May 15, 2014 14:19 UTC

Now Dan Loeb, Sotheby’s director, has work cut out

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

Dan Loeb now has to help Sotheby’s catch Christie’s – not just blast its failure to do so. Christie’s on Tuesday threw down the gauntlet with a record $745 million contemporary art sale in New York. It’s one area of the business where Loeb has criticized Sotheby’s, which holds its rival auction on Wednesday.

May 15, 2014 05:53 UTC

CITIC goes slowly on reform with $5.1 bln placing

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By Una Galani 

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

CITIC Pacific is going slow on reform with its $5.1 billion placing. The Chinese group’s Hong Kong subsidiary will sell new shares to 15 investors as part of a union with its state-owned conglomerate parent. The placing allows CITIC Pacific to keep its stock market listing. Yet most of the money is coming from buyers also backed by the Chinese government. A deeper overhaul of state firms looks a way off.

May 14, 2014 16:22 UTC

AT&T will struggle to justify $70 bln DirecTV bid

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

AT&T will struggle to justify buying DirecTV for an enterprise value of some $70 billion. Going headlong into the satellite television business requires some heroic assumptions to make the offer financially worthwhile. To cover its cost of capital, for example, AT&T probably would need to wring more than $2 billion of savings from its target. This deal gives off a whiff of desperation.

May 14, 2014 13:15 UTC

Hedge fund customers’ yachts washing further away

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

Hedge fund customers’ yachts are washing further away. The flood of money – now $2.7 trillion – in hedge funds has squashed returns below public stock markets. Private equity doesn’t seem to be doing much better. Investors beware.

May 14, 2014 06:22 UTC

Macau casino stocks have further to fall

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By Ethan Bilby 

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

Macau casino stocks are still too high. A crackdown on Chinese payment card UnionPay is the latest threat to the gambling bonanza in the former Portuguese colony. Though casino stocks have fallen by almost a fifth in a few months, there’s not much room for disappointment.

May 13, 2014 15:53 UTC

AT&T deal dialing emits a shaky signal

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

AT&T’s deal dialing is emitting a shaky signal. First, it wanted T-Mobile US for more domestic subscribers. After regulators nixed the idea and Verizon cleaned up its wireless joint venture, AT&T pursued Vodafone for European growth. Now, amid U.S. pay-TV consolidation, DirecTV or Dish beckons at home. The rationale is questionable and suggests the broader strategy is wayward.

May 13, 2014 06:49 UTC

China’s other e-commerce giant is priced to go

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

Being second has its advantages. JD.com, China’s number two e-commerce company, has set an indicative range for its initial public offering that values it at around $23 billion. That’s far behind the $100 billion-plus price tag attached to rival Alibaba. But it leaves room for a decent performance.

May 12, 2014 20:37 UTC
Breakingviews Columnists

Review: A crisis-like evaluation of “Stress Test”

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By Breakingviews columnists
The authors are Reuters Breakingviews columnists. The opinions expressed are their own.

To judge the merits of Tim Geithner’s crises reflections in “Stress Test,” six Breakingviews columnists digested different pieces of the book in a short amount of time. Like the regulators who often lacked broader context, the assessments vary. Yet there’s also consensus it’s a useful tome for the financial library.

May 12, 2014 19:15 UTC

Interpreting Apple/Beats using Andreessenomics

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

Attachment therapy is controversial in the field of mental health. It’s far from indisputable in the technology world, too. Venture capitalist Marc Andreessen justifies some high tech-deal price tags, in part, with the idea that huge companies are able to “attach” the products of smaller ones, making them worth far more than traditional analysis would suggest.

May 9, 2014 18:29 UTC

Apple shows another symptom of mid-life crisis

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By Peter Thal Larsen

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

Apple is showing another symptom of a mid-life crisis. It hasn’t got a tattoo or hooked up with a Pilates instructor. But the iPhone inventor’s interest in headphone maker Beats Electronics suggests it feels the need to open its wallet in order to keep up with the cool kids.