Capital Calls: New York City is on climate notice 2 Sep 2021 Concise views on global finance: Cities with a higher number of wealthier residents will be able to combat climate related events.
Juicy Nordic drug buyout needs safety label 2 Sep 2021 Advent and GIC are paying $8 bln for Swedish Orphan Biovitrum, which specialises in rare-disease treatments. The new owners will need to invest in fresh products and fend off rivals, all while keeping staff. The potential returns look appealing but come with a fair dose of risk.
Walmart lifts lid on good, ugly of India payments 2 Sep 2021 A report by the U.S. giant’s PhonePe app details a hot $560 bln market, of which it controls almost half. Small towns dominate and gold addicts are going digital. It underscores its edge as a financial super-app while raising key questions on the industry’s path to profit.
Railroad suitor’s graceful exit depends on rival 1 Sep 2021 America’s train regulator has derailed Canadian National’s roughly $30 bln agreed deal for Kansas City Southern. To avoid further uphill effort and hefty fees, the suitor needs peer Canadian Pacific to persuade their mutual target to let it off the hook by jumping tracks again.
South Korea’s app-store sandbox is worth watching 1 Sep 2021 A new bill stops Apple and Google from forcing local developers to use their payment systems, which carry hefty commissions. It’s good for the country’s tech champions, like the $60 bln Kakao. But it’s only worth copying elsewhere if users end up with cheaper or better services.
Capital Calls: Geely’s employee stock awards 1 Sep 2021 Concise views on global finance: The Chinese automaker shifts the idea of granting workers share options into gear.
Private credit gets bigger but not better 1 Sep 2021 Pension plans and insurers are pouring money into esoteric loans that aren’t widely traded. Set up by money managers like Blackstone or Apollo, such funds offer high yields and lower losses than public debt. Yet rapid growth may herald lower returns and bigger risks.
Bernard Arnault’s farewell to Carrefour is overdue 1 Sep 2021 The LVMH founder sold his remaining 5.7% stake in the $15 bln Gallic grocer, at one-third the likely price he paid in 2007. It’s a rare miss for the luxury guru. Yet given the sector’s shaky outlook and French government opposition to takeovers, even a painful exit makes sense.