Mar 12, 2013 15:23 UTC

Stock sales make IPO rebound more than a pipedream

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By Dominic Elliott

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Two big equity deals in 24 hours have made a rebound in Europe’s new-issues market look less of a pipedream. Tuesday’s placings in landlord British Land and wealth manager St. James’s Place suggest that those with equity to sell are ready to push the button.

Mar 11, 2013 04:54 UTC

China starts 2013 the way it can’t hope to go on

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By John Foley

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

China began 2013 with the same old economic model. Growth for the first two months of the year was driven mainly by exports and real estate. The increase in construction appears to have been fuelled by credit. The current trajectory can continue only by pumping ever more leverage, and risk, into the system.

Mar 4, 2013 08:33 UTC

China’s gains tax won’t put a roof on house prices

By John Foley

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

China’s house prices are too high and local tax revenue too low. What better way to address both problems than taxing capital gains on property? China’s cabinet has promised to enforce such a levy on homeowners. While that drove down the share prices of property developers, it is unlikely to do the same for real estate values.

Mar 1, 2013 04:57 UTC

Weak CEO the least of Groupon’s woes

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By Robert Cyran 

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

Groupon’s woes won’t end by firing Chief Executive Andrew Mason. The troubled Internet daily deal firm’s stock rallied around 5 percent after the board sent its witty boss packing. But with overseas operations a mess, coupons in decline and a controversial chairman calling the shots, the company has bigger problems.

Feb 25, 2013 22:03 UTC

$6.6 bln won’t be enough to end Elan’s rash dreams

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By Robert Cyran

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Royalty Pharma’s $6.6 billion indicative offer for Elan probably won’t be enough to end the latter’s ambitious dreams. The biotechnology company has grand M&A plans after selling most of the rights to its blockbuster drug, Tysabri, for $3.25 billion earlier this month. Royalty Pharma may well use that cash more wisely than Elan’s current bosses, but a 4 percent premium won’t seal the deal.

Feb 25, 2013 20:23 UTC

Apple’s halo loses shine in investor fight

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By Richard Beales

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

No one looks too good in Apple’s fight with David Einhorn. The Greenlight Capital founder scored a legal point, but better governance wasn’t his main objective. Apple comes off amateurish. The California Public Employees’ Retirement System, despite worthy shareholder-friendly aims, seems careless. The Securities and Exchange Commission also missed a trick.

Feb 22, 2013 21:05 UTC

Citi pay plan raises the bar, just not enough

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By Antony Currie

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Citigroup’s new executive pay plan raises the bar, just not quite far enough. The bank’s board has implemented a compensation scheme with more rigorous targets for Chief Executive Michael Corbat and his lieutenants. One important performance metric, however, keeps expectations too low.

Feb 22, 2013 20:55 UTC

Heinz deal suggests Big Food deserves a fresh look

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By Quentin Webb

The author is a Reuters Breakingviews columnist. The opini0ns expressed are his own.

After the Warren Buffett-backed takeover of Heinz, Big Food merits a fresh look. Makers of meals, sauces and spreads may offer better value than is immediately obvious.

Feb 13, 2013 17:17 UTC

SocGen short of options to solve biggest problem

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By George Hay

The author is a Reuters Breakingviews columnist. The opinions expressed are his own.

Societe Generale looks short of options to solve its biggest problem: it doesn’t make enough money. Full-year results on Feb. 13 indicate that the French bank is improving its capital position, and the threats from strict government regulation have receded. But even after the bank restructures its business, it will take time before it solves its fundamental problem – poor return on equity.

Feb 8, 2013 05:24 UTC

Tokyo stocks: this time could really be different

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By Robert Cole

(The author is a Reuters Breakingviews columnist. The opinions expressed are his own)

Once bitten, twice shy. In fact, investors in Japan have been bitten many times by the seductive notion that the land of the rising sun is emerging from its bear-market night. They would be forgiven for shying away this time.