Peter Thal Larsen
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petertl.bsky.social
Peter Thal Larsen
@petertl.bsky.social
6.8K followers 560 following 1.6K posts
Global Editor, Reuters Breakingviews. Usual disclaimers apply. Signal: petertl.17
www.breakingviews.com
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petertl.bsky.social
The SLAPP to end all SLAPPs. Well done to everyone involved.
Trump's lawyers demand BBC retract 'Panorama' documentary or face lawsuit - Reuters News 10 Nov 2025 15:40:29BRITAIN-BBC/DAVIE-LAWSUIT (URGENT) By Jack Queen Nov 10 (Reuters) - Donald Trump's lawyers said that BBC must retract the "Panorama" documentary by November 14 or face a lawsuit for "no less" than 1 billion dollars, according to a letter sent on Sunday.
November 10, 2025 at 3:57 PM
petertl.bsky.social
Pretty impressive that the FTC managed to wave through Pfizer’s offer for Metsera AND torpedo Novo Nordisk’s counterbid, all during a government shutdown. Who says US bureaucrats can’t move quickly?

www.reuters.com/business/hea...
Metsera, in its Friday statement, said Novo's proposal presented "unacceptably high legal and regulatory risks" compared to the proposed merger with Pfizer, citing a call from the U.S. Federal Trade Commission to discuss the risks of a transaction with Novo. The regulator sent a letter earlier this week to Novo and Metsera, saying their proposed deal ran the risk of violating U.S. antitrust laws.
November 8, 2025 at 10:58 AM
petertl.bsky.social
You’ve heard from all the people who think the AI boom is like the dotcom bubble. Now meet the guy who argues the AI boom is actually crazier.
www.reuters.com/commentary/b...
LONDON, Nov 7 (Reuters Breakingviews) - Throughout the late 1990s Fred Hickey, the editor of The High-Tech Strategist, was relentlessly critical of the wild market excesses of the time. So-called “bubbleheads” responded by leaving vile messages on his voicemail. However, he developed a cult following among bearish investors. Although Hickey was eventually vindicated, he turned out to be wrong in one respect. In December 1999 he wrote: “The lunacy of tech stock valuations is beyond description ... I’m certain I’ll never see it again in my lifetime.” Hickey still publishes his monthly investment newsletter. He finds much to remind him about the earlier dotcom mania. Except this time, he believes the market is even crazier.
November 8, 2025 at 8:23 AM
petertl.bsky.social
Just heard about this slick-looking scam website targeting people applying for the new UK Electronic Travel Authorisation. Charges unfortunate users £97 (actual cost is £16) and extracts all their personal details including date of birth, address, photo, passport details etc.
Scam website: Apply for an ETA to come to the UK
November 7, 2025 at 9:29 AM
petertl.bsky.social
Rare sighting of an AI-related profit warning. Property website Rightmove says it's investing more in artificial intelligence: shares crash 25%.
www.reuters.com/world/uk/uks...
Nov 7 (Reuters) - Rightmove (RMV.L), opens new tab on Friday forecast slower profit growth in 2026, weighed down by investments it expects to make, primarily in artificial intelligence, as it seeks to bolster operations in the long term. Shares of Britain's biggest property portal fell 25% in early trading. "AI is now becoming absolutely central to how we run our business and plan for the future," CEO Johan Svanstrom said in a statement, adding that for 2026 to 2028, the company will accelerate investment to support double-digit growth in profit.
November 7, 2025 at 8:27 AM
petertl.bsky.social
Every day I look at my screen and think "that's it, that's the quote that sums up this mad era." And then the next day there's another one.
www.axios.com/2025/11/06/o...
Reality check: AI evangelists on Wall Street are also skeptical that standard metrics, such as valuations, are the best way to analyze these companies. "I don't pay attention to valuations that much," Jack Janasiewicz, portfolio manager at Natixis Investment Managers, tells Axios, adding that he sees the metric as subjective.
November 6, 2025 at 5:03 PM
petertl.bsky.social
This company has a stock market valuation of $1.6 trillion. More jaw-dropping reporting by @jeffhorwitz.bsky.social.
www.reuters.com/investigatio...
Meta is earning a fortune on a deluge of fraudulent ads, documents show Meta projected 10% of its 2024 revenue would come from ads for scams and banned goods, documents seen by Reuters show. And the social media giant internally estimates that its platforms show users 15 billion scam ads a day. Among its responses to suspected rogue marketers: charging them a premium for ads – and issuing reports on ’Scammiest Scammers.’
November 6, 2025 at 11:31 AM
petertl.bsky.social
Hang on, aren’t you supposed to ask for a government backstop AFTER the bubble bursts?
www.bloomberg.com/news/article...
In addition to OpenAl's deals with chipmakers, the ChatGPT maker is also eying a broad mix of financing vehicles to fund its infrastructure efforts. Friar said OpenAl is "looking for an ecosystem of banks [and] private equity" to support its ambitious plans. She also hinted at a role for the US government to "backstop, the guarantee that allows the financing to happen," but did not elaborate on how this would work. Asked for clarification, an OpenAl spokesperson said Friar was speaking in the context of the broader Al industry. There are currently no immediate plans about OpenAl pursuing a federal backstop, the spokesperson said.
November 5, 2025 at 9:18 PM
petertl.bsky.social
Good morning to everyone except the local estate agent who put these words on a website.
Flow. Being completely involved. Time well spent. Every moment following inevitably from the previous one. Like playing jazz. Like living in a beautifully planned home.
November 2, 2025 at 11:07 AM
petertl.bsky.social
The latest edition of The Week in Breakingviews just landed in subscribers’ inboxes. If you’re not already receiving it, sign up here: www.reuters.com/newsletters/...
The Week in Breakingviews Insights from Reuters global financial commentary team   By Peter Thal Larsen, Global Editor Welcome back! Donald Trump rated his summit with Xi Jinping a “12 out of 10”. We gave it a lower score. The confab produced an uneasy truce which did not resolve any of the tensions between the world’s two largest economies. What are we missing? Email me with your thoughts. If someone forwarded you this newsletter, sign up here to receive it every Saturday. Opening line “Xi Jinping bought peace for a handful of beans.” Five things I learned from Breakingviews this week Companies will spend $2 trillion on enterprise software by 2029, but only $76 billion on AI. (Read on Reuters.com) Capital spending by telecom operators is set to decline by 2% a year for the next three years. Switzerland’s public debt is just 25% of GDP; private lending is 10 times that figure. U.S. companies with the highest exposure to 18- to 24-year-olds have the worst-performing stocks. Japanese rice prices were up 63% year-on-year in September. (Read on Reuters.com)
November 1, 2025 at 12:08 PM
petertl.bsky.social
Every London IPO is a hostage to fortune for the UK government. Here's business secretary Peter Kyle hailing the listing of a £1.2 billion purveyor of tomatoes and canned tuna as "a great British success story" and a boost for Britain's industrial strategy....
FOR IMMEDIATE RELEASE Princes Group unveils London listing in major vote of confidence in UK economy Princes Group - leading manufacturer known for producing tinned tuna and Napolina tomatoes - lists on London Stock Exchange in major vote of confidence in UK’s capital markets. The IPO will help drive growth and investment in key sectors – reflecting the Government’s modern Industrial Strategy and Plan for Change. Business and Trade Secretary Peter Kyle calls Princes Group a ‘Great British success story’ and calls for more firms to follow in their footsteps. In a major vote of confidence in UK capital markets, Princes Group has listed today on the London Stock Exchange (LSE) in a move that cements the City’s position as a leading hub for global capital. Today (Friday 31 October), Business Secretary Peter Kyle joined Princes Group at the LSE for its market debut, where he delivered a speech and championed the long-established company as a “great British success story”. The listing on the LSE of the manufacturer of some of Britain’s best loved brands is a boost for the government’s modern Industrial Strategy and will help leverage further investment into the UK, in particular the food and drink and advanced manufacturing sectors.
October 31, 2025 at 7:51 AM
petertl.bsky.social
The Obesity Boys are fighting!
www.reuters.com/business/hea...
Novo Nordisk hijacks Pfizer with bid for US biotech Metsera By Reuters
October 30, 2025 at 10:26 AM
petertl.bsky.social
Also, the Chinese seem to be saying that the TikTok deal is not, in fact, done.
It added that the two sides had also reached consensus on expanding agricultural trade and would work to resolve issues around short video app TikTok, which Trump seeks to bring under U.S.-controlled ownership.
October 30, 2025 at 9:28 AM
petertl.bsky.social
The perils of running large parts of the economy on infrastructure controlled by a handful of big U.S. companies, part 3744
Microsoft Azure, 365 down for thousands of users, Downdetector shows Reuters News Adds details paragraph 4 onward Oct 29 (Reuters) - Microsoft's MSFT.O Azure and its suite of productivity software were down for thousands of users on Wednesday, according to outage tracking website Downdetector.com. Azure was down for over 16,600 users and Microsoft 365 was down for nearly 9,000 users, according to Downdetector, which tracks outages by collating status reports from a number of sources. "We are investigating an issue with the Azure Portal where customers may be experiencing issues accessing the portal," Azure said on its status page.
October 29, 2025 at 4:51 PM
petertl.bsky.social
New episode of The Big View 🎧🎙️: Ahead of the COP summit in Brazil, a chat with Adair Turner, chairman of the Energy Transitions Commission:
- reasons to be (a bit) less pessimistic about global warming
- progress on carbon pricing
- removing CO2 from the atmosphere.
open.spotify.com/episode/7l5I...
October 29, 2025 at 10:41 AM
petertl.bsky.social
Four headlines from the past four hours. We are rapidly approaching some kind of AI news singularity.
Microsoft, OpenAI reach deal removing fundraising constraints for ChatGPT maker Apple races past $4 trillion market value as new iPhone models revitalize sales PayPal unveils partnership with OpenAI for payments on ChatGPT, shares surge Nokia shares hit near 10-year high after Nvidia invests $1 billion in AI push
October 28, 2025 at 6:34 PM
petertl.bsky.social
If OpenAI is such a great investment, why will the CEO not have any equity?
www.reuters.com/business/mic...
CEO Sam Altman will not get equity in the restructured company, an OpenAI spokesperson said, in a reversal from discussions last year that he would receive equity. The company has no plans to focus on a potential public offering, the spokesperson said.
October 28, 2025 at 3:49 PM
petertl.bsky.social
Janus to Janus
Janus Henderson Group plc Confirms Acquisition Proposal from Trian and General Catalyst Business Wire 27 Oct 2025 12:18:00 Janus Henderson Group plc Confirms Acquisition Proposal from Trian and General Catalyst Janus Henderson Group plc (NYSE: JHG) (“Janus Henderson” or the “Company”), announced that it has received a letter outlining a non-binding acquisition proposal (the “Proposal”) submitted jointly by Trian Fund Management, L.P. and its affiliated funds (“Trian”) and General Catalyst Group Management, LLC and its affiliated funds (“General Catalyst”). The Company’s board of directors intends to appoint a special committee to consider the Proposal, which was received by letter on October 26 and contemplates the acquisition of all of the outstanding ordinary shares of Janus Henderson not already owned or controlled by Trian for $46.00 per share in cash.
October 27, 2025 at 1:25 PM
petertl.bsky.social
The latest edition of The Week in Breakingviews landed in inboxes earlier today, with observations and insights from a recent visit to Abu Dhabi, plus other highlights from the global @breakingviews.reuters.com team.

To get it every Saturday morning, sign up here: www.reuters.com/newsletters/...
The Week in Breakingviews Insights from Reuters global financial commentary team   By Peter Thal Larsen, Global Editor Welcome back! I spent part of this week in Abu Dhabi, attending the inaugural Reuters NEXT Gulf Summit. It was a great opportunity to hear how shifting trade links, capital flows and geopolitical relations are viewed from the Middle East. As always, email me with any suggestions. If someone forwarded you this newsletter, sign up here to receive it every Saturday. Opening line “Kering’s sale of its beauty arm to L’Oréal is the corporate equivalent of shamefacedly wiping off an expensive shade of rouge.” Read more: Kering’s beauty sale entails apt valuation blushes. Five things I learned from Breakingviews this week American universities awarded just 327 degrees in mining and mineral engineering in 2020. (Read on Reuters.com) Citigroup’s Jane Fraser was the lowest-paid CEO of a big U.S. bank in three of the last four years, yet earned more than $100 million. UK gross disposable income has risen 34% since 2019, but only 6% after inflation. U.S. banks’ loans to non-bank financial institutions have risen to 10% of the total, from 3% a decade ago. Victoria Beckham’s fashion company used to spend $85,000 a year on office plants. (Read on Reuters.com)   Stuck in the Middle
October 25, 2025 at 12:08 PM
petertl.bsky.social
This reads like someone typed “what US-made products are as essential as Chinese rare earths” into ChatGPT.
www.reuters.com/world/us/us-...
Exclusive: US considering curbs on exports to China made with US software, sources say
October 22, 2025 at 6:24 PM
petertl.bsky.social
If you liked expansionary austerity, you’re going to love disinflationary stimulus.
www.reuters.com/world/asia-p...
Exclusive: Japan’s new PM is preparing large economic stimulus to tackle inflation, sources say
October 22, 2025 at 10:19 AM
petertl.bsky.social
This is performance art
Chart from Apollo chief strategist stating "In public markets there are safe and risky investments." "In private markets there are safe and risky investments."
October 20, 2025 at 12:37 PM
petertl.bsky.social
The perils of running large parts of the global economy on infrastructure controlled by a handful of big U.S. companies, part 3743
Reuters headlines reporting outages at AWS
October 20, 2025 at 8:11 AM
petertl.bsky.social
cover of Dow 36,000 by James Glassman and Kevin Hassett, published in October 1999.
October 15, 2025 at 1:31 PM
petertl.bsky.social
Long weekend in San Francisco: a play in three acts
October 13, 2025 at 5:05 PM