A novel deal protects the search giant's non-voting owners against a stock discount – and from the day when Larry Page and Sergey Brin no longer wield full control. The convoluted legal settlement, however, only goes to show it's better to avoid a caste system in the first place.
The long-awaited parliamentary report on UK banks is underwhelming. A “Fred Goodwin” law that could put the reckless in prison is a bold idea. A call for an inquiry into banking competition is right but hardly novel. Ultimately, the work is long on words and short on deeds.
Mengniu’s $1.6 billion bid for Yashili gives the target’s founding clan the chance to cozy up to a national champion, and buyout firm Carlyle a good return. Other investors are less fortunate - they will be selling for less than Yashili’s IPO price just three years ago.
The bank blamed a tough March and April for a 27 pct drop in Q2 fixed-income trading. That’s at odds with both market data and larger rivals – JPMorgan, for one, was well up on last year as of May. It doesn’t help that newly private Jefferies’ opacity makes comparisons tricky.
The rich world summit could come up with a substantive agreement on corporate tax avoidance. It might be an important step towards an efficient global system. But it can’t do much without a broader consensus. Leaders need to be tax reform evangelists, both at home and abroad.
The country’s plan to hike energy prices is a welcome reduction in a $20 billion subsidy bill. But inflation could surge, raising the risk of capital outflows. That leaves the central bank no room to offset the fiscal tightening; sacrificing GDP growth is the only option.
The telecom company had a $93 bln bid for Telefonica blocked by Madrid, according to a Spanish newspaper. The target has denied the story. But it’s a sign of the problem AT&T faces: a lofty stock multiple makes M&A tempting, but it seems shut out of both domestic and foreign deals.