From Breakingviews - First Republic’s rescue cements ‘too big to fail’: podcast
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Breakingviews - Chinese tourists return with lighter walletsChinese travellers are opening their suitcases again, but not their wallets. More than 240 million people are visiting mainly domestic spots like Shanghai and Hong Kong during the almost week-long Labour Day festivities. It's slightly more than pre-Covid levels, but spending is lower as many find cheaper ways to have fun.
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Breakingviews - Ford and GM can afford to put on a brave faceDetroit says everything is going great; the stock market seems unconvinced. Automakers General Motors and Ford Motor reported operating profit well above Wall Street’s expectations in the first quarter. Both companies say good times should continue despite a darkening economic picture and billions of dollars in required investments in electric vehicles. Their battery-powered makeovers carry risks, but 3.6 million missing car sales thanks to Covid-era shortages means their gas-guzzler cash cows can put on a brave face, thanks to plenty of unfulfilled demand.
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Breakingviews - BNP only partly earns title of Europe’s JPMorganBank investors and analysts often like to say that BNP Paribas is the closest Europe has to a JPMorgan , the goliath of U.S. banking that just bought First Republic Bank . The 70 billion euro French lender’s first-quarter results, released on Wednesday, only partially bear that out.
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Breakingviews - UniCredit’s M&A hunt has more glitter than goldAndrea Orcel has a dilemma. Since joining 36 billion euro UniCredit as chief executive in April 2021, the Italian banker has consistently boosted earnings beyond analyst expectations while keeping its capital base solid. The resulting improved valuations should in theory put the veteran dealmaker in a strong position to pounce on a rival. Yet prospective targets may not be as enticing as it might seem.
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Breakingviews - Eli Lilly’s golden ticket is a regrettable winnerEli Lilly’s Mounjaro might turn out to be the biggest selling drug ever. The pharmaceutical giant is maximizing the diabetes treatment’s gain by using a golden ticket to speed its U.S. approval for use in a possibly bigger market, obesity. Cutting just several months off the approval process could yield $30 billion in additional value. The success doesn't, however, speak to the effectiveness of the government program used to get there.
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Breakingviews - UK listing shakeup requires double dose of hopeThe UK is trying to do something about its dwindling listings. Britain’s financial watchdog wants to spur domestic IPO markets by weakening shareholder protections. Yet making London appealing to fast-growing foreign firms requires wider reforms, and lower standards are only a good idea if investors punish bad governance.
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