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Companies & Funds

China cuts its private sector much-needed slack

9 Dec 2024

Crackdowns on education and other industries crushed businesses like tutoring firm New Oriental. But the $10 bln firm's recent revival shows Beijing is loosening its grip to boost consumption and create jobs. The shift will hand private giants a bigger role to reboot growth.

ANZ’s new CEO has his hands partly tied

9 Dec 2024

HSBC's ex-retail boss Nuno Matos will take charge of Australia's second-largest lender. Its subpar performance merits the outside hire. But key projects, like integrating Suncorp's bank, are far from complete. That will limit his ability to shake things up at the $60 bln group.

Funky fiscal years are long out of date

6 Dec 2024

Comparing the financial results of Apple, Microsoft and Nvidia takes special care. All end in different months and none on the calendar year. Seasonality and inertia are lame excuses to stick with arcane reporting periods. Investors are up against more than enough complexity.

Shein IPO is test of UK market discipline

6 Dec 2024

Britain’s financial watchdog may bless the fast-fashion group’s possible $64 bln listing, leaving investors to gauge the risks in its supply chain. Yet passive funds and soft disclosure rules limit shareholders’ ability to price such factors. Better transparency would help.

Global carmakers redefine success in China

6 Dec 2024

GM is shrinking to mediocrity with a rejig and roughly $3 bln writedown on the value of its Chinese joint ventures. International brands once chased chunky sales in the People’s Republic, now they aim for profitability on a smaller scale - and to learn from local peers.

US market juggernaut poses top risk for 2025

6 Dec 2024

After a second year of world-beating returns, stocks listed in the United States account for 67% of global equity markets. Outperformance sucks in more capital and companies. Though it’s a long-term trend, US valuations seem high. A reversal would leave few investors unscathed.

UnitedHealth tragedy opens deep healthcare wounds

5 Dec 2024

The murder of insurance boss Brian Thompson drew a slew of callous responses, including on a company Facebook post. Industry profit is rising in a nation spending double its peers on healthcare for worse outcomes. Policy ideas are weak, but political risk is amping up.

Gulf wealth funds and F1 is a union with mileage

5 Dec 2024

QIA’s acquisition of a 30% stake in the Audi team means Qatar has joined Bahrain in owning a Formula One outfit. With new F1 rules capping team costs, big pots of capital are increasingly interested in the space. That could see the likes of Saudi’s PIF strike similar deals.

Shell and Equinor make the best of UK oil decline

5 Dec 2024

The oil majors are combining their North Sea assets in a joint venture. Splicing the two together makes sense as it will allow them to share Equinor’s 6 bln pound tax losses and protect against rising windfall taxes. It could also pave the way for an easier future exit.

Japan’s virtuous M&A circle starts with 7-Eleven

5 Dec 2024

The battle for control of $45 bln convenience store owner Seven & i is being cheered in Tokyo. It’s evidence of progress in the drive to improve efficiencies in the world’s third-largest economy. It could also be a sign of what’s to come if officials make the right next moves.

Brookfield’s simpler structure adds layer of rigor

4 Dec 2024

The $100 bln investment shop is nearly finished rearranging its sprawling standalone units, helping narrow a stubborn discount to asset value. Hedge fund manager Bill Ackman is a big believer. The new challenge for boss Bruce Flatt will be returns depending purely on performance.

BlackRock’s HPS deal seals Netflix-like strategy

3 Dec 2024

Boss Larry Fink intensified the race against Apollo and others to capitalize on booming private markets. For the index-fund titan, it means finding content-like assets to push through its pipes. Buying a credit shop managing $150 bln helps, but only up to a point. Just ask Apple.

Masa Son risks overcompensating for his AI misses

3 Dec 2024

The SoftBank founder sold Nvidia too early and seems late to the party with his recent OpenAI investments. Now, he may be planning to invest $9 bln a year in artificial intelligence. The risk for the billionaire’s shareholders is that he acts recklessly to make up for lost time.

Bain’s Japan chip IPO is a tough sell

3 Dec 2024

The US private equity firm will list Kioxia six years after leading the memory unit's $18 bln carve-out from Toshiba. The roughly $5 bln equity valuation means poor returns for sellers. And convincing new investors to look past Kioxia's crippling debt pile will be a slog.

Intel’s independent streak will come to an end

2 Dec 2024

Boss Pat Gelsinger is exiting the once-revolutionary chipmaker as it struggles to find a place in the future. It missed chances with Apple, Nvidia and OpenAI while its gross margin halved to 32%. A management shakeup portends a strategic one, which probably leads to a new owner.

New Stellantis CEO’s first job is a US reset

2 Dec 2024

Carlos Tavares’ abrupt exit comes after the $34 bln carmaker hiked prices and lost market share. The ideal new CEO – able to steer a course around Trump, EU emissions rules and new tech – may not exist. Stellantis could settle for a US expert who can get car dealers back on side.

Lack of M&A is squeezing Britain’s media old guard

2 Dec 2024

The Telegraph newspaper wants a new owner but is struggling to get one. And $3.5 bln broadcaster ITV isn’t courting a deal, but probably should. Government intervention, or the threat of it, is a blocker in both situations, risking a continuation of the lacklustre status quo.

New World paves Hong Kong developers’ way to China

2 Dec 2024

The $2 bln property firm’s second CEO in as many months is an expert in mainland real estate, suggesting an urgent need to deepen ties there. New World’s $20 bln debt pile may be hastening the move, but broader pressures will push healthier peers like CK Hutchison to follow suit.

Robey Warshaw’s $90 mln bonanza is taste of 2025

29 Nov 2024

The UK boutique’s four partners split a record bounty for the last financial year. That’s oddly high since it was a slow period for deals. Now, falling rates and laxer antitrust authorities will help buyouts and corporate mergers, lifting rival rainmakers too in the coming years.