Capital Calls: Apollo, Microsoft 20 May 2021 Concise views on global finance: The second of the asset manager’s three founders moves on; the software firm is pulling the plug on Internet Explorer.
Viewsroom: AT&T’s second breakup, Asian super-apps 20 May 2021 The telephone company’s deal with Discovery, the reversal of a failed strategy to become a media juggernaut, opens a window into streaming warfare; and the creation of Southeast Asia do-everything internet group GoTo is a prelude of more to come. Plus, no Davos in Singapore.
Capital Calls: Retail sales’ wild ride 19 May 2021 Concise views on global finance: Some U.S. retailers are reporting better growth than others, but there’s still much to play for.
KKR makes pricey punt on infrastructure frenzy 19 May 2021 The U.S. group is buying UK-based rail and roads investor John Laing for 2 bln pounds. A 35% premium to net asset value looks steep. But KKR can triple its target’s war chest to exploit a post-Covid spending boom, and holding on to the asset allows for more modest returns.
Capital Calls: Disney misses the mark 13 May 2021 Concise views on global finance: Walt Disney reported nearly 104 million subscribers for its streaming flagship service.
After public listing, Coupang keeps much private 13 May 2021 South Korea's e-commerce darling posted quarterly sales of $4.2 bln, up 74% from a year ago. But operating losses more than tripled, and Coupang is tight-lipped about costs and new investments. Shares are already below the March IPO price. Such opacity tries shareholder patience.
Capital Calls: U.S. jobs miss, Elon Musk goes live 7 May 2021 Concise views on global finance: Fed boss Jay Powell has his work to do as America adds far fewer jobs than anticipated; drawing an audience of crypto-nerds, Tesla gearheads and regulators won’t be hard for the electric-car maker boss when he hosts SNL. Drawing laughs will be.
Review: A better way of valuing the world 6 May 2021 The pandemic is one of three crises that Mark Carney dissects to show how market prices can fail, to society’s detriment. He suggests solutions in “Value(s)”. Better still, the former central banker is trying to practice what he preaches with his work on climate change.
Biden’s vaccine shift has risky side effects 6 May 2021 The U.S. president backed waiving intellectual property rights for Covid-19 jabs to help crisis-torn countries. Yet a shortage of ingredients and manufacturing challenges mean the move may not boost supply much. And it may hurt investment in remedies during the next pandemic.
Drug giants offer pandemic recovery sleeper trade 4 May 2021 While vaccine makers flourished, companies like GSK, Novartis and Sanofi suffered during lockdown as fearful citizens postponed tests and avoided hospitals. The reopening should mean a surge in delayed treatments and give their depressed share prices a booster shot.
Capital Calls: Pfizer, ConocoPhillips 4 May 2021 Concise views on global finance: About $6 bln of additional earnings from Covid vaccines at the U.S. drug giant should mean more capital returned to investors; the independent oil group is offloading stock in Canada-based Cenovus it collected as part of a deal four years ago.
India Insight: Riding a dystopian Covid-19 wave 3 May 2021 Shaking pandemic nightmares over the past week has been impossible as the virus begins to ebb in Mumbai but drowns Delhi and beyond. Watching the human misery is overwhelming but seeing the economic consequences even as billion dollar-plus deals get done is just as affecting.
Capital Calls: Robinhood vs. Munger, Meredith deal 3 May 2021 Concise views on global finance: Warren Buffett and his investing sidekick takes on Robinhood, and vice versa; and the U.S. media company is selling its local TV stations to Gray Television for $2.7 bln.
Vaccine prince exposes India’s best and worst 3 May 2021 The Serum Institute, the world’s top vaccine maker, is under heavy pressure, with owner Adar Poonawalla complaining of “unprecedented” threats from politicians and tycoons trying to secure jabs. India’s flawed procurement policy is straining fraught ties with the private sector.
Capital Calls: Apple, UK SPACs 30 Apr 2021 Concise views on global finance: Apple’s European antitrust problem may start a global trend; UK regulators scramble to join SPAC party.
Viewsroom: Life from the latest Indian lockdown 29 Apr 2021 Images of vast funeral pyres, overcrowded hospitals and empty streets have been emanating from India as the country grapples with surging Covid-19 infection rates. Una Galani surveys the situation on the ground from Mumbai and discusses the government’s response with Rob Cox.
Indian markets dangerously resist virus resurgence 29 Apr 2021 Investors are looking past oxygen shortages and funeral pyres to a faster vaccine rollout, accelerated digital adoption and strong FX reserves. Resilience in the Nifty 50 also assumes consumption by the rich will carry on and excessively discounts the tragedy’s impact on growth.
Capital Calls: Jerome Powell, Shopify 28 Apr 2021 Concise views on global finance: The clock is ticking on the Fed boss’s taper timeline; the e-commerce firm grew even as it warns of a post-pandemic lull.
Capital Calls: Hella/Hueck, Evolution Gaming, 3M 27 Apr 2021 Concise views on global finance: A big block trade is good news for investors of German car parts maker Hella if it presages industry consolidation; Swedish gaming group enjoys a double whammy from locked-down punters and states jonesing for casino cash; 3M could use a pruning.
China puts $200bln twist on Groupon for the masses 26 Apr 2021 Giants like Meituan are putting a creative spin on group buying, designating part-time neighbourhood representatives to distribute deals to their communities. Shoppers get cheap groceries, online outfits cut costs and the reps make money. Alas, price wars risk ruining the model.