Breakingviews

 
“The Way Forward,” by the U.S. congressman and former VP candidate, is more campaign manifesto than memoir. Ryan’s rhetoric has softened but his harsh policy proposals haven’t. The title is accurate in at least one way. His austerity ideas probably will guide Republican strategy.

ECB deserves to lose market’s inflation confidence

Euro zone inflation is moribund. Investors are increasingly doubting Mario Draghi’s ability to boost it, according to normally quiescent market signals. That’s quite right, given how ineffectively monetary policymakers are addressing the problem.

Asia's reform spotlight swings to Indonesia

The election of a charismatic leader raises hopes for overdue change. Joko Widodo’s rise invites comparisons with India’s Narendra Modi and Shinzo Abe in Japan. In some ways, Indonesia’s new president faces the more daunting challenge. But the rewards for faster reform are large.

Hertz gears up for another financial spin

Carl Icahn is the latest to buy into the struggling $14 bln car rental firm. Over nearly a century, automakers GM and Ford, an airline, a 1960s conglomerate, private equity and the public have owned Hertz. It’s a perennial investor plaything. Maybe Uber could even be next.

Blackstone finds way to outsource skin in the game

The private equity firm’s latest securitisation would normally require it to keep 5 percent of the risk. But Blackstone has found a way to outsource its equity sliver to other investors. The structure looks acceptable – but investors should be wary of copycats that might not be.

China Mobile's foreign foray risks meagre returns

The dominant Chinese operator is using its $73 bln cash pile to hunt for growth overseas. The strategy has failed to create value for other telcos. Expansion may help to push Chinese technology, but rival governments may be wary about allowing China Mobile to take control.

Ballmer's exit value is now Nadella's to preserve

Microsoft’s market capitalization grew by over $100 bln from the day about a year ago the longtime CEO said he would resign to Tuesday, when he left the board. With his predecessor fading from the picture, maintaining the momentum is now firmly in new boss Satya Nadella’s hands.