Crime

Regulatory reprieve adds tonic to Barclays revival

20 April 2018

After a year-long probe, British watchdogs plan to fine boss Jes Staley for trying to unmask a whistleblower. The verdict keeps Staley in his job and avoids awkward questions for the regulators and for Barclays’ board. Staley can now focus on turning around the investment bank.

Holding: U.S. judges could use CEO succession tips

19 April 2018

The Supreme Court’s Anthony Kennedy is expected to retire soon, taking advantage of a Republican president and Senate to ensure a like-minded heir. Yet his replacement probably won’t share his views, a new study suggests. Even when bosses have well-laid plans, they can go awry.

China/Russia oil hug can dodge Huarong curveball

18 April 2018

Beijing is investigating the state-run asset manager’s chair for graft, in a copy of its probe into private group CEFC. That complicates Huarong’s support for CEFC’s acquisition of a stake in Rosneft. Yet given these are de facto state players, the deal should still survive.

Brazil’s anti-graft drive may hamper fiscal reform

12 April 2018

The jailing of the country's most popular politician, Lula, and voter disgust at corruption among the powerful will give outsiders with clean reputations a chance to shine in October elections. That's welcome, but could mean needed spending cutbacks are less likely to happen.

Busting EU sport cartel lines already fat pockets

11 April 2018

Antitrust authorities raided groups including Fox in a TV-sports cartel probe. Usually, such moves help consumers. But if the cartel had helped hold down inflated media rights, the main beneficiaries from its end would be already loaded teams and athletes.

Illicit money is Europe bank stability blind spot

22 March 2018

U.S. authorities arrested the head of a Maltese bank for violating Iran sanctions, prompting calls for it to lose its licence. Similar issues triggered the recent folding of a Latvian bank. Without power to fight financial misconduct, euro zone regulators can’t keep banks safe.

India’s bad borrowers are a big problem for Modi

16 February 2018

A billionaire jeweller linked to a $1.8 billion fraud at a Punjab bank kept asking for credit even after a nationwide bank bailout. He is now overseas, like disgraced liquor baron Vijay Mallya. The pair of bad-debt poster boys tarnish the prime minister’s anti-corruption fight.

Yellen swan song could presage Wells CEO’s

2 February 2018

The Fed chief used her last day in office to slap a restraining order on the $2 trln U.S. bank. It’s mostly a symbol, and a late one: boss Tim Sloan has already started to clean up the company's act. But the Fed action could persuade Wells' new chair that it’s time for a change of leader.

Fewer fines are upside of bank compliance drive

2 January 2018

The UK’s Financial Conduct Authority collected 230 million pounds in penalties in 2017. Though that’s a big increase on 2016, the haul was skewed by a record fine for Deutsche Bank. It suggests hefty spending on tightening up controls is finally delivering some benefits.

Wells Fargo boss will vault over bank’s woes

28 December 2017

Tim Sloan will contend for banking’s comeback award in 2018. He struggled in his first year to contain fallout from the lender’s fake-accounts fiasco, but he’s cleaning up the company and, crucially, its culture. That should get investors, regulators and customers back onside.

The Exchange: Newark Mayor Ras Baraka

20 December 2017

Will Amazon choose New Jersey's largest city as the location for its second headquarters? That's what hometown native Baraka is hoping - and he's lobbying hard to make it happen, even trying to cajole neighboring New York City to play a role in swaying the e-commerce juggernaut's decision.

Bitcoin insider trading lends veneer of normality

20 December 2017

Coinbase is investigating possible insider trading after the price of bitcoin cash surged just hours before the digital-wallet provider added the crypto-currency to its platform. Wealth always attracts fraudsters. And that, in turn, strengthens the case for regulation.

U.S. hands HSBC CEO perfect going-away gift

11 December 2017

The end of a five-year agreement over money-laundering lapses removes the threat of authorities yanking the bank’s U.S. licence. HSBC devoted 8 pct of its operating expenses to compliance last year. Though those costs will stay, departing boss Stuart Gulliver can leave on a high.

Freeport-McMoRan may be canary in copper mine

13 November 2017

Fresh violence prompted the company to close the main route to its Papua site. For all the fervour over electric-car demand for the reddish-brown metal, the flare-up is a reminder of looming supply issues. Beyond security concerns are sticky labour contracts across the industry.

Holding: Corporate America loves its bad Boies

10 November 2017

The lawyer David Boies may have helped disgraced mogul Harvey Weinstein try to hide his abuses, but don’t expect more than a shrug from the business world. In a realm that prizes results, the defender of the likes of ex-AIG boss Hank Greenberg will remain the go-to consigliere.

Equifax hack damage is only the start

10 November 2017

Revenue at the $13 bln credit arbiter’s U.S. data unit slipped in its last quarter, having previously grown at a 7 pct rate, even though a huge data breach was only revealed on Sept. 7. And that’s before the legal blows start to rain down. Investors are being too sanguine.

Yahoo ex-boss shows everyone’s in dark on hacks

8 November 2017

Marissa Mayer told senators she still doesn’t know who was behind a 2013 data theft affecting 3 bln users. Equifax’s CEO said the same of a breach involving 145 mln consumers. And Congress struggles to draft cyber rules. Amid such cluelessness, the epidemic can only get worse.

Ritz roundup is dark side of grand Saudi ambition

5 November 2017

The detention of elites including Prince Alwaleed in an anti-corruption drive may head off opposition to the crown prince's reforms. It could clear the way for initiatives like his $500 bln desert city. But it also makes needed underpinnings, like the rule of law, less credible.

Complacency is biggest risk for Facebook investors

31 October 2017

Mark Zuckerberg’s firm set new highs even as it said nearly half of American voters may have seen Russian propaganda on its site. The fallout from fake content could hit its runaway value, but investors can’t be bothered as long as advertisers keep flocking to the social network.

Mistimed writedowns lesser of mining M&A evils

18 October 2017

Rio Tinto has been accused by the SEC of hiding the plunging value of a coal mine it bought in 2011. The charges are serious, but at least accounting procedures are fairly clear. If only there were rules that could prevent mining bosses getting carried away during M&A upswings.