EMEA

Capital Calls: Siemens

10 Aug 2023

Concise views on global finance: The rot at the 110 bln euro German industrial group is spreading from its misfiring energy unit to the core automation business.

Stingy UK bank saving rates may become a non-issue

10 Aug 2023

Regulators dislike the fact that lenders are passing on rate hikes more quickly to borrowers than to savers. But unlike in Spain, British banks like NatWest are no longer swimming in spare deposits. That suggests they’ll have to pay up for funds, solving the problem before long.

Black Sea wheat war is sideshow for grain deal

9 Aug 2023

Russia is bombing Ukraine’s Danube ports while Kyiv hits its enemy’s ships in the Black Sea. Bumper harvests can cushion the shock on global wheat prices. But it would be in the two warring countries’ interest to strike a new food transport pact to allow their lucrative exports.

Capital Calls: Italian bank levy flip-flop

9 Aug 2023

Concise views on global finance: Rome has only partially soothed investors panicking over its windfall tax on lenders.

Altice’s beaten-up debt is only a bet for the bold

8 Aug 2023

Patrick Drahi’s telco empire faces a funding crunch, with $60 bln of debt coming due by 2030. He must pull off a tough turnaround in France and sell assets, a tricky task made even harder by a corruption probe. Even with current high yields, Altice debt is a risky punt on Drahi.

Capital Calls: Dish and EchoStar

8 Aug 2023

Concise views on global finance: Billionaire Charlie Ergen is reuniting the two satellite businesses he controls, beefing up the $4.5 billion Dish Network’s strained balance sheet as it tries to expand its wireless strategy.

Sweaty Europe can kill two birds with one pump

7 Aug 2023

In the ‘era of global boiling’ more Europeans need air conditioners. But if they instead installed heat pumps, the bloc could cut carbon emissions and cool as well as warm citizens’ homes. All the more reason for governments to be more generous on subsidies than they have been.

Capital Calls: PIF, Siemens Energy

7 Aug 2023

Concise views on global finance: Saudi Arabia’s big sovereign wealth fund is getting bigger; the $13 bln German company unveiled a $2.4 bln charge due to persistent wind turbine problems.

Capital Calls: Coinbase raises the stakes

4 Aug 2023

Concise views on global finance: For the first time, the $21 bln cryptocurrency exchange generated more revenue from services like pledging coins for blockchain initiatives than from transaction fees. Diversification is sensible, but 10 state regulators jeopardize the strategy.

UK net-zero ‘pragmatism’ is an odd way to get real

4 Aug 2023

PM Rishi Sunak says he cares about decarbonisation, but is also signing off new oil schemes. Uncertain energy transition costs make that a logical political strategy. But the government’s own data suggest relying on volatile gas over renewable power could be an expensive mistake.

Adland consumer-goods boon has limited shelf-life

4 Aug 2023

Food and beverage giants like PepsiCo are ramping up marketing amid soaring sales. That’s a fillip for WPP and peers, which have seen revenue from tech clients stumble. The risk is that, with inflation falling, consumer goods’ momentum slows before Big Tech gets back on its feet.

Capital Calls: Robinhood, Influencers, Inflation

3 Aug 2023

Concise views on global finance: The $10 bln brokerage’s first profitable quarter does little to quell growth fears; Adidas and AB InBev are unexpectedly resilient amid an online storm; the Bank of England has a longer inflation fight on its hands than its peers.

Cracking the IPO window is a tall task

3 Aug 2023

Sandal-maker Birkenstock is among those angling to defy a downturn in stock-market debuts. In this Viewsroom podcast, Breakingviews columnists discuss how corporate hopefuls on both sides of the Atlantic are trying to thaw the deepest freeze on public listings since the pandemic.

LSEG’s dealmaking payoff arrives in installments

3 Aug 2023

The London Stock Exchange owner’s growth is accelerating as it turns around the Refinitiv data business it bought in 2021. CEO David Schwimmer can point to tangible cost savings and more stable revenue. The $58 bln group’s stock, however, has yet to fully price in the benefits.

Britain’s trustbuster has a shot at redemption

3 Aug 2023

Three months after saying no, the UK’s antitrust watchdog is giving Microsoft’s $69 bln Activision acquisition a second look. The U-turn is hurting the CMA’s reputation. But if Microsoft could acquire only parts of its quarry, the trustbuster’s blushes may yet be spared.

Capital Calls: Carlyle, UK SPAC deal, Beauty marks

2 Aug 2023

Concise views on global finance: The buyout shop’s fee challenge comes into sharper relief for boss Harvey Schwartz; banker Michael Klein aims to use his latest shell company to buy a British investment firm for $1.6 bln; and $7 bln cosmetics maker e.l.f. is looking glamorous.

Birkenstock kicks Europe in the rear with US IPO

2 Aug 2023

The German brand is eyeing an $8 bln New York listing. Owner L Catterton is betting on a US market uptick and publicity from the Barbie movie to double its money. Ditching Europe is not illogical. But as American luxury sales slow, dressing up its no-frills sandals looks hard.

Bank of England rate dilemma holds little mystery

2 Aug 2023

Governor Andrew Bailey must decide on Thursday whether to raise borrowing costs by a quarter or half a percentage point. The choice will make little difference to the long-term path of interest rates. Inflation is falling and monetary policy alone cannot boost sluggish UK growth.

Wild weather turns up heat on EU debt stragglers

2 Aug 2023

Scorching temperatures have ruined harvests, strained infrastructure and dimmed southern Europe’s tourist appeal. If heatwaves’ frequency intensifies, the bill to prevent and fix damages will rise. Fiscal laggards like Italy and Greece may need extra help from Europe.

France wins more than Kretinsky in Atos breakup

1 Aug 2023

Billionaire Daniel Kretinsky will buy the IT group’s older assets for 2 bln euros including debt. Paris will be pleased that the other, sexier cybersecurity division stays French. Meanwhile the Czech tycoon gets the ailing unit with little relevance to his other recent purchases.