Journalists
Chris returned to Breakingviews in November 2008 from the Financial Times, where he was Senior Corporate Reporter and then Investment Banking Correspondent, and an occasional editor of the Lombard column on issues facing UK business. Before joining the FT in 2006, he was at Breakingviews for more than three years. Chris began his career as a documentary researcher at BBC Television. From there he moved into print journalism as a companies writer at the Investors Chronicle, and later joined The Independent newspaper, where he became Financial Editor. He attended St John’s College, Oxford University, graduating with a BA in English and an MSc in Comparative Social Research. He also has a Diploma in Newspaper Journalism from London's City University.
Marc Bolland wasn’t hired because he helped turn around a troubled retailer, although Marks & Spencer might still need help in the recovery department. The ex-Heineken executive’s main goal is to push the UK retailer’s brand at home and abroad – exciting but risky for investors.
The US bank is to pay £1bn to buy out Cazenove, its UK investment banking partner. Caz’s employee shareholders have good reason to sell out after a bumper year. But JPMorgan needs to proceed with care. A mishandled integration could make an expensive deal even more costly.
Versace is slashing jobs, Nintendo’s Wii sales have tumbled, the outlook for US house prices remains cloudy. The Breakingviews.com Economic Spot-check of financial newsflow is off its series high. Good news is still being heavily diluted by a continued stream of really bad data.
The UK confectioner has lifted revenue and margin guidance. Anything less would have been a big setback in its defence against Kraft’s unwanted £10bn approach. Kraft now has a convenient excuse to raise its low-ball offer – but shouldn’t stretch itself.
Private-equity, IPO and infrastructure investors may relish the government’s plan to accelerate the sale of a bit of its loss-making £65bn portfolio of state companies. Privatisation isn't a bad idea. But some assets might be made profitable relatively easily. Seller beware.
The world leaders offered an “endorsement” of their guidelines on bonuses, and promised to “monitor” the situation. But the banks are ready to justify big payouts with arguments the politicians are willing to believe. It looks like an opportunity for reform is being squandered.
Cadbury’s CEO has unwittingly given the impression he sees logic in Kraft’s unsolicited takeover proposal, and that his job is to get a full price. It’s possible to reconcile his words with Cadbury’s official denigration of the bid. But the slip still weakens the defence a bit.
Hershey of the US is reportedly mulling a joint bid for the UK confectioner with Italy’s Ferrero. Incumbent bidder Kraft should not feel too threatened - and Cadbury shareholders should not start pricing in an auction.
The UK bank is parting with Frits Seegers, the retail chief once tipped for bigger things, while BarCap boss Bob Diamond is getting more power. Succession planning will improve with a new management structure that retains a universal bank ethos. More changes seem likely.
Amazon’s shares are soaring, Apple is enjoying record sales and IPOs are in the works. For some, it feels like 2000 again. But while Breakingviews.com’s Economic Spot-check of financial newsflow is back at its series high, the index points to an economy only just stabilising.
Former employees of the failed bank in Europe have followed ex-president Joe Gregory in filing gigantic claims for lost earnings. As creditors, they have as much right as anyone to test the bankruptcy court's compassion. But they don't deserve much sympathy if they lose.
The US foods group has until November 9 to make a formal bid for its UK rival. Breakingviews imagines a shareholder advising Kraft CEO Irene Rosenfeld to raise her bid from 745p a share – but not much.
The struggling UK broadcaster won’t appoint Tony Ball as chief executive after the TV-whizz objected to a potential chairman. The board made a good call – CEOs shouldn’t get effective veto rights on their bosses. For ITV, the move is a break from its awful governance record.
The UK confectioner wants the takeover authorities to make US rival Kraft launch a formal offer or withdraw its unsolicited £10bn approach. The intensity of Kraft’s advance means retreat is unlikely. But Cadbury is pressing the issue while it still has the market on its side.