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Business News
- Law site’s IPO evokes a future beyond dying firms
- Global sell-off could echo summer of 2011
- Asia’s bonds look shinier as Europe and China slump
- The pound’s climb may send the UK down
- Hollande-Merkel agenda is more Greece than growth
- Oracle suit gives Google a chance not to be evil
- Facebook winning Keynesian beauty contest
- China has strongest hand in Philippine stand-off
- Chongqing won’t be allowed to fail with Bo
- Euro stocks discount lion’s share of new fear
It’s coincidence that LegalZoom’s $120 mln float is coming as Dewey & LeBoeuf evaporates. But the rise of the U.S. online legal document site is a warning to old-line lawyers. There’s plenty of work for savvy legal eagles, but those who aren’t lean and innovative could perish.
Markets fear a chaotic Greek euro exit. Unless Europe helps Athens more, the sell-off is likely to deepen. Weak global growth doesn’t help. Oil and stocks could return to last year’s lows. As then, the dollar and safe bonds are the sanctuary - but this time, gold is vulnerable.
The region’s robust finances have made its sovereign debt a safe haven as bigger economies stall. An indiscriminate sell-off will affect everyone, but Indonesia, Japan and the Philippines all have qualities that should leave them less hard hit.
Sterling has risen against the euro, just when a weak Europe is holding back UK exports. The pound will climb much further if Greece triggers a still more serious euro crisis by leaving the single currency. It’s a big risk for the UK, which policymakers can do nothing about.
The French president is flying to Berlin on his inauguration day to meet Angela Merkel. Hollande won’t just try to smooth things over with the German chancellor on fiscal discipline. The Greek crisis has forced the leaders of Europe’s two largest countries to brace for the worst.
The search giant has been thumped on privacy, antitrust and governance grounds. But it looks almost virtuous in a patent spat with troll-like Oracle. Investors and watchdogs may still have beefs, but for now Google can milk its role as defender of software’s right to be free.
Investors devouring the social network’s IPO shares have pushed its top valuation to over $100 bln. To justify the lofty figure, buyers are using everything from eyeballs to credit scorers. But such analytical gymnastics are merely a way to rationalize the Facebook hype.
Manila protests China’s claims on disputed islands, but its economic position is weak. China is a big export customer, and has the money and tourists Manila needs to dig mines and fill new casinos. Whoever owns the South China Sea’s energy riches, China will be the biggest buyer.
The Chinese city looks in line for a bailout after former leader Bo Xilai’s fall. A policy bank is ploughing in new funds, and state-owned firms are enlisted for help. Even though Chongqing’s debt-financed growth model is discredited, the need for stability prevails.
European shares look cheap by U.S. standards, but it takes bravery to be bullish in the midst of a stream of bad news. The lure: stocks appear to be pricing a long period of economic stasis. Even a modestly better outcome would give today’s buyers double digit annual returns.
FP Top Stories List
- Greek exit from eurozone would be 'extremely expensive': IMF chief
- Should you avoid the first-day Facebook trading frenzy?
- Half of Canadians plan to retire with mortgage: survey
- End of the line for CP Rail's Fred Green?
- Enbridge plans massive $3-billion pipeline expansion in Canada, U.S.
- U.S. Fed open to additional stimulus: minutes
- Closing Bell: TSX gives up early gains as Greece anxiety weighs
- In battle of sports networks, TSN extends lead over Sportsnet
- Facebook IPO triggers retail investor craze
- Desjardins fund joins international call for firms to adopt fracking standards
IMF head Christine Lagarde warned on Wednesday that any Greek departure from the euro “would be extremely expensive and hard, and not just for Greece”
Many potential investors are looking beyond Facebook's market debut on Friday in an effort to figure out what the future holds for the company behind one of the most popular sites on the Internet
The one thing Canadians won’t be retiring anytime soon is their mortgage debt, according to a new BMO survey, which shows 51% of Canadian homeowners plan to carry their mortgage into their retirement years
Activist investor Bill Ackman appears set to declare victory Thursday in his ongoing proxy battle at CP over replacing the current CEO with former CN chief Hunter Harrison
The company kicked off a sweeping expansion Wednesday across its pipeline system aimed at moving western Canadian crude to Eastern refineries and preventing bottlenecks in the U.S. Midwest
U.S. Federal Reserve policymakers kept the door open to a fresh round of monetary stimulus, citing downside risks to a moderately expanding economy, according to minutes for the central bank
Closing Bell: TSX gives up early gains as Greece anxiety weighs
Rogers' Sportsnet has ramped up programming expenses but continues to post lower profits than its competitor, BCE's TSN, according to fresh data released Wednesday
Warnings to avoid Facebook's IPO are falling on deaf ears, as many are drawn in by its brand name and the fact that one in seven people around the globe are on the social network
Desjardins fund joins international call for firms to adopt fracking standards