Management & Leadership

Nio’s affordable cars carry luxury baggage

25 Aug 2022

Founder William Li is rolling China’s $32 bln electric-vehicle maker into the mass-market. It will be tempting to hitch cheaper products with premium services like battery-swapping to win market share. A similar strategy has served him well so far, but risks driving up costs.

Gautam Adani’s tycoon rivalry spills into the news

24 Aug 2022

The Indian infrastructure tycoon has grabbed a 29% stake in $300 mln NDTV, a move to match the influence Mukesh Ambani enjoys thanks to his Reliance group’s TV channels, watched by half the country. The broadcaster may be a trophy asset but there are decent returns to be made.

Instacart’s fast growth isn’t fast enough

23 Aug 2022

The grocery delivery service is expanding into advertising and offering services to rivals, as boss Fidji Simo preps to potentially go public. Yet even with double digital revenue growth it only looks to be worth around $11 bln, far less than a private valuation a few months ago.

Capital Calls: Paytm protest vote

22 Aug 2022

Concise views on global finance: A majority of the Indian fintech posterchild’s public institutional investors voted against the pay of founder and boss Vijay Shekhar Sharma.

Tencent is running in two different directions

17 Aug 2022

The Chinese video game giant suffered a 43% plunge in operating profit from falling markets and a weak economy. Boss Pony Ma is cutting costs and promising buybacks, but he also is pushing on overseas expansion and new businesses like cloud. The message on discipline is garbled.

Capital Calls: Walmart whiplash

16 Aug 2022

Concise views on global finance: The U.S. mega-retailer revised its profit forecast yet again, just weeks after sounding the alarm.

Anshu Jain’s influence still lingers at Deutsche

15 Aug 2022

The Indian banker, who has died aged 59, was an industry icon who pushed the German group to go toe-to-toe with Wall Street. His stint as CEO was beset by solvency and conduct woes. But Deutsche Bank’s latest strategy is about as reliant on trading as Jain’s plan a decade ago.

Strong market an apt tribute to India’s Big Bull

15 Aug 2022

Billionaire investor Rakesh Jhunjhunwala, who has died aged 62, led the way for first-time buyers. This horde is now propping up Indian stocks at rich valuations, muting the impact of foreign selling amid U.S. rate hikes. If the enthusiasm holds, it will mark a coming of age.

Richemont’s governance armour is hard to pierce

12 Aug 2022

Activist Bluebell wants ordinary investors to appoint their own director on the board of the $63 bln Cartier owner. Yet Chair Johann Rupert’s big voting power means he could stifle the attempt. Without a fresh voice, contrarian business ideas may not get much airtime.

Capital Calls: Illumina, Peloton

12 Aug 2022

Concise views on global finance: Growth is stagnating at the $30 bln DNA sequencing company, and regulatory problems with its Grail deal are also coming into view; a class action lawsuit against the virtual fitness outfit provides an unlikely reminder of its former glory days.

Streaming video’s next episode: price wars

9 Aug 2022

Eight out of every 10 American households has three streaming services, 50% more than three years ago. Plus, the amount people are spending has spiked. It all points to saturation. Rivals now have to steal share by lowering prices. Disney boss Bob Chapek has the most to lose.

Capital Calls: Tech bros give Allbirds the boot

9 Aug 2022

Concise views on global finance: The maker of popular nondescript sneakers with a purpose is getting tripped up on demand. Its stock price pounding may make it vulnerable to a takeover.

Ray-Ban heirs inherit wasteful Mediobanca feud

9 Aug 2022

Eyewear tycoon Leonardo Del Vecchio, who died in June, bought nearly 20% of the Italian bank as part of a fight with CEO Alberto Nagel. Making a return on the $1.5 bln stake will test his successors. Backing Nagel in his hunt for a target may be the more prudent choice.

Gautam Adani takes new tycoon risk to next level

9 Aug 2022

The world’s fourth-richest man is using the $220 bln empire he founded to amass critical energy and infrastructure assets. Financial profligacy broke many of his Indian rivals. Politics, complexity and opacity are bigger concerns for a billionaire starting to get too big to fail.

Carlyle’s next gen needs to be more than its CEO

8 Aug 2022

Boss Kewsong Lee stepped down at the $14 bln asset manager and co-founder Bill Conway will be in charge as they look for a replacement. That’s a step back in Carlyle’s transition. Success hinges on finding a leader who, like the business, is a commodity not a star.

Capital Calls: Nelson Peltz under pressure

8 Aug 2022

Concise views on global finance: A group of shareholders has replaced the chairman of a London fund managed by the legendary activist investor.

India’s war on foreign tech risks misfiring

4 Aug 2022

New Delhi is raiding offices of Chinese smartphone makers, banning Singaporean and Korean games, and nudging U.S. firms to integrate their e-commerce platforms. The crackdowns and cajoling underscore official efforts to reshape India’s growing tech sector. A lot could go wrong.

Italy loafer buyout is a bet on a higher price tag

3 Aug 2022

Two decades after listing shoemaker Tod’s, founder Diego Della Valle is taking it private at the same 40 euro share price. His hope, with partner LVMH, may be that the group is worth more split up than his 1.4 bln euro bid implies. Weary investors may take the cheap offer anyway.

Capital Calls: Uber’s cash starts to flow

2 Aug 2022

Concise views on global finance: The $56 billion car-hailing service is growing rapidly and has started generating positive cash flow. It’s still overvalued, though.

HSBC’s cross-border ties are paying dividends

1 Aug 2022

CEO Noel Quinn promised a 12% return on tangible equity and higher payouts to shareholders as the global bank rebuffed Ping An’s breakup call. Higher U.S. interest rates help, but if the Chinese insurer has spurred the $125 bln bank to raise its game, all investors will benefit.