Review: The dark side of stakeholder capitalism 9 Jul 2021 Arif Naqvi promised to make money while doing good in emerging markets. But he treated his Abraaj private equity group’s cash as his own, pocketing $780 mln. “The Key Man” tells how he hoodwinked the likes of Bill Gates and TPG. It’s an overdue reality check for impact investing.
Chancellor: Paying the piper for pandemic recovery 2 Jul 2021 The war on Covid-19 proved remarkably expensive. The U.S. federal deficit ran to $3.4 trillion last year. As the crisis eases, policymakers are thinking about how to foot the bill. Past wars have brought forth new taxes. Consider some fresh sources for raising government revenue.
Vaccine passports are a patchy travel fix 1 Jul 2021 European Union passes went live on Thursday. But even within the bloc there are quibbles over standards and risks from viral variants. At a global level, rifts are amplified. Even with a central authority and consensus on approved jabs, governments can impose their own curbs.
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.
Review: Pandemic saga suffers from tunnel vision 18 Jun 2021 Michael Lewis explores the weaknesses in America’s response to Covid-19 in “The Premonition”. Exposing missed opportunities can offer lessons for the next outbreak. But by focusing on just one country, he risks repeating the mistakes global leaders made in tackling the virus.
Capital Calls: U.S. malls are a tale of two REITs 14 Jun 2021 Concise views on global finance: Shopping center operator Washington Prime filed for bankruptcy protection, but the outlook is a bit rosier for premium mall owners.
Capital Calls: GEO meme, United Parcel Service 9 Jun 2021 Concise views on global finance: The meme stock good-vs.-evil fairy tale is wearing thin with the private prison operator; the logistics company is focusing on high-margin deliveries rather than volume, and investors aren't loving it.
The Exchange: EU Trade Commissioner Dombrovskis 8 Jun 2021 With vaccination programs catching up with America and Britain, Europe is poised to rebound, the former Latvian premier, who is also responsible for an “Economy that Works for People,” tells Rob Cox in an interview hosted by the European-American Chamber of Commerce New York.
Capital Calls: Warren Buffett’s taxes 8 Jun 2021 Concise views on global finance: A ProPublica report unveils the true tax rate of the Sage of Omaha, Jeff Bezos and other members of the uber-rich elite.
Review: Meritocracy is a myth 4 Jun 2021 The business leaders who flock to the World Economic Forum use wealth and power to get their offspring into the best schools. This approach increasingly undercuts a society based on merit. Today’s capitalist elite, argues Adrian Wooldridge, is a new aristocracy in disguise.
Viewsroom: Vaccine carrots and sticks, plus donuts 3 Jun 2021 Governments and companies are dangling incentives for people to get jabbed against Covid-19. But it will take more than free weed, lottery tickets and beer to reach herd immunity, Jeff Goldfarb explains. And Dasha Afanasieva says take the pastries, leave the Krispy Kreme shares.
Capital Calls: Russia and US, Clothing IPOs, Food 3 Jun 2021 Concise views on global finance: The Kremlin tells its national state fund to get out of greenback-denominated assets; Rent the Runway thinks about going public; the FAO’s global food index hits its highest level in nearly a decade.
The Exchange: Steering Europe’s green transition 1 Jun 2021 Frans Timmermans has a key leadership role in the European Union’s quest to reduce its 2030 emissions by 55% compared to 1990 levels. Ahead of a major set of green policy updates next month, he talks to George Hay about both these and November’s COP26 conference.
Review: A theory of everything green 28 May 2021 Carbon taxes, ESG investing, colonizing Mars – they’re all pieces of the puzzle. In “The Spirit of Green,” Nobel laureate William Nordhaus gives a sweeping account of how they fit together, and what economists can offer to counter climate change, if only humans would listen.
Capital Calls: Airbus signals liftoff, Bill Gates 27 May 2021 Concise views on global finance: The global aircraft industrial complex got a boost after the European plane maker said it hopes to churn out more of its A320 short-haul workhorses per month than expected; Microsoft founder’s huge private investment vehicle under scrutiny.
Capital Calls: Uber union 26 May 2021 Concise views on global finance: UK union’s success in representing drivers may hit potholes in the United States.
The Exchange: South Africa’s prospects 25 May 2021 Johannesburg Stock Exchange CEO Leila Fourie tells Swaha Pattanaik how South Africa’s economy has coped with Covid-19. In an interview recorded for the International Economic Forum of the Americas, she also flags sectors that will rebound fastest and discusses ESG investing.
Capital Calls: BlackRock/Exxon, Media deals, SPACs 25 May 2021 Concise views on global finance: The giant asset manager will vote for three dissident nominees for Exxon Mobil’s board; boutique adviser LionTree has benefited from a rash of media deals; Lordstown Motors show why blank-check merger projections can’t be relied upon.
Capital Calls: Apollo, Microsoft 20 May 2021 Concise views on global finance: The second of the asset manager’s three founders moves on; the software firm is pulling the plug on Internet Explorer.
Capital Calls: Retail sales’ wild ride 19 May 2021 Concise views on global finance: Some U.S. retailers are reporting better growth than others, but there’s still much to play for.