Breakingviews

Deutsche Boerse Chief Executive Theodor Weimer has finally clinched a big deal. After several false starts, the German exchange operator on Tuesday announced it is buying 80% of Institutional Shareholder Services, for about $1.8 billion. While the U.S. group’s business advising investors on how to vote at shareholder meetings is unexciting, its ability to score companies on their environmental, social and governance credentials offers growth potential. It’s also a

Corona Capital is a column updated throughout the day by Breakingviews columnists around the world with short, sharp pandemic-related insights.

Aggressive dealmaking in the insurance sector may be an unexpected consequence of the pandemic. Just look at RSA Insurance, which has just agreed a 7.2 billion pound offer from Danish and Canadian suitors Tryg and Intact Financial. A hefty premium and breakup plan look daring, but may still pay off if insurance rates rise after the virus.   

Nio’s rapid rise confirms the electric-car craze is bigger than just Tesla. The Chinese upstart lacks the production of its larger U.S. rival, and founder William Li dazzles less than his counterpart Elon Musk. Its latest quarterly results also suggest that it will need to grow into a racy $63 billion valuation.

Guns and social networks have several things in common. Many people enjoy them responsibly, but in the wrong hands they’re dangerous. Yet both enjoy an unfair subsidy in the form of legal protections that shield them from the actions of their users. That can’t last forever.

If President-elect Joe Biden were picking the next U.S. Treasury secretary on progressive credentials, Lael Brainard might seem a shoo-in. A career economist and Federal Reserve governor she has been vocal about financial inclusion and the risks of climate change. In the end, it may be a Republican-dominated Senate that gets the final say over who oversees the national finances. She would then be a less obvious pick – but still a good one.

The U.S. faces a paradigm shift, as the era of monetary policy dominance ends and fiscal action becomes the major driver of growth. So argues Greg Jensen, co-chief investment officer at Bridgewater Associates. He says this means rethinking one’s approach to asset classes.

Cellnex Telecom’s freedom to roam across Europe may be coming to an end. Spurred by the telecommunication tower operator’s rise, Vodafone is preparing to float its mobile mast unit early next year. Other European rivals are also carving out their infrastructure divisions. With half of Europe’s 700,000 mobile towers still potentially up for grabs, the 25 billion euro Spanish M&A machine faces serious competition.

Walmart is late to the hot new trend of subscription-based shopping, but that isn’t such a bad thing. In September, the U.S. retailer launched a membership model akin to Amazon.com’s Prime. Like Walt Disney’s streaming service, which is quickly catching up to Netflix, Walmart may have the advantage of being able to ride on a more innovative rival’s coattails.