NEW YORK (Reuters Breakingviews) - Bob Iger has been underestimated at almost every turn in his career. From a lowly ABC studio supervisor assigned to soaps like “All My Children” to the corner office at Walt Disney, the executive’s amiable demeanor belies a killer instinct that allowed him to assemble a portfolio of assets that is the envy of the media world. His timing may be just as good. Iger is preparing to leave the $230 billion company just as the industry undergoes another wrenching transition.
NEW YORK (Reuters Breakingviews) - That’s when the Facebook CEO rejected Yahoo’s $1 bln takeover bid. Now he uses the decision to justify his grip on control and decisions on data, privacy and the chance of a breakup under a Democratic president. Plus: How a spat over shrubbery almost felled Credit Suisse’s CEO.
NEW YORK (Reuters Breakingviews) - Mark Zuckerberg has grasped Facebook’s big problem – and its best defense. Zuckerberg acknowledged in a recording leaked on Tuesday that the U.S. government would probably try and bust up his $500 billion social network if Democratic candidate Elizabeth Warren wins the presidency next year. His argument: Making tech firms smaller would be counterproductive for preventing election interference. He’s right on both counts.
NEW YORK (Reuters Breakingviews) - It’s getting too tempting to smell the whiff of political machinations anywhere these days – even around mundane rule changes at a stock exchange. Nasdaq is effectively all but blocking small overseas firms from going public on its platform after tweaking some of its governance and liquidity rules, with Chinese firms particularly impacted, Reuters reported on Sunday. Throw in the Trump administration’s threat last week that it was considering kicking companies from the People’s Republic off U.S. bourses, and it’s easy to infer a connection.
NEW YORK (Reuters Breakingviews) - Adam Neumann lost his CEO role and control of the shared-office provider after its valuation plummeted in preparation for a now-postponed IPO. But WeWork’s business model remains a problem. Plus: Thomas Cook’s collapse hits China’s Fosun. And: parsing financial climate pledges.
NEW YORK (Reuters Breakingviews) - Saudi Arabia is quickly repairing the damage drones inflicted on its oil industry. But the fallout has implications for everything from security to U.S. shale drillers to climate change-driven alternative energy. Plus: Why are AB InBev and ESR restarting Hong Kong listing plans?
NEW YORK (Reuters Breakingviews) - Hiroto Saikawa is stepping down amid controversy over his pay. It has implications for the company’s rocky Renault alliance, and by extension for the French carmaker’s recent attempt to merge with Fiat Chrysler. Plus, is activist Elliott Management going soft on AT&T?
NEW YORK/SAN FRANCISCO (Reuters Breakingviews) - Apple is known for the cleanness of its smartphone designs, yet its TV plans have until now been full of static. On Tuesday, the $970 billion company made things a tad clearer, by announcing that its new Apple TV+ package will be cheaper than rivals. That doesn’t guarantee it will be a smash hit, but it’s enough to get a bunch of people trying it out, which will help Chief Executive Tim Cook with a longer-term goal.
NEW YORK (Reuters Breakingviews) - Donald Trump’s approach to dealing with China on trade has set a new high for erraticism. The U.S. president said on Monday that talks are back on with Beijing, just days after escalating tariffs. But his whipsawing makes it hard for counterparties to engage, as the G7 summit meeting in France demonstrated.
NEW YORK (Reuters Breakingviews) - A U.S. downturn is near, judging by past early warning signals from yield curves to bank valuations. But fallout from the 2008 crisis has sapped them of some predictive power. Plus: what the exit of Cathay Pacific’s CEO says about Beijing’s response to the Hong Kong protests.
Hong Kong's metro system will stay shut on Saturday, the rail operator said, paralysing transport in the Asian financial hub after a night of chaos in which police shot a teenage boy and pro-democracy protesters torched businesses and metro stations.