Una's Feed
Mar 13, 2015
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India’s “tax terrorism” proves hard habit to kick

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

India’s latest international tax shambles shows that it is easier to say something than to do it. The country’s new government could honour last year’s campaign pledge to end “tax terrorism” by scrapping a controversial law that allows it to seek payment for past transactions. The political fallout at home may be less painful than enduring embarrassment overseas by pursuing companies like Britain’s Cairn Energy.

Mar 12, 2015
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Twin ghosts haunt Malaysia’s sovereign fund

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Malaysia’s 1MDB faces a daunting task. The six year-old sovereign fund was set up to finance big national projects but expanded too fast, took on heavy debts and is now at the centre of a growing controversy. An ambitious restructuring brings both political and financial risks.

Mar 11, 2015
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Japan retail deal gets M&A process back-to-front

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Japan’s retail merger is an example of the complexities of dealmaking in a country where domestic consolidation is rare. FamilyMart and UNY Group have set a completion date for the $5.4 billion tie-up, but not yet agreed on any of the key terms. No wonder investors are worried the union will destroy value.

Mar 3, 2015

India’s $13bln spectrum auction has room for upset

(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)

By Una Galani

ABU DHABI, March 3 (Reuters Breakingviews) – India’s telcos
are gearing up for a fight. The country’s mobile phone operators
are preparing bids to renew airwaves in an auction that the
government reckons could raise $13.3 billion. The worry is that
rivals or new entrants may bid aggressively for additional
bandwidth. An expensive auction will weigh on balance sheets.

Feb 25, 2015
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Singapore Exchange’s next CEO faces ho-hum job

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Singapore Exchange’s next chief executive will inherit a business suffering from existential angst. Current boss Magnus Bocker will leave when his contract expires at the end of June. His successor faces a challenge to boost trading volumes and attract big listings. The outlook is brighter for derivatives but the absence of M&A targets leaves SGX looking boxed in.

Feb 25, 2015
via Breakingviews

Singapore Exchange’s next CEO faces ho-hum job

Photo

By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Singapore Exchange’s next chief executive will inherit a business suffering from existential angst. Current boss Magnus Bocker will leave when his contract expires at the end of June. His successor faces a challenge to boost trading volumes and attract big listings. The outlook is brighter for derivatives but the absence of M&A targets leaves SGX looking boxed in.

Jan 30, 2015

Modi market mania faces test in $3.7 bln coal sale

(The author is a Reuters Breakingviews columnist. The opinions
expressed are her own.)

By Una Galani

HONG KONG, Jan 30 (Reuters Breakingviews) – The government
is selling a 10 percent stake in the lumbering monopoly to meet
its deficit target. A pledge to ramp up domestic production
makes it easier to lure buyers. Still, investor enthusiasm for
Coal India shares will set the tone for a big pipeline of chunky
deals.

Jan 21, 2015
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Asian conglomerates lose plot in $10bln CITIC deal

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

It’s back-to-front dealmaking at its best. Two Asian conglomerates are jointly spending $10.4 billion on a 20.6 percent stake in their largest Chinese counterpart. Only then will Japanese trading house Itochu Corp, Thai tycoon Dhanin Chearavanont and China’s CITIC Limited decide how they can work together to create value. The unlikely alliance helps state-controlled CITIC tick another “reform” box while actually giving up very little.

Jan 12, 2015
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Cheap oil lubricates Li Ka-shing’s corporate rejig

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Cheap oil could be vital to Li Ka-shing keeping control of his empire. Asia’s richest man is selling a 6 percent stake in Husky Energy to his holding company as part of a broader shake-up. The move is vital to maintaining Li’s grip on his telecom, retail and property businesses. The recent fall in the oil price makes it harder for shareholders to object.

Jan 12, 2015
via Breakingviews

Li Ka-shing converts to shareholder value religion

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By Una Galani

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

Asia’s richest man has embraced a new faith. Li Ka-shing is splitting his empire in two, separating his property assets which are mostly in Hong Kong and China from the rest of the global ports-to-telecom-to-retail conglomerate. The rejig should help to shrink the group’s persistent stock market discount, allowing Li to leverage up the real estate business, and pay higher dividends. It’s a long-overdue acknowledgement that there is value to unlock.

    • About Una

      "Una Galani is Asia Corporate Finance Columnist of Reuters Breakingviews, based in Hong Kong. She spent three years in Dubai covering the region’s economies in the immediate aftermath of the Arab Spring. Previously, Una wrote on capital markets, mergers and acquisitions, and telecoms across Europe from London. She was commended in the category of Young Financial Journalist at the Harold Wincott Awards for 2009 after joining Breakingviews in 2006. Una read English Literature at Oxford. Follow Una on Twitter @ugalani"
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