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☆ The World’s Key Canal Is Clogged Up. Winter Fuel Prices Could Get Wacky.
  + stars: | 2023-12-01 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
The Panama Canal is running out of water, threatening the global supply chains and industries that depend on it. WSJ takes you inside the canal’s operations to understand what this means for the future of this vital shipping route. It could make your winter heating bills more unpredictable too, particularly if you live at the end of long and vulnerable fuel supply chains. Prices for Brent crude, the main global benchmark, are down about $9 a barrel, or about 10%, since mid-September. But Asian propane LPG prices are lower only by 3%, data from Argus Media shows, trading around $665 per metric ton in late November.
Organizations: Brent, Argus Media Locations: Panama, Asia
☆ Rusty Old Oil Tankers Fetch Big Bucks Thanks to Russia
  + stars: | 2023-05-15 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
The age of a vessel isn’t a factor in how well shipping companies are doing these days. Photo: ISAAC URRUTIA/REUTERS“Gone With the Wind” anti-hero Rhett Butler’s brutal take on war still resonates almost a century later. “There were two times for making big money, one in the upbuilding of a country and the other in its destruction. Slow money on the upbuilding, fast money in the crackup.”
☆ Indian Tech’s Promise of Rivaling China Is Falling Apart
  + stars: | 2023-05-10 | by ( Megha Mandavia | ) www.wsj.com   time to read: +1 min
Technology-education company Byju’s is the most highly valued Indian startup—on paper. Photo: manjunath kiran/Agence France-Presse/Getty ImagesThe Indian edtech company Byju’s was the poster child of the Asian country’s startup boom, attracting a lofty valuation while meeting the needs of millions of students across the country as the pandemic hurt their access to schools and education. It is now turning out to be a symbol of everything that went wrong with India’s promise of creating internet companies to rival such Chinese titans as Alibaba and Tencent. The country’s hot startup ecosystem, which lured such investors as SoftBank and Tiger Global, is facing questions on financial accountability and discipline, expensive acquisitions, heady valuations and whether investors overestimated India’s total addressable market, or TAM. Public listings have been delayed, and layoffs are now almost a daily occurrence.
☆ The Green Revolution Is Here. Which Big Miners Are Prepared?
  + stars: | 2023-05-05 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Money is a sticking point in climate-change negotiations around the world. Illustration: Preston Jessee/WSJA decade of underinvestment and a dense thicket of permits are challenges that the world’s top miners need to tackle head on. Over the last six months mining firms have begun jostling to acquire copper assets. One major reason: The U.S. Inflation Reduction Act, essentially a massive green industry policy bill, which passed last August. Copper supply now looks likely to fall far short of demand over the next decade—unless big new greenfield projects are brought online.
☆ The Next Big Bull Market Could Be Copper
  + stars: | 2023-05-02 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
The copper wave is coming. Photo: John Moore/Getty ImagesGlencore ’s aggressive pursuit of Canada’s Teck Resources has put a spotlight on the race to secure access to copper. Traditionally seen as a cyclical economic indicator, the metal is also poised to play a key role in the world’s green transition—which is being supercharged by recent legislation, including the U.S. Inflation Reduction Act (IRA), passed last year. Green technologies including electric vehicles and solar panels use more copper than equivalent fossil-fuel-based technologies, and supply growth looks likely to fall far well short of demand over the coming decade.
☆ India’s Population Boom Is an Opportunity—and an Economic Threat
  + stars: | 2023-04-24 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
People waited for a train in Mumbai on April 19. Photo: punit paranjpe/Agence France-Presse/Getty ImagesIndia is set to reach a notable milestone this year—becoming the world’s most populous country. That squarely positions it as an alternative to China: Both as a manufacturer and, perhaps someday, as the world’s largest market. The onus is now on the South Asian giant to fulfill that promise or bear the consequences.
☆ For Food Price Inflation Clues, Watch India
  + stars: | 2023-04-19 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
A World Bank report noted that export restrictions by India could raise world rice prices. A poor season can topple governments and threaten global food security—especially when export restrictions on food have become sticky despite easing food prices. U.S. and Australian forecasts now point to an increased probability of an El Niño episode in 2023. El Niño is a periodic weather event that drives monsoon clouds away from India—and has historically hurt food production. A subpar monsoon is an underappreciated threat to global food security and inflation.
☆ Coal Is Too Hot to Handle—Maybe Even for Glencore
  + stars: | 2023-04-17 | by ( Megha Mandavia | ) www.wsj.com   time to read: +1 min
Teck Resources says that its own plan for its company would mean better opportunities to maximize value for its shareholders. Glencore , one of the world’s largest coal miners and traders, wants more coal—just not in its backyard. An emerging battle for fellow coal heavyweight Teck Resources ’ assets says a lot about the curious position the black stuff finds itself occupying in the postpandemic, post-Ukraine-invasion world. Glencore is pursuing Teck Resources in a $23 billion deal that would create two new companies—one for Glencore and Teck’s merged base-metal and other assorted businesses, and another for their merged thermal, coking coal and ferroalloys businesses. The Swiss commodities giant’s initial proposal for an all-share deal, and a revised offer that sweetens the deal with $8.2 billion in cash as an alternative to shares in the combined coal company, were both rejected by the Canadian miner this month.
☆ India Rockets Into the Global Space Race
  + stars: | 2023-04-14 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
India’s investment promotion agency expects the country’s share of the global space sector economy to reach more than 10% by 2030. The stars are aligning for India to join the space race. Factors in its favor include the Ukraine war, growing mistrust between the West and China, and a soon-to-be released domestic Indian space policy. India’s cabinet greenlighted a long-pending space policy last week, although details aren’t yet public. Space technology firms and their investors hope the new policy will simplify regulation and make foreign investment easier.
☆ For Apple, India Is the Next China
  + stars: | 2023-04-10 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Apple ’s playbook in India is evolving, from testing the country as a counterweight to China’s supply-chain dominance to viewing it as an emerging growth hub for demand. Both of these strategies are working off each other.
☆ India Asserts Itself on Global Tech Deals
  + stars: | 2023-04-05 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Tech firms such as Google look set to face heightened scrutiny if they try to expand their presence in India. India wants to have a seat at the table vetting overseas mergers and acquisitions as the country asserts itself on the global tech stage. If the country’s internet population is anything to go by, it is about time. Earlier this week, India authorized its antitrust regulator to parse global deals by approving amendments to the competition law, which includes a requirement for companies with substantial business operations in the South Asian nation to seek antitrust permissions for all deals exceeding 20 billion Indian rupees ($244 million) in transaction value. Until now, the Competition Commission of India examined deals based on companies’ asset size and turnover.
☆ After Adani’s Crisis, India’s Vedanta Looks Vulnerable Too
  + stars: | 2023-03-31 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Struggling Indian infrastructure heavyweight Adani Group hasn’t tipped over any other large dominoes yet. But another sprawling Indian conglomerate—miner Vedanta Resources—is looking wobbly. Market skittishness in the wake of the turmoil at Adani Group, which came under attack from short seller Hindenburg Research in late January, means that other indebted Indian companies—which otherwise might have muddled their way through the Federal Reserve hiking cycle—could increasingly find themselves under investors’ microscopes. A Vedanta Resources dollar bond due in May 2023 was yielding about 50% on Friday according to Refinitiv—about double the level at the end of January.
☆ The Fed and SVB Won’t Sink Emerging Asia
  + stars: | 2023-03-27 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Dark clouds hovering over the U.S. banking sector may have ironically created a silver lining for emerging economies in Asia—lower oil prices. That comes as the key growth driver for much of the region, China, is ramping back up. Usually that would mean higher energy prices too, and inflation. But this time energy-hungry emerging Asian economies appear poised to benefit from China’s reopening when inflationary pressures are actually easing.
☆ India’s EV Dreams Face a Reality Check
  + stars: | 2023-03-22 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
India is determined to build a local component industry as its electric-vehicle market grows. India might be putting the cart in front of the horse when it comes to electric vehicles. EVs are starting to take off, but the government is determined to build a local component industry simultaneously. That might be a big ask, at least until the market reaches substantially larger scale—and certain other supply-side roadblocks are removed.
☆ Indonesian Tech Champion GoTo’s Tough Balancing Act in 2023
  + stars: | 2023-03-20 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
GoTo shares have declined 72% since its public listing in April last year. Indonesia’s ride-hailing and e-commerce company GoTo Group is racing toward profitability—but perhaps not fast enough for suddenly risk-averse investors. GoTo, Indonesia’s largest technology company, posted an adjusted loss before interest, tax, depreciation and amortization for the fourth quarter of 3.1 trillion Indonesian rupiah, equivalent to $201.89 million. That was less than half what it lost a year earlier, mainly thanks to aggressive cost cutting and a new focus on high-quality profitable users.
☆ SVB Crisis Tests India’s New Finance Hub Potential
  + stars: | 2023-03-17 | by ( Megha Mandavia | ) www.wsj.com   time to read: +1 min
Many Indian startups rushed this week to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city. The swift collapse of Silicon Valley Bank has cast an aspiring Indian finance center into sudden relief. India, which has long been a bit player in global finance, has a chance to boost its role—but only if it moves swiftly to rectify some regulatory barriers. This week, many Indian startups rushed to open new bank accounts in India’s Gujarat International Finance Tec-City, known as GIFT city, once they regained access to their SVB deposits. Accounts set up within the hub’s International Financial Services Center, or IFSC, are free of India’s stringent capital controls since the funds are held in U.S. dollars.
☆ Tech Investors in Southeast Asia Want to See the Money—Now
  + stars: | 2023-03-14 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
E-commerce and games company Sea has distinguished itself with a laserlike focus on profitability. These days, profit is often the thin green line dividing loved and unloved tech shares. That makes sense in saturated e-commerce markets such as the U.S. But firms that retrench now in places like Southeast Asia, where e-commerce penetration is still relatively low, risk losing out to competitors that are able to grin and bear losses—even in a tough market environment.
☆ Adani Group Stocks’ Recovery Is on Shaky Ground
  + stars: | 2023-03-10 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Shares of embattled Adani Group companies have taken a wild ride over the past six weeks. Recent moves by the conglomerate have helped put a floor under stock and bond prices, but clawing back further ground could be difficult, unless a new panel appointed by the Indian Supreme Court completely clears the group of wrongdoing.
☆ Foxconn Signals India’s Arrival as Electronics Manufacturer
  + stars: | 2023-03-06 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
The postpandemic reshuffle of the world’s electronics supply chain is speeding up. At the center of the change: India and Apple . Apple supplier Hon Hai Precision Industry , better known as Foxconn, plans to more than double its iPhone production at an existing plant near Chennai, India, to around 20 million units by 2024, The Wall Street Journal reported last week, and roughly triple the number of workers to as many as 100,000.
☆ Foxconn Signals India’s Arrival in Electronics Manufacturing
  + stars: | 2023-03-06 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
The postpandemic reshuffle of the world’s electronics supply chain is speeding up. At the center of the change: India and Apple . Apple supplier Hon Hai Precision Industry , better known as Foxconn, plans to more than double its iPhone production at an existing plant near Chennai, India, to around 20 million units by 2024, The Wall Street Journal reported last week, and roughly triple the number of workers to as many as 100,000.
☆ India’s Economy Looks Shaky Under the Hood
  + stars: | 2023-03-02 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
India’s economy is losing steam in the one place that has been the South Asian nation’s strongest bulwark against a possible global recession: robust domestic demand. India’s economy slowed further in the December quarter, figures released this week showed, as postpandemic pent up demand ebbed and the country’s manufacturing sector continued to weaken. Asia’s third largest economy recorded year-over-year growth of 4.4% last quarter, down from 6.3% in the September quarter.
☆ Battery Metal Prices Fall Back to Earth
  + stars: | 2023-02-28 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
After a substantial stretch when battery makers were desperate for mineral supplies, the shoe is suddenly on the other foot. In the past few months, previously red hot cobalt and lithium prices have cooled dramatically. Supply bottlenecks are easing while China’s demand for electric vehicles, and global demand for many consumer electronics, have ebbed as well. Cobalt has fallen out of favor the most: prices in February were down 61% from January last year, according to Benchmark Mineral Intelligence. Lithium carbonate prices rose rapidly for most of last year, but the metal has seen a sharp correction of 21% since November.
☆ India Signals Its Arrival as a Force in Aviation
  + stars: | 2023-02-20 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Newly privatized Air India is making up for lost time. A turnaround of India’s flag carrier Air India Ltd. could place the country on the global aviation map. The beleaguered airline just kick-started the process with a historic aircraft order. Last week, Air India ordered 470 jets from aircraft giants Boeing Co. and Airbus, marking the largest deal for commercial aircraft in aviation history. The airline also has an option of ordering an additional 370 planes in the future.
☆ Glencore Profits Handsomely at the Fulcrum of Energy Transition
  + stars: | 2023-02-15 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
For Glencore, coal remains a comfortable cushion until the copper supercycle kicks off in earnest. Coal gave Glencore —one of its last major allies—a lot to be grateful for in 2022. This year, its fortunes will depend more on a metal powering the other end of the global energy transition: copper. The mining and commodities-trading company posted another year of blockbuster earnings Wednesday. Glencore’s adjusted earnings before interest, taxes, depreciation and amortization rose 60% to a record $34.1 billion, including $17.9 billion from coal mining.
☆ Adani Gets a Reprieve, Courtesy of the Black Stuff
  + stars: | 2023-02-14 | by ( Megha Mandavia | ) www.wsj.com   time to read: 1 min
Adani Enterprises, the flagship listed vehicle of the beleaguered Adani Group conglomerate, has long pitched itself as a good environmental, social and governance company—but it has coal to thank for a reprieve during the most turbulent time in its history. On Tuesday, Adani Enterprises swung to a profit of 8.2 billion Indian rupees ($99.3 million) in the quarter ended in December, from a loss of 116.3 million Indian rupees in the year-earlier period, helped by robust revenue growth of 42%. Most of the boost came from its coal-trading business, the firm’s largest segment.
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