Restaurants/Pubs

The Exchange: Top chef who turned his back on meat

14 Dec 2021

Daniel Humm’s Eleven Madison Park in New York garnered three Michelin stars and was voted the world’s best restaurant in 2017. But after the pandemic, the marathoning Swiss transplant pivoted his kitchen entirely towards plant-based cuisine. He tells Rob Cox why.

EU gig economy faces lengthy fight with Brussels

9 Dec 2021

Draft rules would reclassify up to 4 mln of the bloc’s freelancers as employees. That will raise costs and dent demand for firms relying on the self-employed. Ride-hailing and food-delivery groups can tweak business models or argue in court. The winner won’t be clear for years.

Transatlantic food delivery value gap will narrow

3 Dec 2021

DoorDash and Just Eat Takeaway have similar revenue and growth prospects, but the $57 bln U.S. firm is worth four times as much as its Dutch rival. Better profitability and an earlier move into groceries helps explain the gap. DoorDash’s push into Europe suggests it won’t last.

Capital Calls: Moderna’s $40 bln shot gain

29 Nov 2021

Concise views on global finance: News of a spreading Covid-19 variant added $40 bln to the biotech’s market value. Investors are pricing in about 3 billion extra jabs. That’s rosy given competition and uncertainty.

Capital Calls: Remy Cointreau, African petrol

25 Nov 2021

Concise views on global finance: With profits soaring, the cognac maker will face mounting pressure for M&A; commodity trader Vitol buys out minority shareholders in London-listed fuel distributor Vivo.

Capital Calls: Stadium naming, Diageo, Evolution

17 Nov 2021

Concise views on global finance: Crypto.com is paying heavily to rename Staples Center; The drinks maker plans to grow its market share by 50% in the next decade; the $36 bln Swedish gambling firm lost $2 billion of its market capitalisation after accusations of illegal gambling.

FX risks dilute appeal of Heineken’s Africa tipple

15 Nov 2021

The Dutch brewer is buying South Africa’s Distell for $3 bln and taking over Namibia Breweries. With modest cost savings, CEO Dolf van den Brink can make a spirited return. But he’ll have to flog more Amarula liquor beyond the continent to ease the headache of wobbly currencies.

Capital Calls: Aussie climate plan stumbles

28 Oct 2021

Concise views on global finance: The federal government won’t sign a pledge to reduce methane emissions.

Capital Calls: McDonald’s, GM, Worldline

27 Oct 2021

Concise views on global finance: The $177 bln fast-food chain boosted sales by making it easier to get burgers and nuggets; supply shortages are exacerbating the carmaker’s heavy investment bill; shares in the French payments group tumbled despite ambitious growth targets.

Hong Kong market downs much-needed Friday drink

10 Sep 2021

Chinese bar operator Helens popped 22% on its debut. There are good reasons for investors to be wary of pub listings. But Helens’ proletarian, low-tech nature insulates it from Beijing’s crackdowns. And in a jittery year it’s no surprise local traders started happy hour early.

Capital Calls: Pennies matter to dollar stores

26 Aug 2021

Concise views on global finance: Low-margin U.S. retailers are suffering from supply-chain cost inflation, a direct hit to their business model.

Capital Calls: Walmart plays both ends of the trade

17 Aug 2021

Concise views on the global economy: The U.S. retailer expects strong sales throughout the year despite a surge in Covid-19.

Just Eat Takeaway is looking like an M&A leftover

17 Aug 2021

The 15 bln euro delivery company made a smaller-than-expected loss in the first half. It’s still battling a tough U.S. market and needs to step up investment in Europe. A cheap valuation and restive shareholders would make it hard for CEO Jitse Groen to fend off an offer.

Delivery Hero’s side gig does it few favours

12 Aug 2021

The German group spent $300 mln on a stake in Deliveroo, taking its investments in rivals to $2.7 bln. The bets look a distraction for a $28 bln food delivery company whose operations are devouring cash. Besides, investors are hardly rewarding CEO Niklas Oestberg’s efforts.

Capital Calls: Brookfield, Macquarie

9 Aug 2021

Concise views on global finance: An insurance wing of the Canadian financial empire may bring a dash of risk to a conservative Texan insurer, while Australian investment bank Macquarie has snapped up a stake in British utility Southern Water.

Capital Calls: U.S. jobs, BBQ IPOs, Wm Morrison

6 Aug 2021

Concise views on global finance: The Delta variant puts a leisure job boom at risk; two grill makers’ floats show the IPO market isn’t frozen; Fortress strikes in the bidding war for a UK supermarket.

Capital Calls: Grill makers cook their IPOs rare

27 Jul 2021

Concise views on global finance: Weber and Traeger set conservative prices for their market debuts, leaving something on the table for new investors.

Capital Calls: Covid fibs, M&A flop, Hard seltzer

23 Jul 2021

Concise views on global finance: Forcing social media to take down vaccine misinformation is a good step on U.S. content rules. Meanwhile, a German real estate deal fails to get enough shareholder votes, and Boston Beer’s hard seltzer sales fizzle.

Capital Calls: Online fashion retail

15 Jul 2021

Concise views on global finance: The return of old customer habits and muted demand as the pandemic lingers could reverse the recent stellar run of the likes of ASOS.

Soho House IPO sets high price for entry

7 Jul 2021

The operator of private members’ clubs is listing at a $3 bln valuation. That depends on CEO Nick Jones pulling off a bold global expansion while reversing years of losses. Competition from hotels, doubts about its exclusive status and still-high debt are potential party poopers.