Peter Thal Larsen
Reuters Top News
United Kingdom
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Past articles by Peter:
Revisiting JPMorgan’s innovative Cazenove deal
Near the end of his newly published memoir Robert Pickering, the former chief executive of Cazenove, considers whether the venerable British stockbroker was right to surrender its independence to JPMorgan . Perhaps unsurprisingly, he concludes that the firm’s managers made the correct decision. For the U.S. bank, however, the case for the deal is less compelling than it once seemed. → Read More
Davos, Inc. finds reasons to be less gloomy
When the chairmen of some of the world’s largest companies got together behind closed doors at the World Economic Forum this week, they had plenty of reasons to feel sombre. Higher interest rates are putting a brake on economic growth, trade tensions are fracturing supply chains, and investors have just suffered their worst year since the 2008 financial crisis. Yet when the assembled crowd were… → Read More
How to navigate a bewildering market landscape: podcast
The pandemic boom lured in new and younger investors. Now interest rates are up, asset prices are down, and ESG investing faces a backlash. In this Exchange podcast, Morningstar CEO Kunal Kapoor talks about personalising investment, the value of data, and taking the long view. → Read More
StanChart suitors track banking’s flighty fortunes
There are few enduring certainties in banking. But one reliable rule of thumb is that Standard Chartered will be the subject of periodic bouts of takeover speculation. Over the past four decades British, American, Asian and Australian rivals have considered an offer for the emerging market lender. The latest prospective suitor, First Abu Dhabi Bank , reflects the shifting fortunes of global… → Read More
Being ready for anything is top priority for 2023
There was a time when forecasting was a relatively simple pursuit. The most reliable approach was to assume that the coming year would turn out much like the previous one. Many corporate chieftains and money managers owed their glittering reputations to this simple rule of thumb. No longer. → Read More
Central bankers will shift inflation goalposts
Central bankers spent the decade after 2008 worrying about deflation. Now they are once again trying to stop prices from rising too quickly. The Federal Reserve, European Central Bank and others are determined to limit annual price increases to around 2%, in line with their targets. Stubborn inflation may force them to shift the goalposts. → Read More
Sam Bankman-Fried did financial system a favour
Sam Bankman-Fried has tipped the cryptocurrency industry into crisis. But the spectacular implosion of FTX, the exchange he founded, has done the broader financial system a big favour. The curly-haired kingpin was at the forefront of pushing regulators and politicians to legitimise digital assets like bitcoin. His downfall will slow that process – and may even send it into reverse. → Read More
UK market watchdogs rely on kindness of foreigners
Britain has a financial oversight problem. For the second time in less than three years, the Bank of England has made an emergency intervention in the market for UK government bonds. Both times, selling by overseas funds was partly to blame. The international nature of the $2.4 trillion gilts market limits the central bank’s ability to keep tabs on what is happening. The only hope is to rely on… → Read More
The politics and economics of superpower rivalries: podcast
Are America and China heading for a showdown, and what does it mean for the world order? In this edition of the Exchange podcast Paul Tucker, former deputy governor of the Bank of England, discusses the financial and foreign policy fallout and his new book, “Global Discord”. → Read More
Breakingviews: Britain’s next leader will be on a short leash
Liz Truss has earned a footnote in the history books. The British leader on Thursday after just 44 days in charge, making her the country’s shortest-serving prime minister ever. Failed policies and a deeply unpopular party will keep her successor on a tight leash. → Read More
Time for Britain to try technocratic government
British politicians like to look to America for inspiration. After a month of political and economic turmoil at home, they would be better off studying Italy and Greece. Those nations tackled previous crises by installing governments led by non-politicians. After four failed prime ministers in just over six years, it’s time for Britain to consider a similar experiment. → Read More
Review: Lex Greensill epitomised post-2008 finance
About a decade ago Daniel Tarullo gave a speech warning of the dangers posed by shadow banking. The law professor and Federal Reserve governor contrasted the extensive efforts to reform big banks, many of which had almost collapsed in the crisis of 2008, with the limited supervision of asset managers, brokers, and other intermediaries in financial markets. “As the oversight of regulated… → Read More
Breakingviews: Boris Johnson exit is beginning of end for Brexit
Brexit helped propel Boris Johnson to Britain’s highest office. His three turbulent years as prime minister revealed the costs of that decision. His departure will not spare Britain the lasting economic and diplomatic damage caused by leaving the European Union. But the idea of Brexit as a force for reordering British society expired with Johnson’s resignation speech on Thursday. → Read More
Breakingviews: Boris Johnson’s woes obscure deep UK divisions
The end is in sight for Boris Johnson. The prime minister’s grip on power is slipping after two senior members of his cabinet resigned while questioning his competence . But the debate over his suitability for office masks deep divisions over a range of policy issues. A new leader will find them even harder to reconcile. → Read More
Hong Kong’s last governor on dealing with China: podcast
Chris Patten was Britain’s top representative in the colony before its handover 25 years ago. In this edition of The Exchange podcast he talks about his newly published diaries, businesses sucking up to the People’s Republic, and whether the West will defend international rules. → Read More
Wounded PM leaves UK economy in painful limbo
Britain’s ruling Conservative party has thrown the country into a painful limbo. Tory lawmakers on Monday evening narrowly declared their support for Boris Johnson, leaving the prime minister in office but seriously wounding him in the process . His fragile position, and probable attempts to win back public support, only deepen the economic uncertainty facing the United Kingdom. → Read More
Fingers crossed Davos Man gets it wrong again
Three things were in shorter supply than usual at this week’s World Economic Forum in Davos: snow, delegates, and reasons to be cheerful. The confab of politicians, financiers, business leaders and hangers-on reconvened in the Swiss mountain resort after a pandemic-induced absence of more than two years. The consensus that emerged is that the world is beset by problems, many of which are going… → Read More
Smaller, warmer Davos confronts a siloed world
The World Economic Forum is showing signs of a more siloed world. Political, business and financial leaders and their entourages are convening in Davos, Switzerland this week after a delay of more than two years. Pandemic, war, and the unusual spring slot help explain some notable absences. As economies turn inward and markets tumble, founder Klaus Schwab’s knack for brokering cross-border… → Read More
HSBC breakup push requires delicate brushoff
HSBC , is under attack from an unconventional activist. Chinese insurer Ping An , wants the $125 billion bank to spin off its Asian operations. A radical breakup, however, would do little to solve its problems. → Read More
Twitter’s scarce suitors, Didi’s New York exit: podcast
As Elon Musk dangles a $41 billion offer, Breakingviews columnists discuss whether anybody will end up buying the social network in this Viewsroom podcast. Plus, the Chinese ride-hailing firm cancels its U.S. listing less than a year after arriving, leaving shareholders stranded. → Read More