Cox: Gun lobby meets match with economic protests 23 Feb 2018 Civil rights movements often embrace boycotts. Think of Gandhi's Salt March, suffragette strikes, South African divestment or MLK's final speech, where he told followers not to buy Coke. Now it's the NRA's turn, as consumers force all manner of companies to sever ties.
General Mills pays runaway price for Blue Buffalo 23 Feb 2018 The Cheerios maker is throwing an $8 billion bone at the natural-pet-food producer to beef up sales to furry darlings. The prospect of taking over the pantry is as appealing. But to make the investment stack up, General Mills’ new pet will need to grow faster than a puppy.
Review: Knocking at the door of tech’s boys’ club 23 Feb 2018 Women played key roles in the development of computers, but you wouldn’t know it by looking at Silicon Valley. A hostile culture has pushed them to the fringes of America’s technology hotbed. A new book says thinking differently would pay dividends for women, and the industry.
Trump Jr. corrodes India’s anti-corruption efforts 23 Feb 2018 The U.S. president's son is promoting his family real-estate brand and was due to speak in New Delhi on Indo-Pacific ties. A backlash saw that revised to a fireside chat. Still, the mix of business and politics undercuts Premier Modi's own efforts to end crony capitalism.
RBS is a step away from ending its lost decade 23 Feb 2018 The state-owned UK lender made its first after-tax profit in 10 years. A 4 pct rise in revenue and falling costs moves boss Ross McEwan closer to his return on tangible equity target. Settling U.S. charges over mortgage securities is the last hurdle to restarting dividends.
Viewsroom: Chipmaker battle fries M&A circuits 22 Feb 2018 Broadcom has lowered its hostile bid for Qualcomm after its target upped its longstanding offer for NXP. That decreases the chance the two larger rivals can strike a deal – assuming regulators wouldn’t nuke it. Plus: Credit Suisse shines a rare light on Asian investment banking.
Kardashian slap shows hole in Snap’s accounting 22 Feb 2018 Celebrity sibling Kylie Jenner wiped over $1.5 bln from the disappearing-message app’s wobbly value after she questioned its usefulness. Influential fans attract users – and repel them if they publicly flee. Such assets don’t show on the balance sheet. Maybe they should.
Macquarie Infrastructure slips on $2 bln banana 22 Feb 2018 That’s how much the power-to-airport-services group’s stock plunged after the loss of fuel-oil contracts led it to slash the dividend and put assets up for sale. Getting caught out by a shifting U.S. energy mix is embarrassing. Having too much leverage compounds the damage.
Holding: Privacy computes for Supreme Court 3.0 22 Feb 2018 High-tech snooping is back at the U.S. tribunal next week with Microsoft’s fight to shield users’ email from Uncle Sam. As in smartphone and GPS-tracking cases, the justices will probably focus on personal rights. The nine of them are remarkably attuned to technology’s risks.
Whistleblowers lose a shield, but so do employers 22 Feb 2018 Those who suspect U.S. securities breaches must tell regulators or lose some protection from vengeful employers, the Supreme Court says. Major misconduct should still get reported. But small stuff might fall through the cracks – depriving companies of a chance to tackle it early.
Chesapeake solidifies shale role as OPEC sandfly 22 Feb 2018 The shale producer pumped more crude at lower costs in the last quarter – then sold it for more money. It can partly thank oil cartel OPEC, which has helped prices edge up. The Oklahoma-based driller joins a growing list of little wildcatters that are becoming a big annoyance.
“Angry Birds” belongs in a bigger gaming henhouse 22 Feb 2018 Finland’s Rovio, maker of the addictive mobile game, lost half its market value after saying 2018 revenue would be flat at best. That’s what happens when a company puts all its eggs in one basket. Like “Candy Crush” maker King, a sale to a larger player may be the logical finale.
Barclays throws money at its many problems 22 Feb 2018 The UK bank’s boss Jes Staley has pledged to double payouts this year to boost shares trading at 0.7 times book. Yet Barclays needs to reverse falling revenue to meet a 9 percent return on tangible equity target by 2019. Even then, regulatory risks linger in the background.
Too-big-to-fail rules are too sound to scrap 21 Feb 2018 A long-awaited U.S. report on resolving big financial institutions recommends beefing up the bankruptcy code while keeping the door open to government intervention in emergencies. It’s possible to quibble with the details, but the big-picture proposals strike a sensible balance.
JPMorgan finally dresses the part 21 Feb 2018 Building a new New York headquarters may sound like exuberance on the part of boss Jamie Dimon. But the bank needs space and can afford it, and the city could gain too. Since JPMorgan is outperforming rivals with newer digs, it’s not just a case of keeping up with the Blankfeins.
EQT embarks on ignominious cleanup 21 Feb 2018 The $14 bln gas company’s breakup plan provides simplicity that’s much needed after the purchase of rival Rice. But with three pending transactions – all negotiated separately – shareholders face a tortuous process, run by a management that hasn’t proved it’s up to the job.
Broadcom’s new Qualcomm bid both petty and smart 21 Feb 2018 The chipmaker is reducing its offer per share by 4 pct if its rival completes its sweetened acquisition of NXP. Sure, Broadcom would still be paying more in total. But the $4 bln price cut looks mean and lowers the odds the two sides can ever plug in a friendly transaction.
Gibson amping sound up to 11 – Chapter 11, that is 20 Feb 2018 The maker of six-stringed axes favored by Jimmy Page and Slash faces increasing distortion from changing tastes, cheap competition and an overpriced foray into electronics. It doesn’t help that quality guitars last a while. This rock'n'roller can expect a major haircut.
Trump’s next Fed pick in limbo for wrong reason 20 Feb 2018 Economist Marvin Goodfriend’s accession to the board of governors hangs in the balance after senators voiced concern about his past proposals to depreciate cash. Concern about his hawkish inflation views is fair. But penalizing him for creative thinking on a tricky issue is not.
Rite Aid a weak prescription for Albertsons’ ills 20 Feb 2018 The Cerberus-owned grocery chain is buying the $2.3 bln pharmacy for little premium. It’s a way for Albertsons to go public after aborted IPO efforts. But pharma’s problems and Rite Aid’s lack of scale offer a wobbly crutch for the buyer’s flat sales and declining EBITDA.