Carlos Ghosn jailbreak is all-purpose face saver 31 Dec 2019 The former car CEO has turned up in Lebanon. How he got out of house arrest in Japan is unclear but it could wind down an uncomfortable diplomatic affair. Nissan and Renault can move on. Japan’s judicial system avoids scrutiny. Ghosn swaps his cultivated martyr image for freedom.
Best of Breakingviews: What you read most in 2019 31 Dec 2019 Deals dominated the most-clicked stories for the year, while spats over everything from cars to comedy classic “Friends” made it into the top ten list. Graphics and a punk politico punched above their weight too. But an Indian tycoon and GE’s surprise whistleblower beat them all.
Soccer giant will field Chinese star to kick sales 30 Dec 2019 Super-clubs like Manchester United and Real Madrid need new revenue streams as growth from the traditional pay-TV cash cow slows. In 2020, a top team will look to boost merchandise and sponsorships in a huge market by fielding a sub-par Middle Kingdom athlete.
Buy now, pay later faces Juul-style backlash 24 Dec 2019 Companies offering the credit innovation say it can drive online sales and help retailers deal with refunds. One player, Klarna, is valued at $5.5 bln. But making it a lot easier to shop for free could prompt a reaction like that which befell the vaping heavyweight.
Unilever boss needs to channel his inner activist 17 Dec 2019 The consumer goods giant warned sales in 2019 will grow less than 3%. CEO Alan Jope blames weakness in countries like India, but the miss heaps pressure on him to turn around the sprawling business. Setting out clear targets for dumping sluggish food brands would be a start.
Haier’s Hong Kong rejig could help clean house 17 Dec 2019 The world’s top appliances maker wants to take an $8 bln subsidiary private via share swap. The deal would streamline the group’s structure and free up $2.4 bln in cash for the indebted parent to play with. For all these neat benefits, shareholders could demand a premium price.
China’s health grey zone is hazardous for fintech 16 Dec 2019 Soaring medical costs in the People's Republic have prompted Jack Ma's $150 bln Ant Financial and others to offer insurance-like solutions. A scandal involving a Tencent-backed upstart, though, is a reminder the sector is largely unregulated. That's unlikely to remain the case.
Craft beer deal is a test case of ESG bona fides 13 Dec 2019 Kirin’s Myanmar ties threaten to upset the Japanese brewer’s plans to buy Colorado’s New Belgium. The employee-owned firm talks a good game on social responsibility. This is no abstract ESG instance, though: These investor-owners get to put their money where their mouths are.
Hong Kong’s stores could use some Chinese medicine 11 Dec 2019 Cosmetics chain Sa Sa has lost some 40% of its value this year. Months of protests have exposed existing ills, not least a reliance on Chinese visitors. With the economy ailing and tourists staying away, high-street retailers will have to find shoppers in the mainland and beyond.
Boomeranging dairy CEO milks the past 10 Dec 2019 New Zealand’s $7 bln a2 Milk is following a well-worn corporate playbook. Companies from Apple to P&G have brought back former bosses, with mixed results. In this case, Geoffrey Babidge’s track record should reassure, even if succession and strategy concerns cloud his return.
China’s $4 bln bank IPO disappoints by design 10 Dec 2019 Postal Savings Bank shares opened flat on their Shanghai debut. Beijing’s rule of thumb that the price at least match book value is partly to blame. State funds may have gotten this deal over the line, but the poor market reception will make it harder for peers to recapitalise.
Just Eat offer is taster for Christmas food fight 9 Dec 2019 Internet investor Prosus sweetened its cash bid for the UK food delivery company to $6.5 bln. That’s tastier than rival Takeaway.com’s all-share proposal, but still well below Just Eat’s market value. Shareholders are expecting a few more helpings before the end of the year.
Tesco leaves Asia with a full cart 9 Dec 2019 Britain's biggest grocer may sell its business in Thailand and Malaysia. Thai peer Central Retail should list at a rich valuation, making it a good time to exit before regional economies cool further. The likes of prior owner CP Group could put $9 bln in Tesco’s pocket.
Hong Kong pushes financial-hub limits 6 Dec 2019 Centres of banking and trading need money to move easily, free flows of information, stable laws and peace. Months of violent clashes raise fresh doubts about Hong Kong. As long as mainland China’s alternatives tick fewer boxes, though, the city will retain its relative appeal.
Murky Hudson’s Bay deal is as good as it gets 3 Dec 2019 A bid from an insider with majority backing always puts a company’s board through its paces. Directors of the owner of retailer Saks got their chairman to raise his offer by 11% to $1.4 bln. Yet although it’s the most deliverable deal, they could have pushed harder for the best.
ThaiBev is tempting Budweiser with a Saigon brew 3 Dec 2019 Tycoon Charoen Sirivadhanabhakdi may spin beer assets out of his Singapore-listed group, including an attractive Vietnamese pint. An IPO, at a mooted $10 bln valuation, could unlock value. The real prize will be a synergy-creating deal with AB InBev's newly hived off Asian arm.
American Dream aims to bypass U.S. mall nightmare 2 Dec 2019 A new mega-shopping complex in New Jersey offers SpongeBob roller coasters and a ski slope. The mall is devoting more than half its space to experiences in the hope visitors will keep pushing through the doors. With retail sales fast moving online, that may not be enough.
Credit card IPO shows good side of Indian banks 28 Nov 2019 A $1.3 bln float will let SBI Cards join the country’s most highly valued financial institutions and give buyout firm Carlyle a partial exit. Despite raging financial fires, the State Bank of India unit’s 36% return on equity demonstrates the power of well-run state companies.
Japan is surprise bright spot for India’s Paytm 26 Nov 2019 The $16 bln payments giant is thriving in a similarly cash-addicted nation. Flush with cash raised from Ant Financial and others, it could get an extra Tokyo boost as SoftBank leads a rejig with local app Line. Like its startup peers, Paytm may find foreign shores lucrative.
AIA buys itself a little extra China cover 25 Nov 2019 The $120 bln insurer hired Lee Yuan Siong from Ping An to be CEO. Weathering strife in Hong Kong, its biggest market, is the most immediate challenge. His tech savvy and mainland political ties, nurtured during his time at the Chinese titan, will be valuable both now and later.