Remaking Made in India will be a long slog 19 Apr 2024 Despite capturing iPhone production, a $24 bln scheme to become the world's factory is ripe for a reset. Officials are learning the hard way that subsidies and cheap labour aren't enough to lure investment. Lower import tariffs would help, cooperation with China is a necessity.
Netflix plots feel-good story in a horror festival 18 Apr 2024 The $260 bln streaming service’s ability to keep adding subscribers by cracking down on password-sharing is inspiring copycats. The “One Day” producer has other edges on laggards such as Disney and Paramount. A $7 bln cash pile also provides it with a chance to widen the lead.
Blackstone’s cash pile will buy only so much time 18 Apr 2024 The investment giant is reaching into its $200 bln war chest, but selling less. Higher-for-longer rates also threaten to slow down deals. A protracted mismatch would sharpen the divide between fund backers focused on profit and shareholders benefiting from capital deployment.
UK music fund may walk off stage without encore 18 Apr 2024 Hipgnosis Songs Fund accepted $1.4 bln in cash from US rival Concord Chorus. The 32% premium pitches songs by Neil Young and Shakira at the lower end of their shrunken fair value. With higher-for-longer rates, it’s far from clear that its Blackstone-owned manager will pay more.
Spain’s utility saga calls for tough balancing act 18 Apr 2024 The UAE wants to buy 40% of 22 bln euro Naturgy from its private equity owners. That would usually require a full takeover, but Madrid has form on protecting key infrastructure. Spain will have to balance its desire to retain control with the need not to scare its bidder away.
UAE is timely reminder of climate plan B urgency 18 Apr 2024 Torrential rains have flooded Dubai’s airport. Spending cash to prepare for the impact of global warming often takes a back seat to slashing emissions. The more richer states upgrade climate defences, the more they highlight the need to help poorer ones do so too.
TSMC’s high-tech stock beset by low-tech problems 18 Apr 2024 Shares of Taiwan's $640 bln tech titan are up 36% this year thanks to its AI chip dominance. Yet they trade at a decade-high valuation discount to peers. Geopolitical risk is one factor, as are sluggish handset sales and over-expansion fears. All look out of TSMC's control.
Vietnam’s stability gets rude $24 bln shock 18 Apr 2024 At nearly 6% of GDP, a rescue of Saigon Commercial Bank is just shy of how much rich nations spent on bailouts during the financial crisis. The fallout will ripple through boardrooms around the world. The Asian country looks unstable as its importance in supply chains rises.
Czech Sphinx may need to pay up for UK mail morsel 17 Apr 2024 Daniel Kretinsky has been rebuffed in a bid to buy the 72% of 3 bln pound International Distributions Services he doesn’t already own. The Czech billionaire has deep enough pockets to pay more for the owner of Royal Mail. But his target’s board has grounds to dig its heels in.
Musk’s next big payday matters more than his last 17 Apr 2024 Tesla shareholders will soon vote on the CEO’s court-voided $40 bln pay package. It’s not a tough decision. Recent departures and strategy shifts make Tesla’s value highly dependent on keeping Elon Musk motivated. But a new pay plan is needed too, and the stakes are even higher.