In recent days, Barclays, Citi, Credit Suisse, Deutsche and RBS have socked away big sums for legal expenses, much of it related to forex rate manipulation. That suggests many U.S. and UK regulators are working together on a rare single settlement. It’d be good for all concerned.
Exxon, Chevron and Conoco reported solid earnings and remained optimistic despite falling prices. Shale drilling, for example, is profitable at current rates. But investment cuts won’t hit other projects for a few years, making price rises unlikely. Investors may get antsy.
Obama, Xi, Putin and Abe will have much to disagree about when they meet with other national leaders in Beijing next week. The host city’s odd theatrics add to the awkwardness. But the fact that top people from around the Pacific want to show a united front helps keep the peace.
Sales at the $60 bln coffee chain’s established locations increased less than expected. Even so, 10 pct revenue growth is a problem the likes of McDonald’s would love to have. Savvy marketing and smart acquisitions should help Starbucks keep pace with changing consumer tastes.
Lawrence Cunningham’s “Berkshire Beyond Buffett” argues the Oracle of Omaha has built a corporate culture that will ensure success after his departure. The book does a good job of cataloging Buffett’s portfolio. But it doesn’t make a strong enough case for investors to follow.
Having to slash $600 mln from recently disclosed earnings because of new regulatory developments is an unwelcome surprise for investors. The bank blames fast-moving investigations. If rivals don’t follow suit, though, the excuse may not be enough cover for Citi’s top brass.
The largest U.S. theater group is considering a sale. Rival AMC is flush after being acquired by China’s Wanda in September 2012 and relisting in late 2013. For Regal, keeping up may cost more than 47 pct owner Philip Anschutz is willing to spend. It needs its own AMC sequel.