AT&T throws bone to antitrust watchdogs 13 Jul 2018 The U.S. Justice Dept faces high hurdles in appealing a harsh ruling that cleared the $85 bln purchase of Time Warner. But since the deal closed, AT&T is raising some customer prices. The hikes came after the DOJ lost its case, but could still sway the court of public opinion.
Viewsroom: Trump’s Supreme Court pick 12 Jul 2018 The U.S. president has chosen a friend of big business in Brett Kavanaugh. But he faces bigger questions from Senate democrats about executive power. Plus: Commodity giant Glencore faces mounting risks in Washington, and what’s behind the Chinese yuan’s downward slide.
Holding: Brett Kavanaugh means business on speech 12 Jul 2018 Donald Trump’s Supreme Court pick would allow public companies to cut back on disclosure, internet service providers to discriminate against certain content and cable firms to block rivals’ programming. It’s a First Amendment message investors and consumers won’t want to hear.
U.S. salvo at Glencore has unintended consequences 12 Jul 2018 A request for details on anti-corruption practices wiped more than $6 bln off the commodities giant's value in a week, raising questions over its future. Yet action is not without a sting for Washington too - if it leaves China even more dominant in resource-rich trouble spots.
Trump’s court pick a deregulatory gift to business 9 Jul 2018 Brett Kavanaugh, the president's Supreme Court nominee, has ruled against the consumer protection agency and net neutrality. His staunch conservatism ensures Democratic resistance. But if Republican numbers prevail, he can tilt the judicial balance to the right for a generation.
Weed wafts gently into investors’ portfolios 6 Jul 2018 Investors are warming to the devil’s lettuce. The action is mostly in Canada, which has over $25 bln of listed cannabis stocks, and rising volumes of M&A. But the U.S. is positioned to provide the metaphorical pickaxes, and big consumer brands will be watching for legal changes.
Glencore’s Washington risks are starting to add up 3 Jul 2018 The resources giant’s shares fell 12 pct after the U.S. asked for details of anti-corruption compliance in Nigeria, Congo and Venezuela. Glencore’s geographies mean this is always a danger. But a June settlement with U.S-sanctioned Dan Gertler won’t have endeared it to Uncle Sam.
Tech backlash grows in Silicon Valley’s back yard 2 Jul 2018 California will force internet companies like Google to give consumers more control over their information and stop it being sold to third parties. The law is narrow but the Golden State is often a litmus test for legislation that takes hold nationwide.
Cox: If GE can break up, so can the United States 28 Jun 2018 Over a century the industrial conglomerate became too unwieldy to manage, unaccountable to stakeholders and financially undisciplined. Sound familiar? What works for corporate America could be applied to the government of a divided country showing similar symptoms of distress.
Pro-business Supreme Court has dangerous downside 27 Jun 2018 Donald Trump gets to name a second top justice after Anthony Kennedy said he will retire. That favors companies, but may go against their interest on issues they care about, like immigration. The painful and divisive process of getting Senate approval could cause lasting damage.
Holding: Wall Street may soon feel the SEC’s pain 27 Jun 2018 Bankers might like a Supreme Court smackdown of the watchdog’s in-house judges. But that, and a lesser-known ruling last week, portend trouble. Both could weaken the regulator and push more cases into federal court. As BofA and Citi can attest, that’s a mixed blessing at best.
Softer U.S. China plan is no comfort for investors 27 Jun 2018 President Donald Trump rationally chose to use national-security deal reviews to restrict Chinese investment. It’s a win for his Treasury secretary over trade hardliners. But the review body is opaque, mixed messages have confused markets, and Trump still wants auto tariffs.
Facebook D.C. probe could open a can of worms 26 Jun 2018 Congress wants to hold the social-media platform accountable for Russian election meddling and other concerns. That could affect a key protection for internet firms, which have broad legal immunity for posted content. Reducing it would expose them to a rash of costly lawsuits.
High Times’ creative financing is far out 20 Jun 2018 The marijuana magazine is using a novel crowdfunding method to sell discounted shares before it goes public. Legalization efforts could generate buzz and draw crowds to the company’s events. But the publishing industry remains tough, and investors’ money could go up in smoke.
Audi arrest puts brakes on VW’s reform drive 18 Jun 2018 The head of Volkswagen’s luxury brand is being held over fears he may hinder an investigation into emissions cheating. The question is why the long-serving executive still had his job. The carmaker’s messy governance is still hindering new boss Herbert Diess’ cleanup operation.
Plumber ruling leaves blockage in UK gig economy 13 Jun 2018 A decision by the country’s Supreme Court ruled that a self-employed contractor is entitled to workers’ rights is ominous for companies like Uber which depend on casual labour. But it offers little new guidance for dealing with technology’s impact on work practices.
Volcker tweak reveals Powell Fed’s cautious streak 30 May 2018 Banks hoping for an overhaul of the prop-trading ban will be disappointed by the U.S. central bank’s modest revisions. Compliance costs may fall but Jerome Powell’s team doesn’t want Wall Street to go back to its freewheeling ways. It rightly retains distaste for big risk-taking.
Cox: Peter Thiel’s next target should be Infowars 30 May 2018 The tech billionaire financed a lawsuit that bankrupted Gawker and said he’d help others challenging similar sites flouting First Amendment freedoms. A complaint by Sandy Hook families against conspiracy king Alex Jones provides a test for Thiel’s democratic bona fides.
Nestlé would benefit from a sugar detox 28 May 2018 The Swiss food group’s CEO wants to spruce up a tired portfolio by buying and selling brands worth 10 percent of group sales, or about $9 bln. The recent Starbucks licensing deal gets him around halfway there. Offloading low-margin confectionery brands is the next logical step.
Holding: $1,745-an-hour lawyers due for disruption 25 May 2018 Kirkland & Ellis billed that lofty fee in the Toys R Us bankruptcy, and on Monday scored a Supreme Court win against workers’ right to save money by suing en masse. Even cheaper firms exceed most Americans’ means. Ending attorneys’ monopoly on law could bring affordable justice.