Breakingviews

Indian tycoon’s sweetened Cairn bid is still sour

July 25, 2016

Anil Agarwal's mining group Vedanta has upped its offer to buy out the minorities of its cash-rich Indian subsidiary. The 9 percent premium looks far from compelling. The fate of the $2.4 bln bid rests with Cairn India's two largest outside investors.

SoftBank’s Son tests limits of investor patience

July 19, 2016

SoftBank shares tanked after its no-synergy, $32 bln bet on UK chip designer ARM. Having just lost his heir apparent, founder Son talks about the company as if it is private and says the highly leveraged entity is "net debt zero". It takes the shine off his striking track record.

Samsung charges up electric car dream with BYD

July 15, 2016

The smartphone-to-chips giant will buy a stake in Tesla's Chinese rival. Having a local ally may smooth ties with Beijing after regulatory setbacks in the People's Republic – and ensure the cash-rich South Korean group gets a slice of China's turbo-charged electric car market.

A checklist for India’s new central bank chief

June 20, 2016

The Reserve Bank of India needs a new governor after Raghuram Rajan’s premature departure. The ideal candidate would support reforms underway and have some experience as an international macro-economist. Crucially, though, he or she needs to be able to stand up to the government.

Crown Resorts can shine brighter without Macau

June 16, 2016

James Packer’s $6 bln casino business may split up. A big rally in its shares looks justified. Not only will the Australian group lift payouts and put hotels into a low-tax trust. The business will also get simpler and no longer be tied to China’s struggling gambling territory.

Alibaba’s new candour is overdue but welcome

June 15, 2016

The Chinese e-commerce giant has promised to shed more light on the financial performance of a range of businesses. That’s a relief for investors amid an accounting probe by U.S. regulators. A better-than-expected revenue forecast also helped ease concerns about slowing sales.

Hong Kong could be a black belt in green bonds

June 14, 2016

China is pushing environmental finance, but rules and definitions are fuzzy. Hong Kong’s large pool of capital and transparent regulation give it the credentials to whip this immature market into shape. With just one green bond under its belt, however, the city has work to do.

Sickly Lotte IPO reflects two faces of South Korea

June 13, 2016

Seoul may be Asia’s coolest destination right now, and Lotte Group’s flagship duty-free arm ought to profit handsomely. But raids have derailed the unit’s $4.5 bln listing and drawn attention to Korea’s uglier side: its powerful, opaque and poorly governed conglomerates.

Tencent can win with a $9 bln bet on Supercell

June 10, 2016

The Chinese web giant is reportedly talking about buying the maker of Clash of Clans at an unexpectedly high $9 bln valuation. Such a big deal would be a first for Tencent. But buying the games-maker from Japan’s SoftBank could pay off - if Supercell can keep churning out gems.

Disney and Wanda can both ride China’s park boom

June 8, 2016

Mickey Mouse’s owner is opening a $5.5 bln Shanghai theme park. Meanwhile local rival Wanda, run by China’s richest man, plans a string of cheaper attractions in smaller cities. Despite Wanda’s fighting talk, the two serve different markets, and can thrive simultaneously.