Features

India starts resembling China in unflattering ways

19 Dec 2024

Growth is slowing and allegations of interference in the West’s affairs are rising. Part of the narrative weighing on the world’s second-largest economy is applicable to its fifth largest. Even if similarities are exaggerated, the connection poses a threat to India’s moment.

Donald Trump will meet his match in bond markets

18 Dec 2024

The president-elect’s bullying and bluster may steamroll any political resistance to tax cuts and tariff hikes. Like many world leaders before him, though, he’s about to feel the punch that debt buyers pack. They’ll beat back an inflationary agenda that imperils US finances.

Obesity giants will begin $80 bln M&A face-off

17 Dec 2024

Eli Lilly and Novo Nordisk will need to invest the war chests they are amassing from sales of weight-loss drugs. They could snap up rivals like Zealand Pharma, or forge into new areas, say by buying autoimmune player Argenx. Pressure to do deals raises the risk of overpaying.

US-China tech war will hold Asian allies hostage

16 Dec 2024

Washington’s curbs on semiconductors and other goods are starting to elicit a response from the People’s Republic. New export control rules offer a way for Beijing to retaliate. Its leverage over giants like Japan’s Toyota or South Korea’s SK Hynix make them prime targets.

AI models’ slowdown spells end of gold rush era

13 Dec 2024

Rapid progress from building bigger systems set off a dash for data centers and chips. But progress may be slowing. Microsoft and Alphabet face less existential pressure but also new competitors, putting a question mark over the $8 trln rise in Big Tech’s market value since 2022.

India needs more, not fewer, powerful tycoons

12 Dec 2024

US charges against Gautam Adani expose the country’s reliance on too few industrialists to meet its strategic goals. Rather than prompting a breakup of conglomerates, the saga may nudge the government to share the spoils of the $4 trln economy with a bigger group of chosen ones.

Buyout barons’ Europe bargain hunt will intensify

11 Dec 2024

Preqin data shows that funds focusing on the region are outperforming North American ones, helped in part by a 10% valuation discount on local deals. The gap may grow as US stocks get more expensive. But for Europe it’s a sign of corporate weakness, rather than strength.

Golden visas are a leaden answer to economic needs

10 Dec 2024

Hungary is the latest country to launch a residency-by-investment scheme. Such plans appeal to rich foreigners. But they add less than 0.5% to GDP, inflate property prices and irk locals. As geopolitical risks spur demand, governments will have to either charge more or nix them.

US market juggernaut poses top risk for 2025

6 Dec 2024

After a second year of world-beating returns, stocks listed in the United States account for 67% of global equity markets. Outperformance sucks in more capital and companies. Though it’s a long-term trend, US valuations seem high. A reversal would leave few investors unscathed.

Japan’s virtuous M&A circle starts with 7-Eleven

5 Dec 2024

The battle for control of $45 bln convenience store owner Seven & i is being cheered in Tokyo. It’s evidence of progress in the drive to improve efficiencies in the world’s third-largest economy. It could also be a sign of what’s to come if officials make the right next moves.