Capital Calls: U.S. jobs, Didi probe, Pharma LBO 2 Jul 2021 Concise views on global finance: The U.S. added 850,000 jobs in June but the recovery isn't happening everywhere. Meanwhile, Didi is hit with an investigation by a Chinese regulator days after its U.S. listing, and a pharma buyout by EQT and Goldman is a game of hot potato.
Viewsroom: Communist birthday, Little guys in IPOs 1 Jul 2021 China’s Communist Party turns 100. The institution has never been so popular at home or resented abroad. Its leaders are experts at the nuances of control and long on ambition, Pete Sweeney says. Plus, Wall Street enlists individual investors to help price initial stock deals.
Capital Calls: GameStop is a SPAC now 22 Jun 2021 Concise views on global finance: The meme-stock video-game retailer has raised more cash, making it look like an overvalued cash shell.
Capital Calls: Netflix, Flackless SPAC 21 Jun 2021 Concise views on global finance: The streaming service strikes an agreement with Steven Spielberg’s Amblin Partners; Helicopter-taxi company Blade’s phony spokesperson speaks poorly to investors.
Iran vote makes reopening an even harder sell 21 Jun 2021 Ebrahim Raisi’s election as president means hardliners will from August control the Islamic Republic. A new deal to unwind some sanctions on the country may be signed before then. But companies that were burnt by the U.S. withdrawal from an earlier accord are unlikely to return.
Capital Calls: HSBC, MRNA scramble, Cable project 18 Jun 2021 Concise views on global finance: The UK bank’s France sale disappoints; Danaher snaps up Moderna supplier for $9.6 bln; geopolitics sinks internet cable.
Capital Calls: Corporate America blowback 15 Jun 2021 Concise views on global finance: An investor lawsuit against Trump-era rules on shareholders' proposals is the latest sign of the tables turning.
Belarus plays airspace poker with a weak hand 25 May 2021 Irate western powers have banned flights over the Russian ally’s territory after it forced a Ryanair jet to land. Engaging in “air piracy” is easier for countries that can afford to lose overflight fees or are too big to fly around. Neither is obviously the case for Belarus.
Rusal’s upside from clean break only goes so far 19 May 2021 The $6 bln aluminium maker’s plan to demerge carbon-heavy assets could unlock value if ESG-focused investors value the other parts more highly. But the greener entity will still have 28% of polluter Norilsk Nickel and the risk of U.S. sanctions snapback. That might cap any gains.
EU-U.S. tariff truce is half an anti-China front 17 May 2021 Washington and Brussels have agreed a trade ceasefire to stop a row over Trump-era steel levies getting any worse. Rockier relations with Beijing mean both sides need each other’s support. Unwinding the U.S. charges altogether would boost their preparations for the bigger fight.
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.
EU boxes smart in bout with Chinese behemoths 5 May 2021 Competition tsar Margrethe Vestager wants to stop state-sponsored foreign firms from buying European rivals. It’s a good way to protect industries while resisting mergers like Siemens-Alstom. But ensuring a level playing field isn’t enough to develop high-tech sectors like chips.
Capital Calls: Chubb and Hartford, Swimming pools 22 Apr 2021 Concise views on global finance: The company led by Evan Greenberg twice raised its bid for its Connecticut rival, but so far to no avail; a blowout quarter for private-pool maker Pool Corp points to buoyant wealth and spending trends, but only for some.
Capital Calls: SXSW 19 Apr 2021 Concise views on global finance: Rolling Stone publisher Penske Media is taking a 50% stake in hipster arts festival South By Southwest.
U.S. and Japan can take their time on China 15 Apr 2021 Yoshihide Suga’s visit to D.C., Joe Biden's first in-person confab, is about countering the People's Republic. It’s still politically thorny for the U.S. to rejoin the transpacific trade pact. Once Covid is past, the timing could be better – especially if other allies also join.
Hong Kong-on-Thames lies in not-too-distant future 13 Apr 2021 Real estate tycoons from the former British colony are rushing to build new homes in London. They appeal to Hong Kong residents taking up UK visas, and offer a better return on investment than at home. It’s a bold bet on the capital’s pandemic-afflicted property market.
Russia has defences against U.S. sabre-rattling 25 Mar 2021 Given the U.S. president reckons his Russian counterpart is a “killer”, new sanctions on Russian government debt are possible. Jumpy prices forced Moscow to cancel a bond auction. But with a trade surplus and low external debt, Kremlin finances will hold up.
New OECD head may be West’s next anti-China weapon 23 Mar 2021 Australia’s Mathias Cormann will be the organisation’s next boss. His country is no stranger to trade disputes with Beijing. Look for the policy wonks he will lead to furnish evidence of competition-distorting practices that could help Uncle Sam and its partners push for change.
China’s U.S. backlash more troubling than word war 19 Mar 2021 A meeting Thursday between the global giants featured grandstanding that played to domestic audiences. But now Beijing is restricting the use of Tesla vehicles due to national security concerns. That payback hurts America more and is an ominous sign for Apple and others.
India has an opportunity to mend U.S. trade ties 4 Mar 2021 President Joe Biden’s aides reviewing India’s loss of preferential trade may face similar spats on technology and medical devices as their predecessors. Patience is waning though. Small gives by Prime Minister Narendra Modi could boost confidence and help to avoid more tariffs.