Asia-Pacific

Alibaba and JD reveal two ways to cope in downturn

16 Aug 2024

China's $190 bln e-commerce group relies on ad sales and is betting on new tech for a turnaround. Its rival sells to shoppers and is focusing on supply chains to boost earnings. The diverging fortunes rest on who spends more: cash-strapped firms or cost-conscious consumers.

Short seller sharpens a divide in India’s market

16 Aug 2024

Hindenburg Research says Madhabi Puri Buch’s past stake in an Adani-linked fund makes the chair of the securities regulator unfit to probe the tycoon’s empire; her response kept stocks calm. Locally, she is seen as tough. Outsiders watching the saga will be more sceptical.

Apple begins delicate dance with Tencent in China

15 Aug 2024

The iPhone-maker wants a share of revenue from games played on the $450 bln tech giant's WeChat platform. For Apple boss Tim Cook, it's a lucrative opportunity as handset sales cool. Yet if the US company pushes too hard, it may jeopardise its hard-earned appeal in China.

Swire can afford to be optimistic about China

15 Aug 2024

The Anglo-Asian conglomerate is doubling down on airline and property investments in the country while others de-risk. While its options to diversify appear limited, $11 bln Swire Pacific is outperforming peers. Plus Beijing finally has a reason to embrace the trading house.

India convincingly overcomes its IPO demons

14 Aug 2024

Cautious pricing is paying off. E-bike maker Ola surged on its debut and e-commerce platform Brainbees jumped 46%. The success by the unprofitable SoftBank-backed firms clears the way for big deals that will help the country retain Asia's IPO crown as other venues falter.

Hong Kong faces China’s other consumption slump

14 Aug 2024

Spending is weak on the mainland, but retail sales in the financial hub have fallen for four months in a row. That's due to a double whammy of locals and tourists buying less. The city's once resilient landlords are cutting dividends - an ominous sign of more pain to come.

China bond frenzy puts central bank in quandary

13 Aug 2024

Beijing is meddling in the market to stop long-term yields plunging even though strong demand for safe-haven government debt reduces the cost of borrowing more. Trouble is, the PBOC is worried about excessive speculation and other risks. That leaves it facing an uphill battle.

Woodside’s deal poses a new green conundrum

13 Aug 2024

Months after shareholders rejected its climate transition plan, the oil driller is buying an ammonia facility in Texas for $2.4 bln to help hit its emissions reduction goals. But the tech and end-uses are questionable. The return gives investors little to cheer, too.

Drahi-for-Bharti swap gives BT partial relief

12 Aug 2024

French mogul Patrick Drahi is offloading a 25% stake in the British telco worth about $4 bln to India’s Bharti. BT CEO Allison Kirkby can stop worrying about her indebted shareholder. Alongside Deutsche Telekom and Mexico’s Carlos Slim, her share register still looks crowded.

Apple loses China price battle, but will win war

12 Aug 2024

Big discounts by Huawei and other local rivals have eaten into the iPhone maker’s market share. Boss Tim Cook is fighting back, to preserve nearly a fifth of revenue. In a region that often beguiles tech outfits, the $3 trln company’s resilience is impressive – and sustainable.

Taiwan is punching well above its market weight

12 Aug 2024

Share sales and convertible deals are surging on the island where TSMC’s $748 bln market value exceeds GDP thanks to an AI-led rally. The market could surpass China’s weighting in global indices as profits trump geopolitics. For bankers, it's a counterintuitive bright spot.

KKR shows it’s business as usual in Japan Inc

9 Aug 2024

The US fund is offering $4 bln to take IT-specialist Fuji Soft private, a year after activist 3D kicked off a sales process. Despite a strengthening yen and volatile stock market, it's a reminder that there's still value to be unearthed. Similar deals will keep ticking along.

The Bank of Japan’s flipflopping can backfire

8 Aug 2024

Days after Governor Kazuo Ueda talked up interest rate hikes, his deputy is suddenly playing down the prospect. That may be intentional but it muddies the message to Japanese businesses on the outlook. It also overplays Japan’s role in sparking the global market ructions.

DBS CEO aces succession, sets high bar

8 Aug 2024

Piyush Gupta is leaving the $72 bln bank after 15 years in charge. He put it on the Asian map, logged stellar returns, and ensured a Singapore-style drama-free transition of power. Incoming boss Tan Su Shan is a solid choice to steer DBS through its next trickier growth phase.

Succession stakes in India Inc keep rising

7 Aug 2024

Gautam Adani, 62, says his four heirs will co-run his sprawling $200 bln infrastructure empire when he retires. That aims to retain the benefits of size. All three of India's top business families face a similar challenge. Their plans will shape the $3.5 trln economy.

China’s mounting bad debts have fewer places to go

7 Aug 2024

StanChart-backed Bohai Bank is selling $4 bln-worth of non-performing assets. It underscores the pressure lenders are under as property-linked loans sour. Yet distressed-asset managers like Cinda are feeling the strain too. Disposing banks' $470 bln bad debt pile will get harder.

Singapore bourse may yet be upgraded to also-ran

6 Aug 2024

Policymakers want to end its IPO drought and dismal liquidity. Tax breaks, listing government assets like Changi Airport and encouraging state fund GIC to invest locally could help. But the city-state lacks the wherewithal to be a big draw for business from China and beyond.

Bangladesh becomes global firms’ next big unknown

6 Aug 2024

Protests may ease now Prime Minister Sheikh Hasina has fled. But her ouster after 15 years of iron-fist rule leaves the economically struggling country of 170 mln vulnerable. Companies like H&M and Inditex that depend on it for garment-making face an anxious time ahead.

China’s luxury push paves way for sin tax rejig

5 Aug 2024

Beijing unveiled a 20-point plan targeting consumption of things like yachts and cruise ships. It looks underwhelming as spending remains anaemic in the $17 trln economy. Yet local governments have incentive to step up: a potential luxury goods and services tax windfall.

Japan’s stock market faces a moment of truth

5 Aug 2024

Equities are falling fast as central banks rapidly recalibrate monetary policy and fears rise of a hard landing for the US economy. Japan Inc’s historic bull run was supported by a weak yen. The currency’s sudden reversal will reveal how much substance is beneath the froth.