It’s a bad time for Dhanin Chearavanont’s telco to try and plug its finances with a $1.8 bln spin-off. Political turmoil has added to uncertainty about global interest rates. But the lure of a tax-free yield twice that of 10-year Thai bonds may rope in sufficient local investors.
Beijing won’t allow currency competition. The central bank has barred financial institutions from trading the pseudo-money, while reining in anonymous users. Bitcoin can still be traded, but the authorities are wary. The virtual asset has just lost a lot of its speculative appeal.
With the central bank printing money at home, Japanese investors were supposed to be big buyers of global bonds. Instead they have been net sellers this year. While that’s changing, a yen deluge looks unlikely as long as investors remain afraid of the Federal Reserve’s next move.
The UK lender has launched London’s first clearing system for the Chinese currency. It’s good for China’s global ambitions, though not for StanChart’s short-term profitability. Market share and political favour may matter more than immediate financial logic.
The Australian carrier, which warned on profits, is a political hybrid. As a national champion it faces limits on raising foreign capital, but it lacks the financial advantage openly state-backed rivals enjoy. Something has to give, but Qantas could also do more to help itself.
The emerging market lender has warned of a drop in 2013 operating profit, ending a golden decade of growth. The main problems are quite specific: hostile Korean regulation and subdued trading. Growth may be bumpier from here, but the share sell-off looks excessive.
The Australian shopping mall giant is separating its international and local assets in a cash-and-share deal. The cleaner structure may allow Westfield to command a higher valuation like its U.S. peers. To lure new investors, it might need an overseas listing.