LONDON (Reuters Breakingviews) - Tidjane Thiam's compensation for 2016 shows up Credit Suisse's tin ear. The Swiss bank's board has granted its chief executive 11.9 million Swiss francs ($12 million) for the year. That looks bad in a period when it made a 2.7 billion Swiss franc loss and was considering a potentially dilutive capital raise.
LONDON (Reuters Breakingviews) - The European Union’s big birthday party will be an awkward affair. Heads of state will gather in Rome on Saturday to mark the anniversary of a treaty, signed by the EU’s six founding members in the Italian capital in March 1957, which promised to “lay the foundations of an ever-closer union among the peoples of Europe”.
HONG KONG (Reuters Breakingviews) - How do you say "key-man risk" in Japanese? Investors might need to think about that. For now, they are relaxed about a land scandal involving Premier Shinzo Abe. But the episode highlights a vulnerability. The country's ongoing grand economic overhaul is fashioned around a single man: it is called "Abenomics" for a reason.
NEW YORK (Reuters Breakingviews) - The ad kings have faced criticism over questionable content. Now Google is in the hot seat as brands like L’Oreal pull their digital spending. Also, Lyft finds an opening as Uber hits roadblocks. Plus: Not all is copacetic between Goldman Sachs alumni in Washington.
NEW YORK (Reuters Breakingviews) - Amazon is purchasing a cheap, curious trinket. The $400 billion Seattle-based online retailer is paying less than $1 billion for Souq.com, a Middle Eastern e-commerce upstart. Amazon gets a low-cost toehold in a region that's hard to conquer. That said, overseas buyers have a history of regretting purchases of shiny objects in this labyrinthine market.
LONDON (Reuters Breakingviews) - Next is taking fashion cues from bankers, which doesn’t mean just donning a Hermes tie. The British high-street clothing chain has subjected itself to a stress test, previously the preserve of the financial world. In the worst scenario, where the average branch’s sales dip 6 percent a year for a decade, the net profit margin of its store portfolio will halve. Openness about the problems facing retailers is welcome. But this voluntary exam glosses over big risks.
HONG KONG (Reuters Breakingviews) - Life should be good again for China's insurance giants. Low interest rates and tougher capital rules made 2016 hard for mainland life insurers. Now, the tide is turning as bond yields rise. For major players, a crackdown on high-yielding investment products should also help them regain market share.
NEW YORK (Reuters Breakingviews) - The last chapter for Sears looks to be at hand. The troubled U.S. retailer warned it could be headed for bankruptcy if it can't reverse a brutal decline in annual sales and rising losses. Chief Executive Eddie Lampert’s long quest to turn Sears around seems destined to fail. The fate of the hedge-fund boss's investments over the years may be different.
LONDON (Reuters Breakingviews) - For fans of explicitly ethical stakeholder capitalism, Unilever’s rebuttal of a takeover approach by Kraft Heinz last month was a great moment. On one side, a company that made a big deal about thinking long term and creating good products as well as profit for shareholders. On the other, a business run by some of the harshest corporate cost-cutters around. With little more than a few phone calls, the Anglo-Dutch consumer product giant saw off the much smaller co
LONDON (Reuters Breakingviews) - Tackling money laundering calls for more zeal from the banking industry. The financial sector's role in abetting criminals' recycling of illicit funds is facing further public scrutiny, after revelations concerning ING and several UK lenders. The Dutch bank disclosed in its annual report that it is the subject of a money-laundering probe by domestic authorities, while the Guardian reported on Monday that several British lenders recycled almost $740 million in ill
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