for another three years. He’s young and has led an impressive turnaround over the past decade, but problems often pile up for bosses who stick around too long. Succession should be atop the Qantas board’s to-do list.

New winds may blow Korean Air successor off-course

8 May 2019

The sudden death of the carrier's patriarch has elevated scion Cho Won-tae to run the parent Hanjin conglomerate. A huge inheritance tax and restive shareholders, including the country's pension giant, threaten his grip, though. Heirs at Samsung and Hyundai face the same forces, too.

Emperor’s new holiday tests wary Japanese shoppers

26 Apr 2019

The world's third-largest economy will take a 10-day break as the crown prince ascends to the Chrysanthemum Throne. Travel agents and malls hope for a spending spike, but this nation of workaholics may disappoint. If they do, that may delay a much-needed consumption tax hike.