Singapore makes Uber unlikely techlash test case 5 Jul 2018 City-state regulators say the ride-app’s merger with $6 bln Grab curbs competition. They want drivers freed up and prices held steady, but also threaten to undo the deal unless consumers are happy with the fixes. The hard line may be a small sign of what’s to come for Big Tech.
Toyota plots yet another jittery ride-hail route 13 Jun 2018 The Japanese carmaker is investing $1 bln into Asian startup Grab. It’s the latest in a slew of deals that mostly reflect manufacturer fears about where things are headed in autonomous driving and beyond. As GM’s fading Lyft alliance shows, though, the path is far from clear.
StanChart dream reveals Barclays’ limited options 23 May 2018 The UK bank has considered merging with rivals including Standard Chartered, according to the Financial Times. Combining the two makes little financial sense. But it shows Barclays boss Jes Staley has few obvious ways to boost returns and appease activist Edward Bramson.
Singapore Airlines is cruising comfortably 18 May 2018 The $10 bln flag carrier beat forecasts with a 148 pct jump in annual earnings. Its overhaul is working, and a plan to absorb regional arm SilkAir looks sensible. There is more to do, but the group can afford to take its time evaluating growth options, including India.
AIA sends mixed signals on growth 4 May 2018 New business at the $107 bln insurer rose 20 pct in the first quarter. That’s sluggish by AIA’s standards, hinting at the challenges of sustaining growth rates at ever-increasing scale. On the plus side, there are signs the group could reduce its heavy dependence on China.
India’s top builder starts useful renovation 2 May 2018 Larsen & Toubro is selling its electrical and automation unit to Schneider and Singapore's Temasek for $2.1 bln. It reduces the sprawl of a $30 bln group with lacklustre returns. To achieve ambitious targets could require more remodelling from a CEO less than a year into the job.
Watch Singapore rate decision for trade war signal 12 Apr 2018 As one of the world’s most open economies, the city-state is caught in U.S.-China crossfire. Domestic growth is strong enough to encourage the central bank to tighten policy on Friday. A decision to stay neutral will hint at the damage that rate-setters expect tariffs to inflict.
Qualcomm’s director election offers double rebuke 30 Mar 2018 Support for incumbents averaged under half the U.S. chipmaker’s outstanding shares. That’s a warning after the board resisted Broadcom’s $117 bln hostile bid, nixed by Donald Trump. Meanwhile, the convoluted process and an error voting Vanguard’s shares shame an archaic system.
Carlyle’s $12.6 bln Akzo deal has good chemistry 27 Mar 2018 The U.S. private equity group is buying a speciality chemical unit that the Dutch company put on the block after a failed PPG bid. Carlyle knows the industry and has slashed costs at Axalta. While there may be less scope for huge cuts this time, decent returns are still on offer.
Uber races towards IPO with Southeast Asian deal 26 Mar 2018 The U.S. ride-hailing giant is exiting another cut-throat market. It will hand its regional business to Grab, a $6 bln local rival, and take 27.5 pct of the enlarged group. This is a sensible step to prepare Uber for public life – provided Grab can hold onto its leading position.
Mile-high stake swap could feed Air India bid 20 Mar 2018 Jet Airways may be interested in the soon-to-be privatised national carrier. However, Naresh Goyal’s airline would need serious financial help to make an offer fly. Abu Dhabi’s Etihad may need to make room for a new large strategic investor.
China and U.S. trade places in 5G space race 14 Mar 2018 America is nudging Qualcomm into the role of a national tech champion. China is a potent rival, and has pushed home champs Huawei and ZTE into global leaders. The trouble is that Beijing is expert at bending firms to its will, while Washington is grappling to define its new role.
Heineken’s number two status brings marginal costs 12 Feb 2018 The Dutch brewer is one of the few global groups still increasing beer volumes. However, acquisitions will weigh on operating margins in 2018. Heineken needs to invest in its new Brazilian brands to take on market leader AB Inbev. That limits the scope for boosting profitability.
Singapore’s DBS clears deck for regional takeoff 8 Feb 2018 The $50 bln bank’s latest results look shiny. Having drawn a line under bad debts, DBS posted record earnings that allow it to pay out more cash than expected. Shares have roughly doubled from 2016 lows. A digital push into high-margin markets like Indonesia comes next.
Airshow buoyancy masks turbulence ahead 6 Feb 2018 Aviation bosses gathering in Singapore may want a serving of scepticism alongside the champagne. Rising oil prices, creaking infrastructure and too many seats will limit the gains from a regional boom in cheap flights. Full-service carriers could also hit air pockets.
Cox: Sliding stocks don’t surprise our readers 5 Feb 2018 From Mumbai to Milan, we polled participants at our Predictions 2018 summits. Even before last week's rout, most thought investors are too exuberant, bitcoin is a bubble and Donald Trump is doing poorly. More surprising were regional takes on NAFTA, Italian elections and Brexit.
Review: Shaking up Singapore’s ivory tower elites 26 Jan 2018 The city-state has fostered prosperity and stability. Yet as the fourth generation of leaders prepares to choose a new prime minister, a timely book from academic Cherian George presents a helpful to-do list. Broadening the political talent pool should be right at the very top.
Qualcomm slipping away from Broadcom’s grasp 19 Jan 2018 The odds were always long on the chipmaker’s $105 bln unsolicited bid. A new federal probe into Broadcom, Qualcomm’s progress with approvals to buy NXP and souring U.S.-China relations raise them further. Broadcom holds a few cards but its hand would be stronger played elsewhere.
Uber’s next ride-share could be in Southeast Asia 17 Jan 2018 After struggling in China and Russia, the app operator swapped its businesses there for stakes in Didi and Yandex. Another sensible partner would be $6 bln-plus Grab, which shares a backer in SoftBank. As Uber aims for an IPO, it's a good region in which to cut further losses.
Myanmar tourism stock soars away from crisis 8 Jan 2018 Hot-air balloon operator Memories Group had a strong debut after reversing onto the Singapore exchange. The shares jumped 60 pct amid an ongoing Myanmar military campaign condemned by the UN as ethnic cleansing. Investor optimism is hard to square with the political realities.