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.
With cash use shrinking and high denominations favoured by crooks, there are reasons to scrap big bills. But a revamp of the 50-pound note, picturing the mathematician, is intelligent enough. Unlike, say, 500 euros, it still fits a system shifting slowly to digital payments.
Forecasts now show S&P 500 profit declining in the second quarter, a sharp turnaround from a year ago, as revenue gains slow. Prognosticators see earnings growth back in double digits in 2020, but they could be wrong again – a possibility record stock prices may not reflect.
The shared-office provider may borrow up to $4 bln against profitable buildings before its IPO. Adding to its roughly $6 bln pot of cash might perhaps make the money-losing WeWork’s path to profitability more credible, and so attract more investment. But the logic has big flaws.