Coaxing 5 million undocumented immigrants out of the shadows could provide an economic boost, generating tax revenue and jobs. But the executive action virtually ensures Republicans won’t compromise on other priorities like tax reform, infrastructure and trade. It’s a wash.
The UK insurer wants to buy its peer for 5.6 bln stg in shares, bulking up in its challenged home market. For a 15 pct premium, Friends would get a surer future. Aviva gets some cash flow. Yet Friends’ entrepreneurial backers add complexity - and it may attract an interloper.
The first cut to lending rates since 2012 shows the limits of Beijing’s tolerance of slowdown. It should save some riskier loans from going bad, and breathe some life into a zombified property market. But huge adjustments remain, and long-suffering savers will still be left worse off.
The ECB president has gone further than ever before by pledging to raise inflation “as fast as possible.” His is a lonely fight and the central bank will soon reach the limits of what it can do. Draghi can only succeed if governments embark on more fiscal stimulus.
The second half of 2014 has been rocky for share sales, particularly in Spain. A secondary offering of 22 pct of Spanish utility Endesa succeeded because vendor Enel wasn’t greedy. It treated the deal like a new issue. That will help if Enel wants to sell more in future.
It’s one of the Chinese e-commerce group’s crown jewels. Yet public investors don’t control it, and can’t reliably estimate its worth. Only select Alibaba executives see the affiliate’s inner workings. Since they own most of its shares, there is room for interests to diverge.
The casino’s private equity owners are haggling with creditors. One idea is to split a key unit into operating and property arms, as rivals have. Such financial engineering would fit well with Apollo and TPG’s earlier moves to turn this top-of-the-market LBO into a decent bet.
Two artworks with those names are together worth about the $220 mln that Bill Ruprecht’s pending departure has added to the auctioneer’s value. The scream comes from board members like Dan Loeb, dissatisfied with the firm’s performance. By acting now, they may avoid a car crash.
The London mayor, an American citizen, objects to paying a U.S. capital gains levy on his UK residence. Uncle Sam’s ex-pat tax laws are worthy of reform. But if Johnson really cares about that, the way to show it is to clear his debt and then campaign for change.
Leaked central bank correspondence from the recent Cypriot crisis underlines how emergency liquidity assistance to weak banks had become ad hoc and political. Now that the ECB is supervising euro zone banks, it should take over - with ELA risks shared by all member states.
The UK insurer’s stock hit a record this week, leaving rival Aviva trailing in its wake. It is a painful reminder of how Aviva lost out by failing in its attempt to buy Pru in 2006. The main reason there was no deal? The bidder lacked investor support to pay a fair premium.
The two-year investigation into Wall Street’s ownership of oil and other physical holdings is bigger on assertions than new evidence. But its warnings about capital shortfalls and systemic hazards ring true. They’re problems that need fixing regardless of the type of asset.
Nuclear negotiations with six world powers remain contentious. Just talking reduces geopolitical risk, but bringing Iran back into the international fold would repay the effort. A newly unfettered economy, bigger than Singapore or Greece, would move the global needle.