Dominic is a London-based columnist covering investment banking. Prior to Breakingviews, he spent two years at moneydealer ICAP, where he brokered equity derivatives trades between investment banks, high-frequency trading firms and hedge funds. He has more than five years of financial journalism experience, including stints as news editor and investment banking editor at Financial News. He has also written for The Wall Street Journal Europe. Dominic holds an MA in Classics from Oxford University and an MSc in Development Management from the London School of Economics. Follow Dominic on Twitter @DominicElliott
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The German software giant is buying the U.S. travel specialist for $7.36 bln. That’s SAP’s fifth sizeable “cloud” deal in three years. Concur brings blue-chip clients. But at 9.5 times historic sales, SAP is overpaying. And it now has a big backlog of acquisitions to integrate.
The British online clothing retailer has disappointed investors for the third time this year, cutting guidance for 2015. ASOS’s international woes show how hard it can be for tech companies to grow outside their home market.
Firms are paying top staff extra “allowances” in response to European bonus caps. That avoids raising base salaries and keeps costs flexible. The risk is that successful avoidance of the rules will prompt policymakers to shift the attack to pay quantum rather than pay structure.
- Credit Suisse/Baer tie-up would have weak logic
- Equity research revolution fails cost-benefit test
- Infineon's $3 bln buy relies on profit margin hike
- Rocket Internet's booster ups risk-reward profile
- BlackRock is right: European IPOs need more work
- Credit Agricole’s BES exit is predictably clumsy
- Underwriters share blame in Portuguese bank fiasco