Law

Vale dam cleanup hints at miners’ rising ESG bill

21 January 2020

The world’s top iron ore producer faces criminal charges for a deadly 2019 dam collapse. It has spent billions on reparations and safety upgrades, and seen its share price stumble. The total financial hit is yet to become clear, but other resources firms will face reckonings too.

Viewsroom: Carlos Ghosn’s great escape

16 January 2020

The international car boss who fled Japanese authorities is now lambasting Nissan and suing Renault for money due. Breakingviews columnists discuss why the latest twists overshadow the fraying global alliance of three automakers. Also, why China’s Geely wants Aston Martin.

Holding: EU may spoil FBI bid to hack Apple phones

16 January 2020

A deal allowing U.S. firms like Facebook to move data from Europe is already fragile. It might break if the iPhone maker bows to criticism from Donald Trump and others and unlocks a mass shooter’s devices. Law enforcement matters, but privacy shouldn’t be so easily breached.

Hadas: Ghosn caught in non-prisoner dilemma

15 January 2020

The self-liberated former Nissan boss dodged Japanese justice, but took his conscience with him to Lebanon. His decision to flee would be hard to justify without insistent claims of total innocence. Still, the moral and practical case for showing some contrition is strong.

Carlos Ghosn’s image rehab begins in wrong gear

8 January 2020

The ex-Renault boss used his first public statements since fleeing Japan to claim a plot involving Nissan and Tokyo prosecutors. The assertions were light on detail, though. That left too much time for missteps such as likening his arrest to Japan’s attack on Pearl Harbor.

Goldman set for show of guilt without tears

19 December 2019

The Wall Street firm may pay $2 bln for its role in the 1MDB bribery scandal and offer a rare admission of wrongdoing. Neither fine nor mea culpa would carry much sting. As often happens in the cat-and-mouse game of enforcement, the end result looks half-baked.

Bringing back Tata’s old boss offers no panacea

18 December 2019

A court has ordered the $160 bln Indian giant to reinstate Cyrus Mistry – ousted as chairman in 2016 – and declared his successor’s appointment illegal. The disruption may exacerbate Tata woes that range from cars to steel. And returns under Mistry were only slightly better.

India drops social wildfire on economic tinder

17 December 2019

A law easing the path to citizenship for some non-Muslim migrants has led to violent protests and a partial internet shutdown. Japan’s Shinzo Abe cancelled a visit. With growth slow and jobs a problem, it’s a risky time to tinker with divisive issues.

Viewsroom: Angela Merkel faces early retirement

5 December 2019

The German chancellor’s administration is in peril after coalition partner SPD chose left-wingers to lead the party. A snap 2020 election would probably end her 14 years in power and remove another of the world’s centrist governments. Plus: Australia’s colossal bank scandal.

Glencore’s new probe applies shove to succession

5 December 2019

British police are investigating possible bribery at the commodity giant. Two days ago 62-year-old boss Ivan Glasenberg, whose firm also faces a U.S. probe, said he could retire next year. Having to fight a legal war on two fronts may help him make up his mind.

U.S.-China fault line runs right through Hong Kong

28 November 2019

President Donald Trump grudgingly signed a law effectively backing the city’s anti-government protesters. He tried to soften the blow for Chinese counterpart Xi Jinping. Bipartisan U.S. support, though, shows antagonism will outlast precarious trade talks – or a change of leader.

GM takes FCA to task over past and future slights

21 November 2019

Detroit’s top carmaker claims Fiat Chrysler bribed union officials to get a better deal than GM in contract talks. CEO Mary Barra’s crew even called out her almost-merger partner posthumously. The lawsuit smacks of payback, but its goal must be to gum up Fiat’s deal with Peugeot.

ArcelorMittal win will help India heal debt wounds

15 November 2019

The country’s top court squashed a decision that threatened the steelmaker’s $6 bln bid for Essar through a new bankruptcy regime. The Mittal family’s homecoming can go ahead. It’s also a timely boost for lenders and investors needed to re-energise the flagging economy.

Review: Everyone loses in “Laundromat” shell game

8 November 2019

Legalese rarely makes for a snappy screenplay. But Steven Soderbergh’s dark farce about the Panama Papers tries to do just that. It might not fully succeed, but kudos to the director for skewering the pretensions of today’s masters of the universe – including those in Hollywood.

Hadas: Different rules for new corporate giants

30 October 2019

Cheaper information and global markets have produced a new generation of vast and entrenched companies. Abuses of competitive power are likely, but old-style breakups don’t work. Lawmakers and enforcers need to monitor behaviour – and maybe even control prices.

Opioid crisis pile-on reaches legal critical mass

17 October 2019

The imminent start of a key trial has precipitated $50 billion of combined settlement offers from U.S. companies. Drugmakers and distributors prefer one-off payouts to open-ended uncertainty, while localities want cash as soon as possible. That’s a recipe for deals.

EU’s Broadcom attack is a teaser for larger fights

16 October 2019

Antitrust boss Margrethe Vestager is temporarily halting some of the $114 bln chipmaker’s supply deals with customers. That’s a more responsive way to tackle Big Tech’s effect on competition than drawing up rules. The likes of Facebook and Google may soon face similar showdowns.

U.S. hits Turkey where it hurts with bank charges

16 October 2019

The Justice Department accused Halkbank of helping evade sanctions against Iran. A big fine would erode the state-owned lender’s already weak capital position. Ankara can act to contain the damage but a ban on shorting bank shares signals the government sees systemic risk.

Breakdown: California blackouts ring climate alarm

14 October 2019

The most technologically advanced state in the richest country on earth can’t keep the lights on. There’s plenty of blame to go around. California can fix human incompetence, foolish laws and consumer behavior – but these pale beside the challenge of climate change.

Lagardère shoots the messenger and its own foot

14 October 2019

The $3 bln Paris-based conglomerate wants 84 mln euros in damages from activist Amber Capital for destabilising its share price. Lagardère had been doing a good job of that on its own via its ropey strategy. Suing its third biggest investor and change agent smacks of desperation.