(Translated by https://www.hiragana.jp/)
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Breakingviews

 
By Jeffrey Goldfarb
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.
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Oracle suit gives Google a chance not to be evil

By Reynolds Holding
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.

China has strongest hand in Philippine stand-off

By Wayne Arnold
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.

Chongqing won't be allowed to fail with Bo

By Wei Gu
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.

Euro stocks discount lion's share of new fear

By Robert Cole
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.

Dodd-Frank opponents return to the drawing board

By Daniel Indiviglio
JPMorgan’s prop-like $2 bln trading flub gives ammo to proponents of more stringent bank oversight. Yet Mitt Romney and many in the GOP have promised to gut Dodd-Frank and Volcker. One tactic may be to embrace Dallas Fed President Richard Fisher’s call to make banks smaller.
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Murky U.S. bribery law gets a dose of clarity

By Reynolds Holding
Morgan Stanley recently showed how to avoid legal charges, and an appeals court will soon define whose palm can’t be greased. That’s good news for multinationals sweating unpredictable enforcement of a very confusing statute. But an overhaul by Congress is still long overdue.
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