Sliding revenue at Sainsbury dashes hopes the grocer might circumvent the struggle enveloping UK rivals, including Tesco and Morrisons. A strategic review shows welcome determination to get a grip on Britons’ changing shopping habits. But the falling tide will lower all boats.
The euro zone banking union was meant to start with a robust bank solvency test. Yet national regulators have successfully lobbied the ECB to count deferred tax credits as capital. That restores the state/bank dependency the single banking supervisor is trying to sever.
Our economic forecasting index slipped to 87.9 in August as the domestic economy struggled to recover. Truck sales plummeted by 25 percent and steel output sunk to a two-year low as home sales sputtered. The only positives: bank lending and the price of expensive spirits.
Private investors in a 157-mile Indiana toll road are set to be wiped out in bankruptcy court – but only after they sunk millions into new lanes and tolling technology. It’s a rare example of a boom-era deal successfully transferring risk from the public to the private sector.
A British lawmaker reckons business should stay out of the debate over UK membership of the EU. Staying above politics may usually be the mark of a good board. But it would be negligent to ignore any material impact on owners and workers from a one-issue referendum.
The luxury shoemaker is seeking a London float, giving its private equity owners a partial exit. A mooted $1 bln price tag values Choo at a premium to most peers. The justification could be the potential to grow in Asia. But it’s a market that can spring unpleasant surprises.
Bankers there face fresh limits on investing in stocks, bonds and hedge funds. Goldman knows how easy it is to cross a line when treading close to it. Why Wall Street dealmakers can own individual securities at all is the real mystery that speaks to a culture loath to change.
The European Commission thinks that the iPhone maker has received preferential treatment from the Irish government. Both Apple and Dublin beg to differ. At least Brussels has put member governments on notice that tax leniency could amount to state aid.
A Financial Stability Board report on reforming FX benchmarks strikes a decent balance between the needs of users and those of banks. But in the end, it’s up to the latter to clamp down on illicit activity – and up to governments to make sure there is an interest in doing so.