People

India’s moment is obfuscated by its jobs deficit

30 May 2023

The country is establishing itself on the global investment map. In this Exchange podcast, author and ex-IMF director Ashoka Mody talks about why executives should look at India’s underemployment problem instead of focusing on its 7% GDP growth as they size-up the opportunity.

How US allies can mitigate Trump 2.0

29 May 2023

A return to the White House for the pro-Putin, protectionist and climate-sceptic former President would pose many challenges for other rich democracies. Their best insurance is to ramp up support for Ukraine, promote trade and speed up action on global warming, says Hugo Dixon.

SPAC addict finds a healthier formula in London

18 May 2023

Serial dealmaker Martin Franklin was into blank-check vehicles before it was cool. His new $550 mln buyout-inspired group dispenses with the egregious free shares insiders get in special purpose acquisition companies. The downside is that investors can’t stop Franklin if he errs.

Capital Calls: Unilever, Shopify

4 May 2023

Concise views on global finance: The consumer goods company may need to backtrack on a pay package for its incoming CEO to quell a shareholder revolt; shares in Canadian e-commerce firm Shopify shot up over 20% after it said it was selling its logistics business to Flexport.

Private equity is the new fuel for India’s tycoons

3 May 2023

Big conglomerates Reliance, Tata and Bharti are putting more skin in the game by looking to outside shareholders including tech giants and sovereign funds to finance new ventures. It heralds a shift from debt to equity, and towards better governance at the expense of lenders.

India’s tycoons will weigh down Unilever’s basket

28 Apr 2023

The company’s $72 bln Indian unit is growing volume and gross margins in a sluggish market. It caps an excellent decade under outgoing CEO Sanjiv Mehta. He has set a high bar for his successor who will have to work harder as rivals from Reliance to Tata ramp up to win consumers.

Asia’s richest banker will loom over his successor

25 Apr 2023

Uday Kotak plans to stay on the board of the $46 bln bank bearing his name after he steps down as chief this year. Shareholders are supportive but it could end up being messy and it is at odds with the Indian regulator’s own aim to shore up governance by making CEO terms shorter.

Jho Low could rip scabs off 1MDB wounds

21 Apr 2023

The man at the centre of the sovereign fund scandal could be returned to Malaysia via a deal with China, a respected journalist says. It’s the final piece of the puzzle but given what Low knows, it would be a moment of public cheer and private fear for politicians and bankers.

Bolloré sale brings Vivendi endgame a step closer

19 Apr 2023

Tycoon Vincent Bolloré may offload his logistics unit for $5 bln. That gives him firepower to buy out shareholders of his $12 bln media group Vivendi. Yet a full takeover may be costly, and the 71-year-old has other ways to tighten his grip. Betting on a big premium looks risky.

Italy’s corporate power grab nears expiry date

18 Apr 2023

Premier Giorgia Meloni promised to rely on merit to pick new directors at state-backed firms like $54 bln Eni and $7 bln Leonardo. Instead, she’s stuffing boards with loyalists. Hedge fund efforts to push back at $64 bln green star Enel are a reminder the market also has a say.

James Murdoch’s cut-size India deal has some logic

14 Apr 2023

Rupert Murdoch’s son and ex-Disney executive Uday Shankar are pumping $530 mln into a cricket-rights owning joint venture with Reliance Industries, a third of the original amount. India’s streaming war may be heating up, but both sides had good reasons for a rethink.

Capital Calls: Buyouts are getting complicated

13 Apr 2023

Concise views on global finance: Both hand sanitizer maker Diversey and software developer Qualtrics recently sold to private equity firms, but new regulatory filings show dealmakers weighing increasing risks.

Capital Calls: Inflation gets sticky

12 Apr 2023

Concise views on global finance: US inflation is increasingly coming from non-essential goods’ prices that rarely drop. That’s a bad sign for Americans since it signals a longer battle against price hikes and even higher interest rates.

Capital Calls: Disney, Jobs, Aesop

4 Apr 2023

Concise views on global finance: Boss Bob Iger accused Florida Governor Ron DeSantis of ill will, but plans to spend plenty in the Sunshine State; US job openings data might be skewed by fake postings; Natura’s $2.5 bln Aesop sale is a blueprint for stressed M&A.

Jack Ma is Beijing’s prodigal entrepreneur

28 Mar 2023

The Alibaba founder is back in China, prompting an ephemeral Alibaba stock rally. His rehabilitation appears part of an official campaign to revive business confidence, and has a whiff of desperation. It highlights Beijing's love-hate relationship with the private sector.

Xavier Niel can feast on European telco misery

27 Mar 2023

The French tycoon has assembled a privately owned telecoms empire worth about $33 bln, Breakingviews calculates. Behind the scenes he’s manoeuvring to further spread his wings. Purchases of stakes in Vodafone and Luxembourg-based Millicom signal the scale of his ambition.

Capital Calls: Saudi and Credit Suisse, EU patents

27 Mar 2023

Concise views on global finance: The resignation of the chairman of Saudi National Bank, Credit Suisse’s largest shareholder, may prompt a quiet period for other investors; big companies want Europe’s new system for registering intellectual property to cover more countries.

Capital Calls: FedEx delivers, for now

17 Mar 2023

Concise views on global finance: Shares in the delivery company shot up over 10% on Friday, as cost-cutting measures pay off. Those benefits could easily dwindle.

Bolloré buyback delays possible Vivendi M&A action

15 Mar 2023

The French tycoon’s eponymous holding company is buying back 10% of its shares, potentially boosting the family’s control. The outlay drains cash that could have been used to boost its stake in media group Vivendi. But that’s still a logical endpoint for Bolloré and his children.

Malaysia can move on from billion-dollar-whale hunt

8 Mar 2023

Kuala Lumpur is closer to recouping all debt from the 1MDB scandal after Abu Dhabi’s $1.8 bln settlement. Some mopping-up remains, though a punt to wrangle more out of Goldman Sachs looks a long shot. It’s time to draw a line under the ugly sovereign wealth fund saga.