Road to COP: Mark Carney on finance’s climate role 12 Oct 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.
Eni’s green listing shows appropriate restraint 12 Oct 2021 The $50 bln Italian oil major’s renewables IPO may value it at 10 bln euros. Recent efforts by rivals don’t inspire confidence, but Eni’s offer blends a nascent green power business with its more established energy retail arm. That should get takers at a more modest valuation.
Activist improves clumsy plot in Indian TV drama 12 Oct 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 Oct 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 Oct 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.
Chevron tiptoes around the climate bonfire 11 Oct 2021 The U.S. oil giant hopes to cut operational greenhouse emissions to net zero by 2050. Its plan lags that of peer Occidental and European rivals. Boss Michael Wirth may be trying to stay realistic, but timidity isn’t a virtue when others are being much more ambitious.
Emerson bets on improbable software upgrade 11 Oct 2021 Its $11 bln deal with AspenTech would leave the U.S conglomerate with greater exposure to fast-growing business software. But unless shareholders give the new company a much richer valuation, Emerson is getting out less than it’s putting in.
African phone-mast IPO priced for smooth safari 11 Oct 2021 IHS, which operates 30,000 towers across the continent, is listing in New York after an aborted attempt in 2018. Though its exposure to turbulent Nigeria is a worry, telecom kit has proved its worth in chaotic places. A market value of up to $8 bln reflects a generous discount.
Richard Li’s family baggage weighs on insurer IPO 11 Oct 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.
Carrefour’s domestic shopping aisle looks bare 11 Oct 2021 A tie-up between the $15 bln French grocer and rival Auchan fell apart amid a valuation dispute. Concerns over competition and jobs complicate local mergers, while a failed Canadian takeover showed foreign buyers are unwelcome. Carrefour has little choice but to expand abroad.
Capital Calls: Green investors, ASOS, Renren 11 Oct 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 Oct 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 Oct 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 Oct 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.
Tepid jobs report obscures promising U.S. trends 8 Oct 2021 Payrolls grew by 194,000 in September, well below forecasts. But the unemployment rate fell to 4.8% and average monthly job gains this year are about 560,000. The Fed won't be rushing to cool the economy. But declining Covid cases should help the recovery keep going.
GM reinvents itself as a moonshot on wheels 8 Oct 2021 Perhaps tired of watching newcomers like Tesla race ahead of its valuation, the $82 bln automaker plans to double revenue, mostly through new businesses like self-driving cars. Beneath boss Mary Barra’s big bets, though, the projected car company of 2030 looks little changed.
Review: PepsiCo CEO memoir leaves work unfinished 8 Oct 2021 In “My Life in Full”, former boss Indra Nooyi describes fending off activists and making big acquisitions at the soda giant. She traces her path from southern India to hobnobbing with world leaders with humility. Her vision of an ethical consumer group looks far off, though.
Capital Calls: Pet retail scrap, Chubb, Czech IPO 8 Oct 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 Oct 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.
Sweden’s tiny tech investor is proxy bet on Klarna 8 Oct 2021 Sebastian Siemiatkowski is listing his investment firm in Stockholm, including a small stake in the $46 bln buy-now-pay-later lender he runs. Klarna will account for less than a third of the $31 mln portfolio. Still, Flat Capital offers rare exposure to the group before it lists.