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Capital Calls: Sarkozy’s trial

1 March 2021

Concise views on global finance in the Covid-19 era: the former French prime minister’s conviction for trying to bribe a judge creates a new dilemma for the companies on whose board he sits, including hotel chain Accor.

Capital Calls: Walmart, Buffett/Chevron

18 February 2021

Concise views on global finance in the Covid-19 era: Walmart gets an unfair ding from investors over its latest earnings report; and the Sage of Omaha takes another bet on the profit still to be made from fossil fuels.

Europe’s payments king faces fight to keep throne

10 February 2021

Netherlands-based Adyen is one of the region’s few successful listed fintechs, giving it scarcity appeal. Its reliance on large customers like Facebook could one day be a problem, and competition in the bloc is hotting up. A rich $76 bln valuation leaves little room for error.

SoftBank asset gains push focus to its firepower

8 February 2021

Markets have been kind to Masayoshi Son, helping the Japanese firm he leads log big gains from revaluations. Shares have hit a 20-year high. A bigger commitment to buybacks and detailed plans for its $42 bln-and-growing cash pile could provide a lift beyond the current frenzy.

Alphabet risks losing sight of ABCs of search

2 February 2021

Google’s parent posted a 23% bump in quarterly revenue and growth recovered in its search-ads cash cow. But it’s losing share to Amazon, and competitors like Facebook are a growing threat. Rivals are also under political pressure but Google’s problems make it harder to ignore.

Subdued Alibaba offers shoppers discount on self

2 February 2021

Quarterly sales at its commerce unit jumped 38% to $30 bln, showing the Chinese giant is still a formidable force despite regulatory woes. Most importantly, the cloud business turned an adjusted profit for the first time. Even if growth slows later, the business looks cheap now.

ByteDance casts shadow over rival Kuaishou’s IPO

25 January 2021

The Chinese video app is eyeing a valuation of up to $62 bln, over 30 times forecast EBITDA. Top sovereign funds have backed the premium multiple, about three times that of smaller peers. But a costly battle with TikTok-owner ByteDance looms large over its future prospects.

Google threat demands that Australia find allies

22 January 2021

The tech titan says it’ll disable search Down Under if Canberra enacts a law forcing it to pay media companies for news. It goes to show how much clout $1.3 trln parent Alphabet thinks it has. Such corporate dominance suggests global regulators may have to put up a united front.

German used-car IPO tests investor haggling skills

13 January 2021

SoftBank-backed Auto1 is dragging the backstreet business into cyberspace. The question is whether CEO Christian Bertermann deserves a technology-style valuation for selling second-hand rides online. Thin margins suggest a mooted valuation of up to 8 billion euros is ambitious.

Sea can pass on Southeast Asian deal frenzy

12 January 2021

The region’s hot tech companies, Tokopedia, Grab and Gojek, are mulling consolidation. Any of them could be swallowed by Singapore’s $106 bln gaming-to-shopping giant Sea which has a war chest of cash and rich stock. But boss Forrest Li has good reason to sit back.

Trump shows individuals’ worth to social networks

11 January 2021

Twitter permanently banned U.S. President Donald Trump’s account, citing the risk of further incitement of violence. That vaporized 10% of the company’s market capitalization. But as Kylie Jenner showed at Snap, social media groups are about more than any one person.

The Franken-economy that will thrive post-pandemic

24 December 2020

The ideal nation to emerge from Covid-19 has South Korea’s superb internet connections and technology know-how. Like Singapore, robots are widely used in industry. And it boasts skilled workers to rival Switzerland, sells high-value exports to China, and leads on green energy.

Corona Capital: Holiday Zoom

18 December 2020

Concise views on the pandemic’s corporate and financial fallout: The video call company is removing the 40-minute time limit on free calls for the holidays – a gift it can easily afford, and one that may not be appreciated.

Corona Capital: New York City, Fed/climate change

15 December 2020

Concise views on the pandemic’s corporate and financial fallout: New York City’s exodus puts local government in a tight spot; the Fed’s belated move shows a change in Washington.

Pinduoduo rises to China’s grocery challenge

30 November 2020

The e-commerce company unveiled plans to raise as much as $6.1 bln to expand in fresh food. Competition is fierce and building out logistics will be costly, but its model of matching farmers to shoppers gives it an edge. And boss Chen Lei has successful experience as an underdog.

Corona Capital: Tiffany, Biden, Vaccines, Cash box

24 November 2020

Concise views on the pandemic’s corporate and financial fallout: The cut-price jeweller issues less-than-sparkling results; the U.S. president-elect gets to start tackling the pandemic; Russia touts its discount vaccine; and UK firms gorge on shareholder-unfriendly equity issues.

BuzzFeed draws Verizon exit map for dying brands

19 November 2020

The digital media firm is merging with once-hot HuffPost, and getting cash from the latter’s telecom-giant owner in the process. The deal is tiny for Verizon, which ends up with a minority stake in BuzzFeed. Yet it could be a template for a bigger clear-out of Yahoo and AOL.

Corona Capital: Home Depot

17 November 2020

Concise views on the pandemic’s corporate and financial fallout: Home Depot will benefit as DIYers move inside.

Corona Capital: Lyft, Vaccine minefield, Peru

11 November 2020

Concise views on the pandemic’s corporate and financial fallout: The U.S. ride-hailing company is tempted by food delivery; Pfizer could face high demand for its coronavirus vaccine; and Peru gets another leadership shuffle just as Covid-19 cases soar.