Jeffrey oversees Asia for Reuters Breakingviews from Hong Kong. He previously spent seven years in New York, most recently as U.S. Editor. Before becoming a columnist in 2007 and helping spearhead European commentary of the financial crisis for Breakingviews, Jeffrey wrote about banking, M&A, international trade, healthcare and tech for Reuters and BNA in New York, Phoenix and Washington, D.C. From London, he led the European corporate finance team for Reuters and coverage of the continent's media sector. He has a master's in journalism from Columbia University and a bachelor's in finance from the George Washington University.
The ailing Japanese bank will cut $1 bln of costs after enacting an identically sized plan in 2012. All the “right-sizing” and “simplification” is needed, but investors will be forgiven any eye-rolling. At least Nomura is bound to have European company in its restructuring misery.
The stakes got high in its $1.4 bln buyout of Australian software developer MYOB after a U.S. hedge fund pressed for a better price. It made a reasonable case holding a potential blocking stake, but KKR stood pat and the pushy investor folded. Seasoned gamblers are hard to bluff.
In a rare act of corporate aggression, trading house Itochu snatched a degree of control over $1.8 bln sportswear maker Descente. Toshiba faces an investor revolt, while Alps Alpine has been sued over governance. Japan’s structural reforms are faster finding their targets.