Security

Wall Street sends regulators a poop emoji

28 Sep 2022

Eleven firms have paid $1.8 billion in fines for employees’ unapproved use of platforms like WhatsApp. The rules may have been hard to enforce. But the response — to collectively flout them at every level — is alarming. Meanwhile the mass fine looks essentially toothless.

Review: The cat and mouse game of Russia sanctions

15 Jul 2022

In “Freezing Order”, investor Bill Browder describes lobbying to suspend the assets of those responsible for the death of his Russian employee. Moscow used economic interests and U.S. lawyers to undermine the sanctions. The same tactics threaten the response to the Ukraine war.

Stability and security trump threat of sanctions

30 May 2022

India is buying more Russian oil and coal, and a state-led group of companies is now eyeing Shell’s stake in an LNG project. Price volatility and climate woes are dictating national priorities. It’ll be thorny for the West to punish poorer countries for putting themselves first.

Europe’s gas crunch can avoid worst-case outcome

28 Jan 2022

For a continent struggling with high energy costs, a Russian invasion of Ukraine would be a nightmare. But cutting off gas exports would also damage President Vladimir Putin. Barring a total boycott, liquefied gas imports and action by corporate buyers could limit the disruption.

Alibaba’s U.S. cloud probe has big silver lining

19 Jan 2022

Washington is examining whether the $350 bln Chinese e-commerce giant’s data-storage business poses a risk to national security. That could hobble the unit’s global ambitions. But shareholders, at least, have little to worry about yet: They already ascribe almost no value to it.

Capital Calls: Securitas

8 Dec 2021

Concise views on global finance: The Swedish security specialist’s acquisition of Stanley Black & Decker’s alarms unit should boost growth and margins.

Capital Calls: Biden channels Trump on China

16 Sep 2021

Concise views on global finance: After losing an Australian submarine deal, the French accused the U.S. president of acting like his predecessor. They’re right that there’s bipartisan antipathy towards Beijing in Washington. They’d better hope the similarity ends there.

Capital Calls: UK interventions, Post-virus reset

7 Sep 2021

Concise views on global finance: U.S. bidder TransDigm’s withdrawal from the $8.7 bln race for Meggitt removes a tricky decision for the government; Boris Johnson’s new proposals will address social care but not generational wealth divides.

Meggitt arm-wrestle is test for UK interventionism

3 Sep 2021

TransDigm’s 7 bln pound approach for the aerospace engineer is higher than rival Parker Hannifin’s but uses way more debt. PM Boris Johnson has been active in probing M&A that could affect jobs or national security. But intervening on leverage grounds would be a new departure.

Afghanistan’s financial lifeline may lie in Qatar

27 Aug 2021

The state needs help to prevent an economic collapse. If gas-rich Doha provided funds, as it has to other stricken regimes, it could embolden critics who claim it is too close to militants. But Qatar has a chance to avoid past mistakes and shore up its status as a power broker.

Afghanistan puts China firmly on leadership hook

16 Aug 2021

Beijing might exploit the collapse of the U.S.-backed state to consolidate economic influence in central Asia and improve energy security. But a volatile theocracy could also threaten its rising regional investments, and ultimately suck it into the mess the Americans fled.

UK defence buyout tests government poker hand

16 Aug 2021

Private equity-backed Cobham is offering a 63% premium for rival Ultra Electronics. To get Britain’s approval for the 2.6 bln pound deal, it will make commitments on jobs and research. If those pledges are robust, owner Advent will have to work hard to earn a good return.

UK plc’s latest sale is far from on the cheap

2 Aug 2021

Ohio-based engineer Parker-Hannifin is buying British rival Meggitt for 7 bln pounds including debt. The 70% premium and promises to keep UK jobs point to measly long-term returns. UK investors’ complaints about opportunistic foreign raiders look less and less credible.

Capital Calls: Intel, SPAC lobby

16 Jul 2021

Concise views on global finance: Buying GlobalFoundries would boost Intel’s ambitions to make chips for other firms, but spinning it off afterward might please investors more; a new D.C. group sets up shop to defend the blank-check craze.

Viewsroom: Grocer buyouts, More China crackdowns

8 Jul 2021

Why are private equity firms clogging the aisles at Britain’s WM Morrison to pull off a near-$9 billion purchase of the supermarket chain? Aimee Donnellan and Peter Thal Larsen explain. And our Asia columnists discuss Beijing’s new attitude to U.S.-traded Chinese companies.

UK credibility on China inward M&A gets wafer-thin

8 Jul 2021

Britain’s government initially declined to review Chinese-owned Nexperia’s $87 mln deal to buy the country’s largest semiconductor plant. It has now U-turned, which makes sense given the world chip shortage. But the mixed messages hardly inspire confidence in the process.

Capital Calls: Gates split, Chinese IPOs, Telenor

8 Jul 2021

Concise views on global finance: Bill and Melinda Gates agree a post-divorce plan for their joint charitable organisation; medical data firm LinkDoc is among the first to pull its U.S. listing; the Norwegian telco gets just $105 mln for unit hobbled by Myanmar junta.

Viewsroom: Communist birthday, Little guys in IPOs

1 Jul 2021

China’s Communist Party turns 100. The institution has never been so popular at home or resented abroad. Its leaders are experts at the nuances of control and long on ambition, Pete Sweeney says. Plus, Wall Street enlists individual investors to help price initial stock deals.

Wall Street enlists Main Street for IPO advantage

29 Jun 2021

Clear Secure’s underwriters are allocating 1% of its offering to trading platform Robinhood. That tips bankers off if the airport security firm creates retail buzz. If so, it should enable them to leave less value on the table while also giving Robinhood traders a chance to play.

Capital Calls: GameStop is a SPAC now

22 Jun 2021

Concise views on global finance: The meme-stock video-game retailer has raised more cash, making it look like an overvalued cash shell.