Corona Capital: U.S. tests, UK loans, Man U groans 21 Oct 2020 Concise views on the pandemic’s corporate and financial fallout: Abbott Laboratories has a bumper third quarter; UK banks look at a workaround for their Covid-19 loan problem; and Manchester United reveals a predictably ropey set of annual results.
Drone maker DJI will become the next Huawei 16 Oct 2020 The Chinese producer of unmanned aircrafts is flying high on Washington’s blacklist as lawmakers worry about it collecting data. But it is the world’s largest drone-maker by far. Expanding a ban will hurt the future of U.S. businesses – like farmers and energy companies.
Bidders could bust G4S investors out of value jail 14 Oct 2020 Canada’s GardaWorld made a 3 bln pound hostile bid for the mishap-prone security group. U.S. rival Allied Universal is also interested. Either could pay over 4 bln pounds and earn a decent return, Breakingviews calculations show. Shareholders can hold out for a higher offer.
Palantir float marks peak investor apathy 23 Sep 2020 The cryptic data-analytics company is setting a guide valuation of $20 billion for its direct listing next week. Its novel governance means the three founders are in control indefinitely. Incoming shareholders should assume their views won’t count.
Corona Capital: Playboy, Mondelez 21 Sep 2020 Concise views on the pandemic’s corporate and financial fallout: The owner of perhaps the most famous adult magazine is hoping a SPAC can give it a new lease on life; Mondelez wants to expand its range of healthy snacks – but they’re not always the best money spinners.
Canada peer offers G4S cheeky get-out-of-jail card 14 Sep 2020 BC Partners-owned Garda World may offer 3 bln pounds for the UK prison operator and outsourcer. That’s below the target’s price before Covid-19 closed airports and hit live events. But given its likely slow recovery and patchy track record, shareholders may prefer a surer thing.
Corona Capital: Vaccine politics, Peloton 8 Sep 2020 Concise views on the pandemic’s corporate and financial fallout: Pharma firms like Merck and Pfizer are putting long-term profit first by promising to wait for full approvals for Covid-19 treatments; Peloton cycles towards more profit by cutting the price of its high-cost bikes.
Google gets physical-security amuse-bouche 4 Aug 2020 ADT is selling the Alphabet unit a 7% stake for $450 mln. The news sent the Apollo-controlled alarm-service outfit’s value up $4 bln or 60%. That’s a big response to an initial deal to fold Nest devices into its lineup. It may reflect new options for ADT’s corporate future.
Apple and peers could lose “when in China” shield 16 Jul 2020 The iPhone maker is one of many firms that tailors products to suit China’s demands, recently deleting an app used by Hong Kong protesters. Such decisions could soon be treated by U.S. authorities as foreign lobbying. That would curtail a delicate – and profitable – dance.
UK’s Huawei call is anti-Trump parting gift to EU 28 Jan 2020 Britain has granted the Chinese telecom-kit maker a limited role in 5G networks. The U.S. president, who had pushed for a ban, will be as miffed as mobile operators will be relieved. On the eve of Brexit, London has also shown Europe how to balance Washington and Beijing.
Hong Kong seeks new traffic cop for wonky market 15 Oct 2019 Ashley Alder made the best of a middling job as chief securities regulator. He made progress fighting shoddy IPOs, though failed to stop dual-voting share structures. His successor could tackle the SFC’s slow enforcement, but will still be stuck between powerful vested interests.
China surveillance upstarts are better off at home 10 Oct 2019 Goldman Sachs is reviewing its role on Megvii’s Hong Kong IPO after the United States put the Alibaba-backed company on a human rights blacklist. Even if banks don’t cut ties, global funds may steer clear. Domestic markets will be more welcoming to the AI outfit, and its peers.
Defence deal puts post-Brexit UK in crosshairs 18 Sep 2019 The government is reviewing the $5 bln acquisition of Cobham by U.S. buyout group Advent. The aviation contractor’s investors already approved it, and national security concerns are spurious. Blocking the sale would imply Britain’s post-Brexit future is more closed than open.
G4S carve-out lacks compelling valuation bump 9 Aug 2019 The British security firm is spinning off its cash-handling unit, a no-brainer given the shift to digital money. That allows more focus on its core business of guarding people and businesses. But a share price bump requires investors to place a high value on the latter.
UK’s Huawei review amounts to an endorsement 23 Jul 2019 The outgoing government ducked making a call on whether the Chinese telecom supplier can build 5G networks. But its report makes a stronger case for Huawei than against. Probable next Prime Minister Boris Johnson will either have to ignore the findings or irk American hawks.
Canadian raid may unlock value for G4S investors 11 Apr 2019 Garda World is considering a bid for the UK prisons manager. The 5 billion pound price tag, including debt, looks a stretch for the private Canadian group. But the sale of G4S’s cash management business might still give its long-suffering shareholders a get-out-of-jail-free card.
Huawei will survive in Europe, but not thrive 28 Mar 2019 The Chinese telecom-kit maker avoided an EU-wide ban, despite U.S. pressure for one. Yet a UK security report has found serious flaws in its gear. The slapdown means higher costs for Huawei, and could put off clients who will worry about future government censure.
The Exchange: Huawei’s U.S. security chief 11 Feb 2019 Andy Purdy, who previously worked in academia and for the U.S. government, talks about the geopolitical edge to allegations about Beijing’s influence at Chinese tech group Huawei, and how communications equipment needs global standards and better testing across the board.
Review: The attack of the killer fridges has begun 14 Dec 2018 The world is ever more connected via the internet, from cars and power grids to home appliances and toys. That means ever more things are dangerously hackable, security expert Bruce Schneier writes in “Click Here to Kill Everybody.” His title isn’t as hyperbolic as it may sound.
Viewsroom: Turkey’s financial crisis may spread 16 Aug 2018 The feud between President Tayyip Erdogan and U.S. President Donald Trump over steel tariffs threatens to turn other emerging markets cold. Breakingviews columnists discuss the global impact of Turkey’s currency meltdown. Plus: A bad bank in China gets whacked by political risk.