Capital Calls: Endeavor’s Hollywood ending 29 Apr 2021 Concise views on global finance: The entertainment conglomerate’s IPO flipped the script on opening day.
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.
Aramco’s mystery sale saga follows familiar plot 28 Apr 2021 The Saudi oil giant is in talks to sell a 1% stake to a “leading global energy company”, Crown Prince Mohammed bin Salman says. As with previous puzzles over international IPO venues, there are plenty of potential candidates. And as with those, it’s possible nothing happens.
Guest view: A qualified opinion on UK audit reform 28 Apr 2021 Corporate collapses like Carillion and Thomas Cook highlight flaws in accounting for capital and dividends, argues Natasha Landell-Mills of Sarasin & Partners. Proposals to restore trust in accounts fall dangerously short. The government should focus on enforcing existing laws.
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.
Australia’s border strength morphs into weakness 28 Apr 2021 Strictly banning outsiders has been a big factor in stopping the spread of Covid-19. Fiscal stimulus and low rates have helped compensate, but can’t replace the annual 1% growth delivered by immigrants. Absent bold policy changes, the age of economic miracles may be past.
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.
Time is biggest foe of Draghi’s big plan for Italy 26 Apr 2021 Prime Minister Mario Draghi pledged reforms, like faster legal trials, to obtain some 200 bln euros of EU funds. This complements a big budget deficit he’s running up during the Covid-19 crisis. A short tenure means he must act fast as his successors may be less keen on change.
India’s pandemic hell could be purgatory 23 Apr 2021 There is hope rising immunity and the country’s massive vaccine industry will bring a rapid end to the misery brought about by a terrifying second wave of contagion. New Delhi has little room to act if the economy follows hospitals into a state of collapse. Cracks are visible.
Biden’s biggest climate threat is U.S. politics 22 Apr 2021 An environmental confab of 40 world leaders returns America to the global stage. Rivals like Xi will attend, though some pledges may be vague. Given Joe Biden’s predecessor showed how easily U.S. vows can be undone, his task is to make promises stick before power shifts again.
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.
Guest view: Getting finance in shape for COP26 21 Apr 2021 The $100 trillion required to decarbonise the world economy by 2050 won’t materialise without the financial sector. But banks, insurers and asset managers need a single set of standards to assess their net-zero ambitions. That’s now happening, write Mark Carney and Nigel Topping.
European chips champion is puzzle for M&A bankers 21 Apr 2021 The region’s leaders fret about their collective semiconductor shortcomings. An $85 bln union of Infineon and STMicroelectronics would bring heft, plus cost savings to mollify investors. The hard part is getting France and Italy to agree a structure that preserves their pride.
Huarong foreign bondholders get sweet nothings 21 Apr 2021 The market is stabilising around the troubled bad debt manager holding $21 bln in dollar bonds. Its key offshore unit says it has returned to profit; Beijing notes Huarong has adequate liquidity. It’s better than silence but thin gruel for a relief rally.
UK climate goals could use a short-term stick 20 Apr 2021 PM Boris Johnson has committed to hit tougher CO2 emissions targets by 2035. That’s good, but the most important decade for tackling climate change is the 2020s. A better way to spur action would be to make it politically or legally difficult to duck shorter-term carbon goals.
Capital Calls: Bank of America, WeWork, Kering 20 Apr 2021 Concise views on global finance: The bank’s shareholders voted against a deeper dive into its impact on racial inequality; the office landlord is taking bitcoin as payment, for now; the Gucci owner needs to run faster to catch arch-rival LVMH.
Germany’s EU views will get Green jolt post-Merkel 20 Apr 2021 Armin Laschet, the ruling Christian Democrats’ pick to run for chancellor, will almost certainly have to share power with the increasingly popular pro-European Greens. Such a coalition would bode well for a sensible reform of the bloc’s fiscal rules and common debt issuance.
The Exchange: Fewer bankers, more engineers needed 20 Apr 2021 That’s one of Jacques Attali’s many prescriptions to enhance the economy of life. The former EBRD boss and French presidential adviser also discusses Big Tech breakups, Europe’s lagging vaccination efforts, Macron’s political prospects and his plan to close the elite ENA.
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.
Jack Ma discounts value of tech-boss charisma 19 Apr 2021 Fintech giant Ant is exploring ways for its founder to divest, to end the pressure from Beijing and salvage what it can of a onetime $300 bln valuation. As outspoken and larger-than-life leaders become bigger liabilities in China, investors have good reason to be more discerning.