EMEA

Capital Calls: Pelululemon

28 Sep 2023

Concise views on global finance: The apparel firm and the exercise-bike maker have entered into a five-year partnership, ending a costly feud. For Lululemon, it removes the risk of an outright acquisition. Peloton gains a valuable partner, but still faces an uphill climb.

European listing exodus is just beginning

28 Sep 2023

Building materials firm CRH and packaging giant Smurfit Kappa are among a growing list of companies seeking to decamp from Europe to US exchanges. In this Viewsroom podcast, Breakingviews columnists discuss what is prompting groups to leave and why the rot is unlikely to ease.

Cable makers are green investing’s dark horses

28 Sep 2023

Net zero requires annual grid investment to more than double to $750 bln by 2030, plus the building of more solar and wind farms. That’s a boon for makers of power lines like Prysmian and Nexans. Green investors searching for growth may increasingly pay them more attention.

A Putin friend in Slovakia could disrupt the EU

28 Sep 2023

Former PM Robert Fico is leading in the polls ahead of Saturday’s election. He wants to stop support for Ukraine and opposes sanctions on Moscow. Even with only 0.7% of the European Union’s GDP, a member state governed by a Russian ally could seriously mess up the bloc’s work.

Capital Calls: UBS Russia risk

27 Sep 2023

Concise views on global finance: The Swiss bank’s value fell by $3 bln after Bloomberg reported that the US Department of Justice is investigating the recent acquisition of Credit Suisse over possible compliance failures.

Capital Calls: Net neutrality is back, again

26 Sep 2023

Concise views on global finance: US regulators want to reopen a decade-old fight over the internet’s rules of the road. But just like merger cops who have struggled to gain traction, they are trying to use yesterday’s tools to predict tomorrow’s problems.

Coty’s listing treatment is just cosmetic

26 Sep 2023

The $10 bln US-traded beauty firm is going against the tide with a dual listing in Paris. That may give it more visibility with European investors and the funds will cut its debt. But it won’t reduce the risk of its luxury clients boosting their own cosmetic and perfume arms.

EU regulators have tech giants in their sights

26 Sep 2023

Brussels is taking on the likes of Amazon and Apple with a slew of new rules aimed at curbing market dominance and taking back control over data. Former EU Commission economist Bertin Martens explains to The Exchange podcast how the industry giants could be forced to open up.

Meloni’s Italian job is a lesson for EU’s right

26 Sep 2023

In her first year, the PM pledged Rome’s commitment to NATO and fiscal discipline. That may be a template for nationalist parties trying to copy her success. Yet she also wasted time on culture wars. As growth stalls and immigration soars, the rest of her term will be tougher.

Entain’s troubles may entice MGM into a fresh punt

25 Sep 2023

Shares in the $8 bln gambling firm fell 10% after an unexpected sales warning. An Australian slowdown and regulatory heat in the UK, its biggest market, are tricky to fix. But the more Entain’s stock sinks, the more $13 bln MGM may consider renewing its dormant bid interest.

Irish listing rot is symptom of wider EU malaise

25 Sep 2023

Packaging giant Smurfit Kappa may follow CRH in ditching Dublin for the US. The exodus, along with other potential defectors, will erode over half of the $172 bln exchange’s value. Without meaty subsidies or a pan-EU capital market, global firms have little reason to stay.

Western rival to Belt and Road has much to prove

25 Sep 2023

The G7’s $600 bln plan to compete with China’s flagging investment push has launched splashy railway and energy schemes in Africa and Asia. But governments and private investors haven’t put up much cash. It’s also unclear how poor countries will avoid debt traps, says Hugo Dixon.

Permira will have to work to exit classified hole

22 Sep 2023

The buyout firm has teamed up with Blackstone to take Norway’s Adevinta private. Its initial outlay in 2021 is under water after a tech downturn battered the $11 bln company’s valuation. Permira’s hopes of a decent return rest on turbocharging sales and tangibly hiking margins.

UFC’s Saudi challenge may be less than a body blow

22 Sep 2023

After its WWE merger, the mixed martial arts promoter’s $15 bln parent TKO faces a smack from Saudi-backed PFL. But the latter is targeted more at non-US fans, a lesser market for UFC. Saudi may also struggle to scale up enough to deliver the knockout blow it managed with golf.

Capital Calls: US budget

21 Sep 2023

Concise views on global finance: US House Speaker Kevin McCarthy is siding with hardline conservatives to fund the government. Empowering the further-right flank narrows the already slim odds of new Ukraine aid, cannabis reform and crypto clarity.

Listing duo offers followers a cautious playbook

21 Sep 2023

Chip designer Arm and grocery delivery company Instacart have secured relatively successful stock launches, offering hope of a wider reopening of the IPO market. In this Viewsroom podcast, Breakingviews columnists explain how cornerstone investors and lowly valuations helped.

Central banks start game of chicken over rate cuts

21 Sep 2023

Officials in Sweden and Norway hiked borrowing costs, while their British peers didn’t. All hinted policy will stay tight, fearing that stoking expectations of an early start of the loosening cycle may fuel inflation. An economic slowdown may prompt rate-setters to be less tough.

Oil spike offers only a brief boon for Fed and MbS

21 Sep 2023

Crude prices are up 25% since July, swelling the Saudi crown prince’s budget. Fed boss Jay Powell wins too: he can use it to justify inflation-busting high rates. Yet long-term, a surfeit of energy demand over supply will complicate life for both central bankers and oil tsars.

Saudi’s $700 bln PIF is odd sort of sovereign fund

21 Sep 2023

Hyperactive transactions, erratic funding and an unusual asset mix set the kingdom’s Public Investment Fund apart from more cautious state-run investors. As Crown Prince Mohammed bin Salman tries to reach $2 trln by 2030, the PIF will keep making headlines – both good and bad.

Anti-obesity drugs can shrink more than patients

20 Sep 2023

Wegovy and other weight-loss treatments could transform public health. That may hurt medical, food and fitness companies, while potentially affecting activities from drinking to gambling. This shrinking revenue demands a new investment concept: total unaddressable markets.