Asia-Pacific

Ola IPO will drive Indian EVs back to the future

19 Jan 2024

The SoftBank-backed e-scooter maker is revving up to go public at a mooted $8 bln valuation. The deal, plus a burgeoning home market, marks a moment reminiscent of an earlier mania for Chinese upstarts like Nio. Investors hoping for a similar ride, though, may be disappointed.

Global risk pile-up penetrates Davos bubble

18 Jan 2024

Nearly 3,000 movers and shakers have converged on the Swiss resort amid crises in the Red Sea, Gaza and Ukraine. In this Viewsroom podcast, Breakingviews columnists discuss how Davos-goers unable to ignore these perils are nervously anticipating another Trump presidency.

Capital Calls: Richemont revival

18 Jan 2024

Concise views on global finance: Shares in the $72 bln owner of Cartier rallied 9% after its quarterly results beat expectations, but concerns over the luxury sector persist.

China’s war on corruption turns into high wire act

18 Jan 2024

Xi Jinping is declaring victory in his decade-long war on graft. He has made more progress than India and the US over the same period by some global standards. Yet the decision to double down on cleaning up the finance sector when the economy is weak could come at a heavy cost.

China consumers keep Beijing, and world, on edge

17 Jan 2024

The economy expanded 5.2% last quarter, thanks to manufacturing. But local demand remains weak, forcing factories to look abroad. That will stoke global trade tensions and add to fears that China will export deflation. All eyes are on how Beijing stimulates domestic consumption.

Capital Calls: Greek airport IPO

16 Jan 2024

Concise views on global finance: State-backed Athens International Airport may be able to fetch a 3 bln euro valuation in a planned February listing.

Iron ore investors mine irrational exuberance

16 Jan 2024

The mineral's recent 40% jump has sent BHP, Fortescue and Rio's Aussie-listed shares towards record highs. Yet the trio's earnings are below their peak, as is the commodity, whose price is expected to fall. Absent a sudden upswing in China's economy, the rally looks overdone.

Shein’s ‘Made in China’ label clashes with IPO

15 Jan 2024

The fast-fashion retailer is seeking Beijing’s nod to go public in New York. It’s a setback for the Singapore-based company which has tried to distance itself from its Chinese roots. Whatever the decision, it’ll set an awkward precedent for peers like ByteDance’s TikTok.

Taiwan navigates new waters with old map

15 Jan 2024

Lai Ching-te has won his independence-leaning party an unprecedented third term. That tees up a deterioration in the island’s relationship with China and will refocus global minds on the costs of a possible confrontation. It puts pressure on Lai to find new ways to minimise risks.

Capital Calls: UK real estate merger

11 Jan 2024

Concise views on global finance: LondonMetric’s all-share move for domestic peer LXi isn’t a bargain, but creates a 4 bln pound landlord with benefits for both sides.

Capital Calls: UK homebuilders

10 Jan 2024

Concise views on global finance: Expectations of mortgage rate cuts helped Persimmon exceed sales targets, giving another lift to its resurgent stock price. The optimism, however, warrants a reality check.

China’s auto exports can hold the fast lane

10 Jan 2024

The country has displaced Japan as the world's largest shipper of cars abroad, sending more than 5 mln overseas last year, per an industry group. Companies best known for gas guzzlers are among the winners. But EV makers like BYD are gaining share and will drive the trend on.

Peer pressure is new activist tool for Japan Inc

10 Jan 2024

The Tokyo Stock Exchange is set to name all the companies which responded to its push for better capital efficiency and returns. The bourse is betting transparency will shame the rest into action. Success could pull investors and M&A bankers alike to the $6 trln market.

Capital Calls: Spanish pharma

9 Jan 2024

Concise views on global finance: Shares in Madrid-listed drugmaker Grifols fell up to 42% after Gotham City Research alleged that the company’s already elevated debt levels were higher than previously reported.

Rich nations can learn from Ireland’s health shift

9 Jan 2024

Dublin wants to build a universal healthcare system. Phasing out a US-like insurance model is bold and could require 20 bln euros from the state. Countries thinking of similar overhauls to deal with waiting lists and ageing citizens will need money and political consensus.

Samsung is primed to seize AI chipmaking crown

9 Jan 2024

The $390 bln Korean giant could become a one-stop shop for AI semiconductors. Losses in its memory chip unit are probably shrinking, and it is bulking up in logic chips and packaging. Samsung is rapidly moving towards a level of integration that could give it an edge over TSMC.

VinFast charges up its stock market unsuitability

9 Jan 2024

The $16 bln electric-vehicle maker has replaced both its CEO and CFO within five months of going public via a SPAC. The new boss is founder Pham Nhat Vuong, who owns almost all its stock. The latest moves are a reminder that VinFast looks and acts like a private firm.

T-Mobile’s climb to top dog risks winner’s curse

8 Jan 2024

The US telecom’s decade-long rise, sealed by 2020’s Sprint merger, has lapped rivals AT&T and Verizon and triggered an $8 bln payout for backer SoftBank. The tie-up threatened unshakable dominance. But now, newer cable entrants may wrench open the market much as T-Mobile did.

Capital Calls: Pandora

8 Jan 2024

Concise views on global finance: Stronger than expected quarterly sales help the $12 bln Danish maker of affordable jewels beat its annual growth target.

Hong Kong-China travel flip is a new headache

8 Jan 2024

It is one year since the border reopened and fewer mainlanders are arriving in the offshore hub. But Hong Kongers are increasingly travelling to Shenzhen and beyond to shop and eat. That’s a blow for the Asian centre's retail and property, and part of the shift looks permanent.