Dec 18, 2014 20:47 UTC

Dry powder may explode in buyout barons’ faces

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By Jeffrey Goldfarb

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

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In the private equity world, almost everything is going up. That’s just not as good as it sounds for buyout barons.

Dec 18, 2014 15:45 UTC

James Gorman can leave Brian Moynihan in slow lane

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By Antony Currie

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

James Gorman will leave Brian Moynihan in the slow lane in 2015. It’s the year the chairmen and chief executives of Morgan Stanley and Bank of America, respectively, mark five years in charge of the two global banking powerhouses. Neither has had an easy time of his first half-decade. Gorman, though, looks on track to lead his firm’s return on equity back above 10 percent.

Dec 17, 2014 21:42 UTC

M&A “clear day” defenses can cloud investor rights

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By Reynolds Holding

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

Corporate defenses can hurt investors, rain or shine. Anti-takeover measures adopted on so-called “clear days” – before threats arise – are more likely to weather legal scrutiny. It’s one reason Allergan was able to beat back Valeant’s unwanted $52 billion advance. When such protections are triggered in the heat of battle, though, they’re considered unfair surprises. Either way, shareholders usually get unneeded cover.

Dec 17, 2014 20:19 UTC

Sony email shareholders would like to see

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By Rob Cox

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

The hacking scandal at Sony’s Hollywood studio isn’t just embarrassing. It’s a business problem for the $23 billion Japanese conglomerate already struggling to turn itself around. Herewith, a selection of internal messages Sony’s board and executives ought to be fielding this week.

Dec 16, 2014 19:46 UTC

Jefferies closes annus horribilis on wicked downer

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By Antony Currie

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

Jefferies closed its annus horribilis on a wicked downer. The Wall Street securities firm lost $93 million in its fiscal fourth quarter as revenue slumped by 43 percent. For much of the period, the firm was in the news because of the very public proceedings of senior banker Sage Kelly’s divorce. Boss Richard Handler says the financial impact of Kelly-gate was “immaterial” to the bottom line.

Dec 16, 2014 17:10 UTC

European telecoms will dial up more deals

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By Quentin Webb

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

European telecoms will dial up more deals in 2015. With M&A sweeping the sector, BT’s mobile ambitions mean Britain is up next, and tie-ups could follow elsewhere.

Dec 15, 2014 23:28 UTC

Uber’s law flouting could bring joyride to a halt

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By Robert Cyran

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

Uber’s law flouting could bring its joyride to a screeching halt. The taxi app company is covering its drivers’ fines for illegally picking up passengers. That may be just another business expense to a firm that earned a $40 billion valuation by moving quickly and breaking the rules. But the legal, lobbying and public relations costs of reckless behavior are accelerating fast.

Dec 12, 2014 20:13 UTC

Goldman updates IPOs for the Candy Crush era

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By Jeffrey Goldfarb

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

Goldman Sachs has updated IPOs for the Candy Crush era. Bosses of firms heading for public markets are hooked on the bank’s app, which lets them track book-building in real time. With Apple and IBM coding mobile software for big companies, the smartphone economy is swiftly moving from the living room to the boardroom.

Dec 11, 2014 22:03 UTC

More Porsche than Prada: Why Ferrari’s worth $7bln

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By Olaf Storbeck

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

Ferrari is more Porsche than Prada. Fiat Chrysler Chief Executive Sergio Marchionne aims to spin-off the Italian sports carmaker in 2015, and wants it to be valued like a luxury goods company, with an enterprise value of up to 10 billion euros ($12.4 billion). Fast cars, however, are harder to craft than handbags or high heels. A more reasonable price tag would not be much more than half that.

COMMENT

Love my 512M – still cant figure Tesla valuations – zero GAAP profit in 10 years
Please fix FI 2015

Posted by jackdanielsesq | Report as abusive
Dec 11, 2014 19:29 UTC

Overreaching enforcers redraw insider trading line

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By Reynolds Holding

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

Enforcers have revealed an insider trading line by stepping over it. A U.S. court on Wednesday tossed convictions of two hedge fund managers, sharply narrowing the law on improper dealings. Prosecutors should expect more embarrassing reversals. The silver lining is that the ruling gives Wall Street some much-needed clarity on what’s forbidden and should curb government excesses.