Asia-Pacific

Aussie tycoon will blaze new green activist trail

2 Jan 2024

Atlassian co-CEO Mike Cannon-Brookes has already used some of his billions to tackle climate change, like battling the country’s top carbon emitter. Quitting the software firm would make him more effective. Other wealthy moguls may then join him in the activist trenches.

Breakingviews readers’ year of living dangerously

29 Dec 2023

Our best-read stories of 2023 reflect an audience trying to navigate a complex world of conflict, unpredictable interest rates and novel inventions. Familiar obsessions, including dramatic deals and the risks of a rocky energy transition, held your attention too.

Toyota will engineer a half-electric renaissance

27 Dec 2023

The world’s largest carmaker is playing catchup with electric upstarts like Tesla and China’s BYD, just as global demand for EVs slows. But boss Koji Sato will capitalise on the Japanese giant’s edge in hybrid vehicles as the tech enjoys a sudden renaissance.

Sony Activision riposte will involve mobile gaming

27 Dec 2023

Microsoft’s $69 bln Activision deal threatens its Japanese rival’s console dominance. But it also establishes a bridgehead for the US firm in the $90 bln mobile gaming space. Recent mobile weakness and an expected return to growth mean 2024 is a good time for Sony to plug in too.

Capital Calls: Eni’s green sale

22 Dec 2023

Concise views on global finance: The Italian energy major’s 10 bln euro valuation for its retail-and-renewables arm Plenitude is more likely to be recreated or exceeded if it avoids a rushed listing.

Artificial intelligence will embark on a data dash

22 Dec 2023

Text and photos produced by professionals are key to training and improving AI models. But accessing this information is getting harder and pricier. AI firms will have little choice but to pay for data, pushing up already-high costs – and delivering a windfall to publishers.

China policy risk returns as stock market grinch

22 Dec 2023

Shares in Tencent and NetEase plunged after surprise new curbs from Beijing on video-game spending and rewards. It smacks of President Xi Jinping’s crackdowns on private tutoring, tech and other sectors – and gives overseas investors another reason to be wary jumping back in.

China’s automakers will defy the great uncoupling

22 Dec 2023

There are industries, like microchips, where American trade warriors can cleave friendly supply chains from China. Cars aren’t one of them. Despite $80 bln of announced investments, lagging tech holds US champions back. In 2024, that will prove the limits of protectionism.

Capital Calls: Angola and OPEC

21 Dec 2023

Concise views on global finance: The African state’s decision to quit the oil producer group isn’t a huge deal in the short term, but will raise fears of more meaningful exits.

Green investors will learn the art of stockpicking

21 Dec 2023

Wind and solar stocks had a torrid 2023, as stars like Orsted crashed. But renewables investment is strong, input cost inflation is abating and rates may have peaked. Investors able to pick developers in the right sector, or suppliers in the right regions, may find bargains.

Ahmedabad will be India’s next Silicon Valley

21 Dec 2023

So will Mysuru, Jaipur and Coimbatore. Global firms are leaning on employees in India to execute more complex tasks. They’ll find a cheaper, reliable workforce beyond the country’s traditional tech hubs. The rise of AI will see more cities become the workplaces of the world.

China’s Huawei could be the surprise IPO of 2024

21 Dec 2023

Ren Zhengfei has long insisted the telecoms giant and chip designer he founded will never go public, but the company is now central to Beijing’s technology ambitions, which require heavy funding. A Huawei listing would also breathe life into China’s ailing stock market.

Big companies will raid government for future CEOs

20 Dec 2023

There’s a long history of businesspeople going into politics. Now sanctions and subsidies are showing boardrooms the value of diplomatic skills. Lazard CEO Peter Orszag and Legal & General Chairman John Kingman worked in government. Others will follow through the revolving door.

Capital Calls: Back from the USSR

20 Dec 2023

Concise views on global finance: Austrian bank Raiffeisen’s 1.5 bln euro plan to swap assets with sanctioned billionaire Oleg Deripaska is smarter than it looks.

The Li clan will deal their way out of value trap

20 Dec 2023

The Hong Kong-based empire founded by Li Ka-shing is unloved by investors. Despite his son Victor’s efforts to boost value, the $20 bln CK Hutchison trades at a big discount to its net assets. With 80% of revenue outside Greater China, it makes sense to explore a sale or breakup.

Biofuels comeback will give West a rare energy win

20 Dec 2023

Propellants from plant waste and animal fats have lost out amid an e-mobility push. Yet the difficulty of using electricity for planes and ships, and the rise of non-edible crops as feedstock, will offset food supply fears. Western groups like BP, Total and Eni will benefit.

Capital Calls: Cevian tries ‘relaxivism’ at UBS

19 Dec 2023

Concise views on global finance: The pushy European investor has bought shares worth around 1.2 bln euros in the Swiss bank, equivalent to a 1.3% stake. Yet it seems happy to sit back and let UBS management execute their strategy.

Nio’s $2 bln Christmas gift requires some strings

19 Dec 2023

Shareholders welcomed the money-losing electric-car maker’s latest infusion from CYVN. But cash alone won’t put Nio on track unless it focuses and cuts costs. With a 20% stake and two board seats, the Abu Dhabi investor could push for some New Year’s Resolutions to boost returns.

StanChart M&A theory will finally become reality

19 Dec 2023

For years, the bank run by Bill Winters was cheap but dysfunctional. Now, it’s producing significantly higher returns on tangible equity but the valuation remains low. If that persists in 2024, it will be hard for suitors like First Abu Dhabi Bank to resist launching a bid.

Farfetch rescue leaves scattered luxury debris

18 Dec 2023

The struggling online merchant secured a bailout from South Korean e-commerce giant Coupang, which is injecting $500 mln. The deal gives Farfetch a fresh shot at existence, but leaves former backer Richemont wiped out, and its new investor with fresh messes to clean.