The Closer | FT Alphaville

The Closer


- The pre-recession UK debt fuelled boom that never was?

- An inverted view of the US corporate tax bite.

- Adam Ozimek on the sharing economy and developing countries.

- Inequality debate avoids asking who is harmed.

- Obama weighing options to stop inversions (without Congress).


Fox withdraws $80bn Time Warner offer: “21st Century Fox announced Tuesday that it had withdrawn its $80bn offer to buy Time Warner, which the company had rebuffed last month. Rupert Murdoch, chief executive said “our proposal had significant strategic merit and compelling financial rationale”.” (Financial Times)

US watchdogs reject banks’ ‘living wills’: “Big banks have failed to deliver credible “living wills” to show how they would be wound up in a future crisis, regulators announced on Tuesday, as they instructed institutions from Goldman Sachs to JPMorgan Chase to improve or face draconian sanctions. The living wills were a key part of reforming the financial system – designed to avoid a repeat of the devastating bankruptcy of Lehman Brothers or a repeat of the government bailouts of banks. They require banks to draw up plans that would dictate how they would unwind their operations and financial contracts in an orderly way that avoided panic.” (Financial Times)

BlackRock sounds alarm over IPO quality: “The world’s largest institutional investor has sounded the alarm over the quality of European IPOs as hedge funds increase their bets against private equity-backed flotations, after the market for companies going public was soured by a string of high-profile failures. BlackRock said the flotation process needed to be improved, after the best six months for European IPOs since the financial crisis was ruined by poor market debuts from companies including Saga, the UK retirement group, Applus, the Spanish industrial testing business and eDreams Odigeo, the online travel agent.” (Financial Times)