Food & Beverages

China picks lazy solution to food crisis

24 Aug 2020

Floods, a pig epidemic and more have delivered sustained double-digit inflation of edible goods. A crackdown on wasteful dining tackles corruption more than high prices: poor people are not overeating. A better agrarian policy and a truce in trade wars would be more powerful fixes.

Corona Capital: Europe’s recovery, Indian selloffs

21 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: The latest economic reports from Britain, France and Germany paint a patchy picture; and why the virus will hinder New Delhi’s asset-sale programme.

Corona Capital: Vegan eggs, Target’s online fiesta

19 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: A maker of chicken-free egg products accelerates its IPO plans amid Covid-19, while U.S. supermarket group Target shows that preparedness is everything in e-commerce.

Corona Capital: Champagne, Canada, College chaos

18 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: Champagne growers cut production; Canada’s finance minister quits over stimulus costs; and some American universities are collecting tuition fees before telling students that in-person classes can’t happen.

Diageo’s star power success will be hard to repeat

17 Aug 2020

The $80 bln alcohol giant is hoping Ryan Reynolds’ gin can copy the feat of George Clooney’s tequila, which grew 68% in a year. U.S. imbibers, who tend to drink the group’s spirits at home, are a good target. But the deal hinges on them stumping up just as wallets are squeezed.

Long-shot Dutch exit tax is warning for Unilever

13 Aug 2020

Lawmakers in the Netherlands want to charge the Dove maker an exit fee for unifying its head office in London. The proposal, which would cost Unilever 11 bln euros, may not be legally or politically viable. Still, it’s a reminder that chasing efficiency risks a public backlash.

Corona Capital: “Halo”, Salesforce, Brooks Bros

12 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: Microsoft delays the next chapter of the “Halo” game franchise; Salesforce gets a lockdown bonus with sale of Zoom shares; and Simon Property suits up with a purchase of Brooks Brothers out of bankruptcy.

Corona Capital: Junked cans

11 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: An aluminum company with a junk rating issues debt with a ridiculously low interest rate.

Corona Capital: U.S. Jobs, Drugs

7 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: More Americans went back to work in July, though it’s a slowdown from June and Washington is still dithering over job relief aid; and President Trump wants to bring pharmaceutical production back home.

Corona Capital: PizzaExpress, Aerospace pain

4 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: The UK restaurant chain’s restructuring is not that tasty a meal for creditors; Airplane-parts maker Spirit’s reliance on Boeing’s 737 MAX has it heading into worse turbulence.

Corona Capital: College mergers, UK property funds

3 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: M&A goes to the University of Arizona; Britain’s financial watchdog considers stopping property fund withdrawals.

Viewsroom: Silicon Valley spotlight

30 Jul 2020

The CEOs of Big Tech companies faced off against U.S. lawmakers during an antitrust hearing that raised new evidence about past acquisitions. Meanwhile, Japan’s Ootoya and Colowide engage in a food M&A fight. And: SoftBank CEO Masayoshi Son’s next steps.

Kraft boost may be more than a flash in the pan

30 Jul 2020

Higher sales of peanut butter and Velveeta could help the U.S. food giant out of a sticky situation – it’s more indebted than peers. Gains induced by pantry hoarding probably are temporary, but Kraft is also now talking about growth, something that was missing from its recipe.

AB InBev jumps a very low bar

30 Jul 2020

The $95 bln drinks group reported a smaller-than-expected slump in second-quarter sales. Improved performance in June was down to restocking but the rebound will be slow. While pubs are reopening, coronavirus-wary drinkers aren’t returning in droves. Real cheer is some way off.

China’s economic recovery looks squiggle-shaped

30 Jul 2020

Budweiser, KFC and Rio Tinto point to reviving sales in beer, fried chicken and steel. Industrial profit is up too. But the rebound is unevenly distributed across sectors and regions, and employers are still shedding jobs. As pent-up demand is sated, the optimism might fade.

Hostile takeover tests Japanese love for free food

27 Jul 2020

Restaurant chain Ootoya rejected a bid from Colowide, saying it would spoil its home-style ethos. The company is hoping its retail investors will remain loyal to the dining coupons they get for holding shares. They would be better off taking the 46% premium, and dining elsewhere.

Walmart’s UK exit will be priced to sell

24 Jul 2020

The $375 bln retailer is once again trying to flog a stake in its British chain Asda. Convincing an investor to match the $9 bln J Sainsbury offered in 2018 looks fanciful given weak growth, Brexit risks, and the legacy of the pandemic. The main appeal may be a willing seller.

Viewsroom: Europe’s big money moment and baijiu

23 Jul 2020

The 750 bln-euro stimulus package agreed to by EU leaders this week was a test of the region’s political resiliency, may be a big deal for the single currency and could lead to more capital markets and M&A activity, EMEA Editor Peter Thal Larsen explains. Plus, a shot of Moutai.

Corona Capital: LatAm pensions, Activism

23 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Pension reform in Mexico and Chile gets a coronavirus makeover; UK chief executives catch a break during lockdown as the number of activist campaigns collapses.

China’s firewater bulls need some liquid courage

22 Jul 2020

Moutai shares took a hit after state media lambasted the booze group for lubricating graft. They’re still up 40% this year, valuing it at more than twice Diageo and Pernod combined. But with Beijing fretting over stock bubbles and corruption, Moutai faces puritans on two fronts.