Corona Capital: Amazon, NYC and Trump 14 Sep 2020 Concise views on the pandemic’s corporate and financial fallout: Amazon’s hiring boom highlights its weakness, and U.S. President Donald Trump could throw New York City a bone.
Corona Capital: Testing, Flights, Football 10 Sep 2020 Concise views on the pandemic’s corporate and financial fallout: U.S. lab-testing group Quest announces speedy growth; IAG’s gloomy horizons have a silver lining; and NFL football comes charging back.
Corona Capital: Europe’s recovery, Indian selloffs 21 Aug 2020 Concise views on the pandemic’s corporate and financial fallout: The latest economic reports from Britain, France and Germany paint a patchy picture; and why the virus will hinder New Delhi’s asset-sale programme.
Japan’s FamilyMart plays way too easy to get 17 Aug 2020 Itochu wants to buy the rest of the convenience store operator for $5.4 bln. FamilyMart pushed for better terms based on new M&A guidelines to protect minorities. Yet it ultimately endorsed a lowball offer that ignored them. Clearly the new rules aren’t strong enough.
Walmart’s UK exit will be priced to sell 24 Jul 2020 The $375 bln retailer is once again trying to flog a stake in its British chain Asda. Convincing an investor to match the $9 bln J Sainsbury offered in 2018 looks fanciful given weak growth, Brexit risks, and the legacy of the pandemic. The main appeal may be a willing seller.
Corona Capital: LatAm pensions, Activism 23 Jul 2020 Concise views on the pandemic’s corporate and financial fallout: Pension reform in Mexico and Chile gets a coronavirus makeover; UK chief executives catch a break during lockdown as the number of activist campaigns collapses.
Ocado cash call delays profit delivery slot 11 Jun 2020 The 15 bln pound online retailer raised over 1 bln pounds to fulfil global demand for its warehouses. CEO Tim Steiner’s plan takes advantage of a near-doubling in its share price since the pandemic. But capital-intensive investments mean investors face a longer wait for earnings.
Corona Capital: Crisis loans, Jet fighting 3 Jun 2020 Concise views on the pandemic’s corporate and financial fallout: Bank customers are no longer making a dash for cash, loan drawdowns suggest. Meanwhile, a U.S. block on Chinese passenger flights suggests domestic battles haven’t dimmed President Trump’s desire to make China pay.
Corona Capital: Payments M&A brawl, Endeavor 7 May 2020 Concise views on the pandemic’s corporate and financial fallout: Payments firm Wex’s attempt to ditch a double deal for two UK rivals will face legal pushback and perhaps Elliott Management’s ire. Talent agency Endeavor’s 2018 Epic Games investment is starting to come in handy.
Hoarding to extend sell-by date of tired brands 17 Apr 2020 Consumers stockpiled pantries and freezers with long-life grub, boosting dowdy products like frozen Hot Pockets. Unilever and Nestlé had been tilting towards higher-end brands. Lockdowns will force CEOs and investors to reconsider the value of what’s in their cupboards.
Corona Capital: Latin America and Covid-19 8 Apr 2020 Concise views on the pandemic’s corporate and financial fallout: Six Latin American countries want a $15 billion loan to help fight Covid-19. "There's no harm in trying" says Peru's president, a sad sentiment reflecting the global shortage of needed equipment.
Meal couriers can gain by cutting the grocery line 1 Apr 2020 The likes of Uber Eats and Deliveroo may suffer from lockdown-induced restaurant closures. Meanwhile, grocery giants are struggling to deliver all the tinned goods and pasta that punters desire. That’s a recipe for cooperation, and perhaps profits for the cash-starved sector.
Corona Capital: Rich vs. poor, Carnival 31 Mar 2020 Concise views on the pandemic’s corporate and financial fallout: The rich may save even more while the coronavirus rages while the poor will be further squeezed, and Carnival tries to bail out its sinking cruise business with a big sale of equity and debt.
Corona Capital: Dining bonds 20 Mar 2020 Concise views on the pandemic’s corporate and financial fallout: Restaurant industry cooks up a unique form of funding to help alleviate revenue wipeout.
Sysco may risk indigestion with stodgy German meal 5 Mar 2020 The $36 bln cafeteria supplier is eyeing European wholesaler Metro. It’s an odd move for new CEO Kevin Hourican, who led CVS’ pharmacy roll-out. Europe’s weak growth and profitability mean he would need a bargain to make the deal work. And the target’s noisy owners won’t help.
Thai IPO tests waning market enthusiasm 20 Feb 2020 Central Retail shares opened flat on their debut. Cornerstone investors helped it price near the top of its range, although the economic timing couldn’t be worse. Thailand’s listing market has stayed hot even as post-IPO performance has cooled. One of these trends can’t last.
Thai tycoons set for uphill battle over Tesco Asia 6 Feb 2020 The UK grocer could sell its Asian assets for $9 bln. As the Thai economy slows, foreign buyers are steering clear, leaving the country’s most powerful families to duke it out. With antitrust watchdogs alerted, and financing issues aplenty, a smooth checkout looks unlikely.
UK grocer goals betray scale of climate challenge 28 Jan 2020 Sainsbury’s has pledged zero emissions by 2040, 10 years ahead of the UK goal. That’s good, but like many banks and oil groups, the cuts only affect CO2 the company itself produces. For businesses to decisively tackle global warming, they need to cut what’s emitted by customers.
Sainsbury’s new CEO will need outsider’s mindset 22 Jan 2020 The UK grocer’s operations director, Simon Roberts, will succeed Mike Coupe in June. The new chief executive’s three decades of experience in retail will be useful. But he may have to rewrite his predecessor’s plans if he wants to deliver better returns for shareholders.
French demos poor excuse for Casino earnings miss 17 Jan 2020 The retailer’s shares slumped after it said trading profit in France rose just 5% in 2019 – half the previous guidance. On a call with analysts Chief Financial Officer David Lubek blamed recent pensions protests. The unconvincing explanation hints at bigger problems.