LONDON (Reuters Breakingviews) - Fifty years ago, NASA landed the first people on the moon. Today, billionaires like Elon Musk and Jeff Bezos are blasting satellites into space to boost global internet coverage. Adrian Steckel of SoftBank-backed OneWeb explains why there’s a brewing gold rush in low-earth orbit.
LONDON (Reuters Breakingviews) - Nissan Motor and Renault’s alliance may soon be reinvigorated. It hit the skids last November when the $24 billion Japanese carmaker ousted mutual Chairman Carlos Ghosn. Almost a year later, Nissan has appointed a new chief executive whose resume suggests he will see eye to eye with his French counterparts. That would herald an easing of tensions between the embattled automotive groups and make life easier for Renault Chairman Jean-Dominique Senard.
LONDON (Reuters Breakingviews) - In soccer, caretaker managers are typically “nice guys” appointed to gee up a failing team’s morale before handing over to a more serious option. HSBC’s Noel Quinn is taking a different approach, with plans to cut up to 10,000 jobs at the $150 billion lender just months after taking over as interim chief executive. Still, he’s only passed the first stage of an ongoing job interview for the permanent role.
LONDON (Reuters Breakingviews) - Paying a 38% premium is usually a sure-fire way to destroy value. Not so with bookmaker Flutter Entertainment, which is offering $6.1 billion in shares to buy Canadian peer Stars Group. Cost savings alone almost justify the generous price, while post-deal revenue boosters look credible.
LONDON (Reuters Breakingviews) - The collapsed 36 billion euro marriage of carmakers Renault and Fiat Chrysler Automobiles still makes a lot of sense. Yet that becomes less true with every day that passes.
LONDON (Reuters Breakingviews) - Adam Neumann is in a bind. The WeWork founder needs to raise at least $3 billion through an initial public offering to unlock another $6 billion of bank credit. But The We Company has shelved its float due to weak demand from investors. Without the cash, growth will dip, potentially pushing the office-sharing startup’s value even lower.
LONDON (Reuters Breakingviews) - The new European Commission has got off to a good start before it has even started work. Denmark’s Margrethe Vestager will hold onto the competition tsar role in which she has already spent five years ruffling feathers on both sides of the Atlantic. That wins incoming president of the European Union executive, Ursula von der Leyen, kudos even before she takes office.
LONDON (Reuters Breakingviews) - Pity Adam Neumann. Mere months ago the WeWork co-founder’s bankers touted a $65 billion public-market value for the office sublessor’s parent, according to news reports. Now his biggest backer, Japan's SoftBank, is urging him to scrap an initial public offering that may peg The We Company's worth at less than $20 billion, according to the Financial Times. The problem is that WeWork may not last long without the proceeds of an IPO.
LONDON (Reuters Breakingviews) - UK Prime Minister Boris Johnson has prorogued parliament, cutting the time available for lawmakers to thwart a planned Oct. 31 EU departure. What does this mean for Brexit and the UK economy? Plus: we pick through the wreckage of China’s crashing automotive market.
LONDON (Reuters Breakingviews) - Few legacies are either wholly good or bad. Volkswagen’s current management could be forgiven for feeling particularly ambivalent about the heritage of Ferdinand Piech, the company’s former chief executive and chairman who died aged 82 on Sunday.