E-commerce

Klarna listing would be a mixed blessing

25 Feb 2021

The Swedish fintech’s next funding round could value it at $30 bln, and it’s mulling a direct listing. Allowing early investors to cash out carries obvious appeal. The downside is there would be a daily commentary on Klarna’s regulatory risks and shortcomings relative to rivals.

JD offers peek into China’s e-commerce machine

23 Feb 2021

The $160 bln web retailer is spinning off its logistics arm. Upgraded delivery systems have supported an online shopping boom that is driving yet more growth in the sector: a virtuous cycle. JD's high-tech operation and shrinking losses should excite investors.

UK online levy procrastination may be helpful

22 Feb 2021

Finance minister Rishi Sunak has delayed a decision on whether to impose a 2% sales tax on internet retailers like Amazon. He misses out on some tax revenue in the short term but buys time for joined-up thinking on how to level the playing field for firms that pay property tax.

Capital Calls: Petrobras CEO, Kohl’s

22 Feb 2021

Concise views on global finance in the Covid-19 era: Brazilian President Jair Bolsonaro nominates a former general to replace the oil group's market-friendly boss, tanking the shares; and U.S. department store Kohl’s has some unhappy shareholders.

Capital Calls: Walmart, Buffett/Chevron

18 Feb 2021

Concise views on global finance in the Covid-19 era: Walmart gets an unfair ding from investors over its latest earnings report; and the Sage of Omaha takes another bet on the profit still to be made from fossil fuels.

South Korea’s Coupang is less Amazon, more Walmart

16 Feb 2021

The e-commerce group might be worth over $50 bln in its New York IPO valued as the former, or about $10 bln as the latter. Coupang is loss-making in a small retail market. Success in new areas like food delivery could justify a premium but the growth outlook deserves caution.

Capital Calls: Disney+, SPAC romance

12 Feb 2021

Concise views on global finance in the Covid-19 era: The entertainment giant’s streaming growth comes at a cost; blank-check companies are trashing all records in 2021.

Europe’s payments king faces fight to keep throne

10 Feb 2021

Netherlands-based Adyen is one of the region’s few successful listed fintechs, giving it scarcity appeal. Its reliance on large customers like Facebook could one day be a problem, and competition in the bloc is hotting up. A rich $76 bln valuation leaves little room for error.

Capital Calls: Jay vs. Larry

10 Feb 2021

Concise views on global finance in the Covid-19 era: Jerome Powell takes on Larry Summers in the inflation debate.

Viewsroom: Bezos takes step back, Draghi steps up

4 Feb 2021

Amazon founder Jeff Bezos is handing the baton to Andy Jassy so he can spend more time with his rockets, a move that’s not always smooth sailing, Jennifer Saba tells Rob Cox. Meantime Mr. Whatever It Takes, Mario Draghi, is summoned to save Italy and Europe’s Hamiltonian moment.

Amazon exposes flip side of tech’s governance ills

3 Feb 2021

Jeff Bezos built a $1.7 trln e-commerce firm without the dual-class shares or majority stakes that entrench founders at Alphabet and Facebook. So as he drops his CEO role, his remaining executive duties matter a lot. Microsoft offers some lessons that Amazon seems to have heeded.

Bezos steps aside after living high on the hog

2 Feb 2021

Amazon’s founder will shed his CEO title to the head of its cloud division just as fourth-quarter sales jumped 44%. But 2021 begins an era where the $1.7 trln giant will be benchmarked against a new normal. That includes regulatory scrutiny the next chief will have to address.

Chinese edge of India’s fintech star is too sharp

22 Jan 2021

The $16 bln Paytm sought to emulate China’s e-commerce and mobile wallet pioneers, including backer Ant. But that model has come under Beijing’s scrutiny, and rivals like Google have broken Paytm’s grip on payments. Founder Vijay Shekhar Sharma’s startup has hit a tricky patch.

Corona Capital: ESG investing, U.S. moves, P&G

20 Jan 2021

Concise views on the pandemic’s corporate and financial fallout: ESG opens up investing opportunities; home values in U.S. resort towns rise faster than rural areas; and Procter & Gamble cleans up.

Locker IPO is amped up play on Polish e-commerce

14 Jan 2021

Operating storage units for online deliveries may seem a humdrum business. But Advent-backed InPost is expanding rapidly as Poles embrace internet shopping, and its lockers. A mooted 8 bln euro valuation depends on both trends continuing - and on locking out rivals like Amazon.

Corona Capital: Commercial real estate, IBM

5 Jan 2021

Concise views on the pandemic’s corporate and financial fallout: Commercial office real estate is Zoom’s mirror image; IBM taps former Goldman-exec Gary Cohn.

Tokopedia neatly channels Indonesia’s potential

5 Jan 2021

The online shopping site, valued at $7.5 bln, lags Singapore’s Sea in the country. But the smaller company stands out for its single focus on one of the world’s fastest rebounding and digitalising economies. No wonder everyone from Gojek to Peter Thiel sees it as a hot target.

Viewsroom: Predictions and prescriptions (Part 2)

31 Dec 2020

A Joe Biden-Xi Jinping reset will be unsatisfying; China’s economic revival will frustrate critics; Southeast Asia will be the next tech hot spot; HSBC will retreat from America; and Hong Kong’s exchange will rethink deals. Pete Sweeney, Jennifer Hughes and Robyn Mak discuss.

Landlords’ post-virus refit will leave scars

29 Dec 2020

Remote working and a boom in e-commerce will force property owners to embrace a makeover. If Amazon and co buy defunct malls and offices become flats, asset values in the $33 trln market could recover. But even post-revamp they will be worth less than five years ago.

Xi Jinping dumps coal in Alibaba’s stocking

24 Dec 2020

Investors wiped $60 bln off the e-commerce giant’s market value on Christmas Eve after Beijing launched a formal probe into its suspected monopolistic behaviour. Officials signalled further scrutiny on fintech affiliate Ant too. The empire Jack Ma founded faces a long winter.