Asia-Pacific

Tata’s new backseat drivers charge electric course

14 October 2021

The Indian carmaker added $4 bln in market cap after buyout firm TPG and others backed its battery-powered passenger-vehicle unit at a $9 bln valuation. Extra funding is welcome in the capital-intensive business. It should help Jaguar’s owner race ahead in a fast-growing market.

Green transition needs a wider focus than oil cuts

13 October 2021

Fossil fuel investment has fallen to levels that would limit global warming to 1.5 degrees Celsius, the IEA says. Yet measures to hike green energy and curb demand are just as important, and lagging. Unless states act, high energy prices risk becoming an ongoing headache.

Investors emit hot air in Aussie bank climate row

13 October 2021

Commonwealth Bank shareholders rejected a push for more stringent net-zero action. The lender at least is open to adjusting targets to new data. But a win would have sent a signal to fossil-fuel firms trying to force banks to keep cash flowing, and to the dithering government.

Indian TV plot twist is a win for minorities

13 October 2021

U.S. investor Invesco revealed it tried to facilitate a sale of Zee Entertainment to Reliance. That undercuts its complaints about the broadcaster’s boss striking a similar deal with Sony. Invesco emerges as an amateur activist but at least ordinary shareholders will benefit.

Capital Calls: U.S. inflation, French cloud outage

13 October 2021

Concise views on global finance: U.S. consumer prices rose 5.4% in September as the White House weighs the Federal Reserve chief’s re-nomination; OVHCloud’s network went down the day before the cloud-computing group is due to price a 3.6 bln euro Paris listing.

Star steeled for its own Crown duel with watchdogs

13 October 2021

The market knocked 25% off the Aussie casino operator’s market value after a media exposé suggested it may yet face a corporate governance crisis akin to James Packer’s. But Star is better prepared, and a pandemic proved it can weather a crisis. Investors could roll the dice.

Aussie fiscal bazooka could use a safety feature

13 October 2021

The country’s flagship pandemic support programme distributed some A$70 bln in six months to save jobs. At least 20% of funds, however, wound up in businesses whose sales actually grew, a new Treasury report says. A clawback provision would make good policy even better.

Capital Calls: Australia’s climate change

12 October 2021

Concise views on global finance: Prime Minister Scott Morrison may yet unveil a national emissions-reduction plan for COP26 after winning cover from a major business group, the biggest state, and the Murdoch press.

Road to COP: Mark Carney on finance’s climate role

12 October 2021

The UN climate envoy is enlisting banks, asset managers, insurers and others in wide efforts to keep global warming to no more than 1.5 degrees. He tells Rob Cox what to expect from the industry at Glasgow, how multilateral development banks need to “up their ambition” and more.

Activist improves clumsy plot in Indian TV drama

12 October 2021

Top owner Invesco has finally spelt out its concerns and plans for broadcaster Zee after going to court to force a shareholder meeting and oust boss Punit Goenka. In a market where big backers rarely agitate, a fund manager is helpfully rewriting the governance script.

Lenovo’s weaknesses pop up in Shanghai overreach

12 October 2021

The PC maker abruptly nixed a $1.6 bln share offering. The attempt to tap cash on a tech bourse brought unwanted attention to its feeble R&D spend and boss Yang Yuanqing's generous pay. As Beijing pushes for more innovation and less inequality, Lenovo ticks all the wrong boxes.

Air India sale gives Narendra Modi reform miles

12 October 2021

The prime minister’s government will collect only $400 mln from selling the indebted national carrier back to the Tatas. If anyone can restore the company to its globetrotting glory, it’s them. Either way, the deal is a welcome symbol of India’s new embrace of private markets.

China’s Golden Week takes shine off outlook

12 October 2021

A 5% fall in tourism spending during the annual autumn vacation stretch sent a gentle reminder about the shakiness of consumer confidence. Other bleak indicators such as home sales also suggest the economy is cooling quickly. Beijing for now seems unpersuaded to offer any relief.

Richard Li’s family baggage weighs on insurer IPO

11 October 2021

The Hong Kong tycoon is putting a limit on how long he can keep the supervoting stock he’ll get in the $2 bln float of Asia-focused FWD. But it can be extended while his nearest and dearest can for a time inherit the rights. That erodes the value of such sunset clauses.

Capital Calls: Green investors, ASOS, Renren

11 October 2021

Concise views on global finance: Al Gore’s asset manager finds listed equities can influence a larger chunk of global emissions; the online retailer parts company with its CEO; the startup investor’s $300 mln settlement with aggrieved investors is likely to be an exception.

Beijing discord drowns out Chinese tech playlist

11 October 2021

After dropping New York IPO plans, podcast app Ximalaya is eyeing a $1 bln float in Hong Kong. The prospectus details regulatory uncertainties ranging from censorship to whether it can list at all. It highlights the risk that crackdowns might stifle innovation.

India Insight: Silicon Valley-style success bites

11 October 2021

The South Asian giant is now home to herds of unicorns. Meanwhile, established beasts like Tata Consultancy and Infosys are in high demand to assist the global race online. It’s making tech talent hard to find and may even prompt the world’s outsourcing hub to outsource.

How to fill the global tax deal’s digital holes

8 October 2021

A landmark accord backed by 136 countries offers little scope for non-U.S. governments to raise money from giants like Facebook. One fix is to give nations with big markets a larger share of tax receipts. Sharing out levies according to where revenue is generated would be ideal.

Capital Calls: Pet retail scrap, Chubb, Czech IPO

8 October 2021

Concise views on global finance: Buyout firm Hellman & Friedman matches EQT’s 3.4 bln euro bid for Germany’s Zooplus, putting the onus on its rival; the U.S. insurer buys the Asian assets of Cigna for $5.8 bln; haulage-fleet manager Eurowag makes a chaotic market debut.

Time for bank holdouts to join Carney’s green club

8 October 2021

Most big western lenders have joined the ex-BoE boss’s GFANZ group pledging tough climate targets. Yet those run by Jamie Dimon, Charlie Scharf, Andrea Orcel and David Solomon have yet to do so. As with taking state capital in 2008, taking part makes more sense than holding out.