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Search resuls for: "Liam Proud"


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☆ Time for Europe to tame its energy cravings
  + stars: | 2022-10-19 | by ( Lisa Jucca | ) www.reuters.com   time to read: +4 min
For a year, Europe has been battling with unusually high prices. One-month TTF contracts started to decline once European nations slowed down buying to replenish their emergency storage facilities, now 92% full. With non-Russian gas producers already pumping at full capacity, Europe can’t do much to boost supply. Learning to save energy at home, and making companies more efficient, could be the only way to keep gas prices down. Reuters GraphicsFollow @LJucca on TwitterCONTEXT NEWSEuropean Union leaders will meet on Oct. 20-21 to discuss a package of measures designed to lower energy prices.
☆ SoftBank loses most from UK e-commerce flop
  + stars: | 2022-10-18 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 18 (Reuters Breakingviews) - SoftBank Group (9984.T) is seeing the ugly side of the beauty business. The Japanese technology investor on Monday said it had agreed to sell its stake in UK e-commerce group THG (THG.L) for a mere $35 million, compared with an acquisition price in 2021 of more than $540 million. SoftBank was an eager supporter of the one-time tech darling. Investors once thought SoftBank and Son could effectively anoint sector winners by offering them seemingly limitless funding. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
☆ Breakingviews: Time for Britain to try technocratic government
  + stars: | 2022-10-18 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +4 min
Technocratic governments tend to take charge after an elected administration has collapsed, and rule for a short period with a limited mandate. Prime Minister Liz Truss’s technosceptic administration recklessly attempted to boost growth by cutting taxes, startling investors and forcing the Bank of England to step in. For example, Alec Douglas-Home parachuted into a parliamentary seat shortly after becoming prime minister in 1963. A more fundamental concern is that technocratic governments undermine faith in democracy. If Britain is going to replace another prime minister without an election, it could do a lot worse than a technocrat.
☆ Time for Britain to try technocratic government
  + stars: | 2022-10-18 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +4 min
Technocratic governments tend to take charge after an elected administration has collapsed, and rule for a short period with a limited mandate. Prime Minister Liz Truss’s technosceptic administration recklessly attempted to boost growth by cutting taxes, startling investors and forcing the Bank of England to step in. Britain could surely find a vacant constituency for a reassuringly technocratic new leader. A more fundamental concern is that technocratic governments undermine faith in democracy. If Britain is going to replace another prime minister without an election, it could do a lot worse than a technocrat.
☆ Big U.S. banks shoulder first-world problems
  + stars: | 2022-10-14 | by ( John Foley | ) www.reuters.com   time to read: +4 min
JPMorgan (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) have what might be thought of as first-world problems. The big banks’ shares are down roughly 40% this year, while the S&P 500 Index (.SPX) is down just over 23%. JPMorgan’s earnings fell 17% year-on-year to $9.7 billion, but revenue increased 10% driven by a 22% rise in fixed-income trading revenue. Wells Fargo’s earnings fell 31%, as it also took a $2 billion charge to litigation, customer remediation and regulatory issues. Wells Fargo and JPMorgan both reported a 3% decline in deposits for the quarter ending Sept. 30, compared with the quarter ending in June.
☆ Lab tie-up would have multiple ailments
  + stars: | 2022-10-11 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 11 (Reuters Breakingviews) - Qiagen (QIA.DE) may once again find itself at the centre of an M&A drama. The $10 billion German lab tester is in talks with $10 billion U.S. life-science company Bio-Rad (BIO.N), the Wall Street Journal reported on Monday. Any deal would follow Thermo Fisher Scientific’s (TMO.N) failed attempt to buy Qiagen for 11.3 billion euros ($11 billion) back in 2020. Regulators in the United States and Europe have been increasingly wary of tie-ups that could lead to higher prices. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
☆ Bernanke bank-crisis Nobel requires markets sequel
  + stars: | 2022-10-10 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
LONDON, Oct 10 (Reuters Breakingviews) - Rarely has an academic put theory into practice like Ben Bernanke. Yet the resulting era of tight bank regulation and ultra-low interest rates helped build up risks in financial markets which are only slowly becoming apparent. Bernanke’s research, and that of fellow laureates Douglas Diamond and Philip Dybvig, put lenders at the heart of the economy. In 2021, they accounted for about half of total global financial assets, compared with two-fifths for banks. Years of loose monetary policy, under Bernanke and his successors, have pushed many of these market players to take on more risk.
☆ Credit Suisse’s wayward debt is a bet for the bold
  + stars: | 2022-10-06 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Oct 6 (Reuters Breakingviews) - Credit Suisse’s (CSGN.S) debt derivatives are still sending spooky signals, even though its equity is not. Yet its credit default swaps (CDS), contracts used to speculate on a company defaulting on its debt, are still bizarrely elevated, despite the absence of any bad news. Five-year swaps were trading at roughly 360 basis points on Thursday, compared with around 200 basis points in mid-September, according to Refinitiv data. Credit Suisse’s one-year CDSs, meanwhile, were quoted at around 600 basis points on Thursday morning, according to one trader. Investors willing to bet that Credit Suisse can survive would make handsome gains.
☆ Italy’s loafer king can afford to be more generous
  + stars: | 2022-09-29 | by ( ) www.reuters.com   time to read: +2 min
MILAN, Sept 29 (Reuters Breakingviews) - Tod’s (TOD.MI) founder Diego Della Valle is seeking to delist his bling shoemaker on the cheap. The Italian tycoon on Monday launched a takeover bid at 40 euros a share for the company he controls with a 65% stake. Investor Tabor Asset Management believes that, taken separately, the Italian group’s brands warrant an offer of at least 76 euros a share. That would push the price tag to 60 euros a share, 50% above the current offer, Breakingviews calculations show. With so much hidden value to reap, Della Valle can probably afford to be a tad more generous.
☆ Blackstone’s Schwarzman kickstarts UK asset grab
  + stars: | 2022-09-28 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 28 (Reuters Breakingviews) - Britain’s currency crisis may have an upside after all – at least for foreign investors. Blackstone’s (BX.N) Steve Schwarzman is paying 80 million pounds for 17th-century country estate Conholt Park, the City A.M. newspaper reported. But it’s exactly the kind of purchase that will make more sense the lower the pound goes. And to the extent that future cash flows are denominated in dollars or euros, the sterling purchase price should rise. U.S. investors just bought Chelsea soccer club, while Saudi Arabia’s sovereign wealth fund last year swooped on rival Newcastle United.
☆ UK swaps one cost-of-living crisis for another
  + stars: | 2022-09-27 | by ( Liam Proud | ) www.reuters.com   time to read: +3 min
But the budget plans of new Prime Minister Liz Truss and her Chancellor Kwasi Kwarteng may cause a world of pain for mortgage borrowers. Surging interest rates will crimp spending and hurt the housing market, further undermining Truss and Kwarteng’s growth plans. Capital Economics reckons at Monday’s implied levels, mortgage costs could reach their highest level relative to borrowers’ income since 1990. Rather than having to bail them out, regulators and politicians may push lenders to offer repayment holidays or cut interest rates. It will find it equally difficult to let mortgage borrowers suffer alone.
☆ Bank of Cyprus bid makes case for lender buyouts
  + stars: | 2022-09-22 | by ( Liam Proud | ) www.reuters.com   time to read: +3 min
Lone Star’s roughly 700 million euro offer for Bank of Cyprus (BOCH.CY) shows that the sector may have reached such a level in Europe. Chief Executive Panicos Nicolaou churned out a respectable 7.3% return on tangible equity (ROTE) in the first half of 2022, excluding one-off charges. That helps explain why the bank has rebuffed three offers from U.S. fund Lone Star, the last of which valued it at almost 0.4 times tangible equity. Even if Bank of Cyprus hits that lower number, a fair valuation might be closer to 0.8 times tangible equity, or around 1.3 billion euros – double Lone Star’s offer. In making the case for bank buyouts, Lone Star may be doing the whole sector a favour.
☆ Petrodollar rush may disappoint Western financiers
  + stars: | 2022-09-20 | by ( Liam Proud | ) www.reuters.com   time to read: +6 min
Yet Western financiers hoping to share in the spoils of a 1970s-style petrodollar boom will be disappointed. In previous petrodollar booms, energy producers have recycled their windfalls into the Western financial system. These financial flows, known as petrodollar recycling, mean that the money Westerners spend on fuel eventually makes its way back into their economies through energy producers’ financial investments. Either way, it would mean that Westerners miss out on some of the spoils of the new petrodollar boom. A more muted petrodollar boom might not be such a bad thing after all.
☆ Bonus cap scrap would be dubious Brexit dividend
  + stars: | 2022-09-15 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
A person points to the City of London financial district from a viewing platform in London, Britain, October 22, 2021. REUTERS/Hannah McKayLONDON, Sept 15 (Reuters Breakingviews) - UK finance minister Kwasi Kwarteng wants to make the City more competitive. That means UK banks and foreign ones operating in London might have to keep their compensation policies broadly the same to retain staff. Bringing the highly charged issue to the fore means Kwarteng might have less cover to push ahead with more meaningful changes, like getting rid of the bank levy. CONTEXT NEWSBritish finance minister Kwasi Kwarteng is seeking to scrap Britain’s cap on bankers’ bonuses, the Financial Times reported on Sept. 14.
☆ New SoftBank fund risks deepening governance mess
  + stars: | 2022-09-14 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Sept 14 (Reuters Breakingviews) - Who said SoftBank Group’s (9984.T) corporate governance couldn’t get any messier? The $62 billion conglomerate controlled by founder Masayoshi Son is considering opening a third version of its Vision Fund technology investment vehicle, per the Wall Street Journal. SoftBank shareholders, for their part, might prefer the company wring as much value as possible from Vision Fund 2 instead. The only good news for investors in the Japanese parent is that Vision Fund 3 would be investing, broadly speaking, at lower valuations than previous efforts, given the recent market slump. Divvying up the spoils between staff and shareholders looks messy, but it’s better than having no spoils at all.
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