Capital Calls: China/TPP, Flavourings, Chill-boxes 17 Sep 2021 Concise views on global finance: China formally applies to join the Pacific trade pact; EQT-owned Azelis has a strong market debut; Sweden’s Dometic is shelling out a cool $677 mln for Texan chill-box maker Igloo.
Gene hunter IPO is missing link in British biotech 17 Sep 2021 DNA sequencer Oxford Nanopore is eyeing a UK float, worth perhaps $5 bln. Shunning the bigger U.S. market looks bold, but the company’s niche position in a hot sector will help. While that’s hard to repeat, a success would boost London’s appeal for other life science groups.
Hong Kong unicorn bets on positive Covid results 16 Sep 2021 Biotech upstart Prenetics is set to go public in a $1.7 bln merger with a blank-cheque firm. Demand for virus test kits at airports and homes has boosted sales, but that is unlikely to last. Growth will depend on new technologies and habits in a post-pandemic world.
Capital Calls: Microsoft’s buyback, Railway M&A 15 Sep 2021 Concise views on global finance: the software giant’s $60 bln stock repurchase plan is smaller than it sounds; meanwhile, a tangled takeover battle for train operator Kansas City Southern takes a messy new track.
Capital Calls: Fake crypto news summons regulation 13 Sep 2021 Concise views on global finance: Litecoin's value jumped more than 30% after a phony press release about a partnership with Walmart.
Capital Calls: Vaccine mandates, U.S. debt ceiling 10 Sep 2021 Concise views on global finance: New White House requirements for Covid-19 injections will provide cover for businesses while Washington lawmakers arguing about borrowing limits make themselves look foolish.
Capital Calls: Lagarde channels Thatcher 9 Sep 2021 Concise views on global finance: The ECB boss will buy fewer bonds but tells markets: “The lady isn’t tapering.” A tough decision on whether to scale back bond purchases more decisively will come later.
EasyJet packs M&A reserve chute into safety plans 9 Sep 2021 The low-cost carrier is raising $1.7 bln from shareholders after another virus-hit summer. That, plus a $400 mln loan facility, gives CEO Johan Lundgren a plump cushion if the recovery stalls again. If all else fails, ambitious budget rivals like Wizz Air are poised to pounce.
German election offers more continuity than chaos 8 Sep 2021 A three-way coalition may lead the EU’s largest economy after September’s poll. A grouping of left, right, or green lawmakers could take months to form and shirk reforms at home and in Europe. Climate change and the pandemic aftermath will still shape policy for the better.
The Exchange: Adam Tooze on the pandemic 7 Sep 2021 2020 was one of the most seismic years in world history. The Columbia University professor’s new book, “Shutdown”, recaps the events and offers some conclusions about where Covid-19 has left the planet. Tooze tells Peter Thal Larsen why it might be a dry run for future crises.
Review: Covid-19 and the crises yet to come 3 Sep 2021 2020 was one of the most seismic years in world history. Adam Tooze’s “Shutdown” recaps how the pandemic exposed the fragility of an interconnected world, while uncovering some pockets of strength. It’s a troubling test run for future challenges, most notably from climate change.
Business travel fixes risk grounding recovery 27 Aug 2021 The $1.4 trln industry of selling expensive plane tickets and hotel rooms to itinerant executives faces a bleak future as firms like HSBC slash travel budgets. Making ordinary customers pay more would bolster margins. But raising prices may also dampen an already slow revival.
Capital Calls: Oatly, Sonos/Google 16 Aug 2021 Concise views on global finance: The Swedish oat milk producer’s decent results are only good in parts; Sonos gets a boost with a preliminary trade ruling that Google infringed its patents.
Samsung boss parole sets high bar for dealmaking 10 Aug 2021 Jay Y. Lee’s early release from prison ramps up pressure on him to use the tech powerhouse’s $82 bln cash pile to make splashy investments to close a gap with rivals in chipmaking, autos and more. Samsung’s heft will force creative thinking. It’s a tricky combination to manage.
Capitalism alone won’t deliver herd immunity 6 Aug 2021 Businesses from United Airlines to BlackRock want employees to get the shot or stay away. But bosses that face both staff shortages and low levels of vaccine take-up have less sway. Leaving mandates to companies will most hurt people already bearing the brunt of the pandemic.
China’s Delta outbreak casts pall over growth 5 Aug 2021 A dozen provinces have imposed travel curbs, mass testing and other strict measures to try to contain the highly contagious strain. Yet 60% of the population is probably vaccinated. Beijing’s zero tolerance for new cases has limited economic impact so far, but that could change.
Covid-19 test makers near risky M&A endgame 4 Aug 2021 Diagnostic groups like Roche and Abbott Laboratories were the big winners of the pandemic, with their market values swelling by nearly $230 bln. The advent of vaccines means demand for their services will wane. Dealmaking could be a fix but only if companies can avoid overpaying.
The Exchange: How UK’s vaccine taskforce did it 3 Aug 2021 Clive Dix was part of a crack team of business execs and scientists that secured Covid-19 jabs for Great Britain. They applied a venture capital approach that can be used to tackle other public sector challenges. The former chairman discusses lessons learned and looming threats.
Capital Calls: Grab, Gaming, SocGen, Stellantis 3 Aug 2021 Concise views on global finance: The Southeast Asian super-app delivers some of the goods; Tencent shares tank after Chinese state-media criticism; the French lender’s investment bank overhauls goals; the carmaker hikes operating margin targets to a chunky 10%.
Sanofi M&A punt soothes France’s Covid-19 shame 3 Aug 2021 The $131 bln drugmaker bought U.S-listed Translate Bio for $3 bln. CEO Paul Hudson gets a leg up in hot mRNA technology, which trounced the French group’s traditional vaccines during the pandemic. Shareholder returns look distant, but the cost of standing still may be higher.