Imperfect global tax deal is perfect springboard 1 Jul 2021 Almost all governments backed a minimum corporate rate of at least 15% and reallocation of some taxing rights. This will raise a modest sum and do little for poor nations. But such broad accord was worth the compromise as it’s the beginning, not the end, of a revamp of taxation.
Bowling alley deal makes a strike-worthy SPAC 1 Jul 2021 Bowlero is buffing up to go public by merging with a blank-check firm in a transaction worth $2.6 bln. The company is a roll-up machine, taking out competitors, and a media play too. Its value is even sensible compared to WWE or Six Flags. “The Dude” would surely abide.
Russian miner is gold standard in governance chaos 1 Jul 2021 London-listed Petropavlovsk kept CEO Denis Alexandrov even after shareholders blocked his appointment to the board. It follows extended battles between investors that pummelled the $1 bln group’s shares despite a buoyant yellow metal. The latest twist makes a recovery doubtful.
Robinhood float gives punters a meme stock squared 1 Jul 2021 The trading app may sell 35% of its IPO shares through its own online platform. It should improve pricing over an institutions-only offering, especially with Robinhood's name recognition. The danger is too much GameStop-like price action, too soon, and then disappointment.
Housing market can boom without pandemic-era drugs 1 Jul 2021 U.S. and UK real estate are rising at their fastest pace in over a decade. The Fed’s purchases of mortgage-backed bonds and UK tax breaks have outlived their usefulness. The longer that such supports are left in place, the wider the gap between haves and have-nots will grow.
Capital Calls: It sure feels good to be a banker 1 Jul 2021 Concise views on global finance: Global deals in the first half of the year broke all records.
Elliott’s GSK shot tests sickly CEO’s immunity 1 Jul 2021 The activist fund wants the $98 bln drugmaker to conduct a formal search for a new boss before spinning off its consumer unit. That’s a challenge to Emma Walmsley, who plans to remain in charge. A long wait until the next shareholder vote buys time to strengthen her defences.
Vaccine passports are a patchy travel fix 1 Jul 2021 European Union passes went live on Thursday. But even within the bloc there are quibbles over standards and risks from viral variants. At a global level, rifts are amplified. Even with a central authority and consensus on approved jabs, governments can impose their own curbs.
Viewsroom: Communist birthday, Little guys in IPOs 1 Jul 2021 China’s Communist Party turns 100. The institution has never been so popular at home or resented abroad. Its leaders are experts at the nuances of control and long on ambition, Pete Sweeney says. Plus, Wall Street enlists individual investors to help price initial stock deals.