Richard Beales joined Breakingviews in 2007 from the Financial Times, where he was U.S. markets editor and a Lex columnist. Prior to the FT, he spent more than 10 years as an investment banker at Schroders and Citigroup, based largely in Hong Kong and working on project finance, mergers and acquisitions. He has also lived in Sydney, Australia, and began his working life in London at Mars & Co, a management consultancy. Richard holds a masters in business journalism from New York University and a degree in biochemistry from St John’s College, Cambridge.
The U.S. president-elect’s pick to lead the Treasury says going big with coronavirus relief is smart for now. But debt at 100% of GDP and counting will inevitably become a millstone. Big-ticket agenda items, from higher taxes to lower defense spending, can’t be avoided for long.
VMware boss Pat Gelsinger will replace Bob Swan at the chipmaker, adding 12% to the stock price. It could help Intel regain its technology focus and open the way to changes proposed by activist Dan Loeb. Gelsinger now has the weight of those expectations on his shoulders.
The gaming platform scrapped its IPO for a direct listing of its shares. That’s an easier financial decision with $520 mln of new funds raised at a valuation of nearly $30 bln – more than 7 times its worth a year ago. But it also offers more stakeholders a chance to participate.