Companies & Funds

JPMorgan nears its $1 trln conundrum

16 May 2025

Boss Jamie Dimon built Wall Street’s most profitable juggernaut. A 13-figure market value may be within reach before he exits, but a mismatch between its current worth and outsized returns suggests concern that the cautious CEO will leave it with more capital than opportunities.

Charter deal runs valuable $35 bln extension cord

16 May 2025

Adding rival Cox would create the biggest US cable operator with 38 mln customers. Cost savings worth $4 bln are handy as the industry grapples with streaming, mobile and unsubscribers. If trustbusters OK the combination, the most important asset boss Chris Winfrey buys is time.

3i’s crown jewel dilemma is coming to a head

16 May 2025

Dutch retailer Action has fuelled a near-fivefold rise in the $52 bln UK investor’s shares since 2020. It’s not an obvious time to sell or list a gem that represents most of its portfolio value. But with sales and margin growth potentially slowing, waiting carries risks too.

Franco-German defence IPO hits private equity snag

16 May 2025

Buyout group Triton is resisting tank maker KNDS’s intention to exercise a call option and take its stake in engine manufacturer Renk to 25%. The legal dispute may end up in a compromise, but it could hinder the Franco-German group’s ability to launch an IPO this year.

Alibaba partly punctures China’s AI hopes

16 May 2025

The $295 bln e-commerce group's shares plunged 8% in New York following tepid quarterly results. An unexpected drop in its cloud unit's profitability is worrying. Despite Alibaba's impressive AI advances, business models remain hazy and competition fierce.

Value investing is poised to rise from the dead

15 May 2025

Warren Buffett has announced his retirement. The investment style championed by the Oracle of Omaha has fallen out of fashion as buyers chase growth stocks and passive funds. However, history suggests the prospects for value investors are brightest when the world loses faith.

Foot Locker deal calls for some fancy footwork

15 May 2025

Dick’s Sporting Goods is buying the sneaker chain for $2.4 bln, expanding its international presence. Cost savings worth about $900 mln help, but fall 20% short of the premium being paid. For boss Lauren Hobart to justify the strategic merits will take bigger financial strides.

Walmart can discount tariffs only so much

15 May 2025

The $750 bln retailer will raise prices, weeks after it put on a happier face. JPMorgan boss Jamie Dimon also warns that recession remains a threat despite lower duties for China. Sustained gloom signals to the White House that there’s a limited supply of ways to shield shoppers.

Nestlé bets biggest in brand giants’ tariff casino

15 May 2025

The $272 bln KitKat maker will swallow hits from tariffs, unlike US rivals like P&G who will pass them on. Who’s right hinges on whether investors value top-line growth, or stable margins. But with a valuation below 2020 levels, Nestlé is more exposed if its bet goes sour.

Hong Kong is solid plan B for robotaxi operator

15 May 2025

Just 6 months after its New York IPO, China's Pony AI may be exploring a listing in the city. The risk of being kicked off American exchanges makes finding a second home more urgent. Meanwhile, dual-listed Alibaba and peers show the Asian financial hub can offer decent liquidity.

Toyota clan needs to shore up its influence

15 May 2025

Japan's corporate overhaul is weakening a web of cross-shareholdings Akio Toyoda relies on to hold sway over the world's biggest carmaker he chairs. He can up his less-than-1% stake through a $42 bln buyout of a related company. Investors’ diminishing support adds urgency.

Tariff gloom is another thumb on the lending scale

14 May 2025

Trade tensions slowed bank lending to buyouts or junk-rated firms to a snail’s pace, with just $8 bln of loans issued in April. Nervy volatility exacerbates traditional lenders’ weaknesses versus the likes of Apollo. More shifts away from old-guard bankers are in the cards.

Berlusconis’ German TV raid is worth resisting

14 May 2025

The Italian clan seemed to be exerting creeping control of $2 bln ProSieben through an underwhelming takeover offer. Czech investor PPF has made that trickier with a higher cash bid for up to 30% of the stock. Investors may now get more money – or a better corporate strategy.

Swatch activist risks tripping over family ties

14 May 2025

The $9 bln watchmaker is the target of US investor Steven Wood, who is trying to muscle onto the board. Sprucing up the luxury unit and investing in the firm’s online offering could fix its share price. But convincing the controlling Hayek clan to loosen its grip will be tricky.

US Congress will be reluctant trade war spoiler

14 May 2025

Donald Trump has used emergency powers to justify his tariff assault. Legal challenges by US states and small businesses face an uphill climb. Congress could reclaim its trade primacy over the president – but only if the economic and political costs become too large to ignore.

Macquarie’s trading mess warrants some perspective

14 May 2025

An Australian watchdog is suing the $50 bln bank for misreporting short-selling transactions for over 14 years, the latest in a string of issues. For now, these don’t appear the stuff rivals’ multibillion-dollar losses are made of, but they tarnish Macquarie’s golden boy image.

CATL’s $4 bln IPO offers trade truce reality check

14 May 2025

The world’s biggest listing this year excludes US onshore investors. That reduces the Chinese battery maker's costs and risks if tensions between the countries persist. Founder Robin Zeng can court money from Middle East, others may struggle to replace American capital.

Samsung ventilation deal buys it breathing space

14 May 2025

The Korean chip giant's 1.5 bln euro purchase of Germany's FläktGroup is its largest acquisition in eight years. The AI boom is heating up demand for cooling systems in data centres. De facto leader Jay Y Lee is thinking creatively as he seeks to regain Samsung's tech lead.

Trump’s Saudi victory lap belies AI fears

13 May 2025

The president unveiled $600 bln of mooted investments between the nations, with access to cutting-edge AI chips in the mix. Yet a shock ban on silicon from China’s Huawei affirms a stark reality. The US can’t stop tech advances by rivals, so must lock the world in as a customer.

Coinbase amplifies crypto’s shiny object syndrome

13 May 2025

The $60 bln cryptocurrency exchange operator will join the S&P 500 Index, putting decentralized finance into far more investment portfolios. It’s a fresh step in legitimizing digital money, following ETFs and lax oversight. The glossy veneer, however, belies a murky industry.