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Geopolitics is shrinking India’s risk premium
  + stars: | 2023-05-09 | by ( Una Galani | ) www.reuters.com   time to read: +7 min
They are lured by a country whose potential as an alternative investment destination to China increasingly outweighs the local challenges of doing business. India’s $3 trillion economy is forecast to grow by 6.5% this fiscal year, continuing to outpace the rest of the world. Executives and investors also see a business-friendly government that is likely to remain in power for the next half-decade. Morgan Stanley analysts and strategists expect India to become the world’s third-largest economy and stock market before the end of the decade. The India risk premium is rapidly disappearing.
French sports deal reveals rare retail bright spot
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +2 min
LONDON, May 9 (Reuters Breakingviews) - Retreat is the most common strategy of top retail chief executives. On Tuesday, the near-$11 billion British purveyor of sportswear splashed out 520 million euros ($571 million) on French sneaker seller Courir. Regis Schultz, JD’s French boss, is planning to spend more of the company’s 1-billion-pound ($1.3 billion) cash pile on further international expansion. Sales of exercise equipment, gym wear and running shoes are set to double to $1 trillion by 2030, according to Straits Research. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Resolving Credit Suisse: an alternative history
  + stars: | 2023-04-27 | by ( Liam Proud | ) www.reuters.com   time to read: +8 min
Reuters GraphicsThe market shock will be all the more extreme because Credit Suisse doesn’t obviously need more capital. It seems perverse to put taxpayer money on the line while leaving the Credit Suisse bonds untouched. Of the 30 global lenders classed as systemically important by the Financial Stability Board, Credit Suisse is the third-smallest by total assets. It also enables the Swiss National Bank to offer Credit Suisse an open-ended credit line, hopefully ending the bank run. Credit Suisse is suffering from a crisis of confidence brought on by years of mismanagement, rather than a system-wide meltdown.
Teck swats dealmaking ball back into its own court
  + stars: | 2023-04-26 | by ( ) www.reuters.com   time to read: +2 min
Canadian miner Teck Resources (TECKb.TO) on Wednesday tore up Plan A, which was a scheduled shareholder vote on splitting the company. Boss Jonathan Price and controlling shareholder Norman Keevil also are rejecting Plan B, an even more intricate, all-share $24 billion takeover bid from Glencore (GLEN.L). If Teck doesn’t come up with a persuasive third option, and soon, it is likely to face increased pressure to sell. Teck vowed to come back with a “simpler and more direct” separation proposal. Keevil’s blocking stake is an obvious impediment, but if Plan C doesn’t fly, Plan B will look more compelling.
Bank rescue real estate turns from dowry to downer
  + stars: | 2023-03-30 | by ( Aimee Donnellan | ) www.reuters.com   time to read: +3 min
Unlike many banks which got into trouble back in 2008, the Swiss lender has flogged much of its prime real estate. In the last financial crisis prime real estate played a big part of bank rescues. When Barclays (BARC.L) bought Lehman Brothers’ U.S. capital markets business in September 2008 the deal included the bankrupt investment bank’s headquarters. Today there is less real estate underpinning bank values. For buyers preparing to rescue embattled banks, real estate has turned from a dowry to a downer.
Xavier Niel can feast on European telco misery
  + stars: | 2023-03-27 | by ( Pamela Barbaglia | ) www.reuters.com   time to read: +5 min
LONDON, March 27 (Reuters Breakingviews) - Xavier Niel is set to be more than a spectator in the looming consolidation of Europe’s telecoms industry. It earned EBITDA after leases of 3.3 billion euros last year. Those shareholdings have a combined market value of 1.2 billion euros, though they were partly funded through derivatives, potentially limiting the tycoon’s cash outlay. On a multiple of 6 times last year’s EBITDA of 652 million euros it’s worth little more than the 3.5 billion euros Niel and other investors paid in 2017. Smaller investments in Monaco Telecom and holdings in Senegal and the Comoros are probably worth a combined billion euros, bankers estimate.
SVB proves even smaller banks are too big to fail
  + stars: | 2023-03-15 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +5 min
Yet last weekend U.S. authorities struggled to contain the fallout from the collapse of SVB Financial (SIVB.O), a relatively simple institution about half the size of the defunct Wall Street firm. After 2008, global regulators designed elaborate rules to make banks safer, and to limit the economic impact if they failed. The result was that when SVB failed, it had no additional buffer, leaving uninsured depositors potentially on the hook for losses that exceeded its capital. Five days after SVB failed, no buyer has yet come forward. It’s a timely reminder that even smaller banks can be too big to fail.
Big bank selloff rests on tiny kernel of truth
  + stars: | 2023-03-10 | by ( Liam Proud | ) www.reuters.com   time to read: +3 min
LONDON, March 10 (Reuters Breakingviews) - The travails of Silicon Valley Bank (SIVB.O) are rippling across the global banking system, wiping billions off the market capitalisations of HSBC (HSBA.L), Deutsche Bank (DBKGn.DE) and JPMorgan (JPM.N). It’s nonetheless a useful reminder that rising interest rates bring risks as well as benefits. The trigger for the selloff seems to have been a $1.8 billion equity issue by SVB Financial, which does business as Silicon Valley Bank. Shrinking deposits saw Chief Executive Greg Becker sell down a $21 billion portfolio of Treasury and agency mortgage bonds. As interest rates rise banks are charging more for loans.
Revisiting JPMorgan’s innovative Cazenove deal
  + stars: | 2023-02-24 | by ( Peter Thal Larsen | ) www.reuters.com   time to read: +6 min
JPMorgan avoided most of these problems by structuring its deal as a joint venture with Cazenove. Though the corporate entity called JPMorgan Cazenove was quietly wound down a few years ago, the name still graces the U.S. group’s UK banking business. At the time of the JPMorgan deal, Cazenove acted as broker to almost half of the companies in the FTSE 100 Index (.FTSE). By 2009, the enlarged business reported a pre-tax profit of 280 million pounds. The Cazenove deal still stands as a case study of how to buy an investment bank without destroying it.
StanChart’s takeover defences are getting stronger
  + stars: | 2023-02-16 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
This year, he reckons the bank will churn out a near-10% return, rising to more than 11% in 2024. But if Winters can convince investors his new targets are remotely plausible, he’ll have a stronger case for StanChart’s independence. A typical offer pitched 30% above the price before the latest takeover speculation would value StanChart at just three-quarters of forward tangible book value. StanChart’s stronger takeover defences may be a problem for its suitors. StanChart earned an 8% return on tangible equity (ROTE), excluding restructuring expenses and a writedown of goodwill on the bank’s balance sheet.
KKR can limit the pain of Elliott's telco blitz
  + stars: | 2023-02-13 | by ( Pamela Barbaglia | ) www.reuters.com   time to read: +4 min
Even so, KKR and Vodafone look insulated from the worst sort of Teutonic deal pain. Still, KKR – which has joined forces with Global Infrastructure Partners and will co-control Vantage with Vodafone – has some protections. Reuters GraphicsFollow @pamela_msg on TwitterloadingCONTEXT NEWSActivist investor Elliott Management disclosed a 5.6% stake in German phone masts company Vantage Towers on Jan. 31. The offer was recommended by Vantage Towers' management and supervisory board. Vantage Towers’ Chief Executive Vivek Badrinath is set to depart due to personal reasons.
Gautam Adani’s woes were in banks' plain sight
  + stars: | 2023-02-08 | by ( Una Galani | ) www.reuters.com   time to read: +9 min
MUMBAI, Feb 8 (Reuters Breakingviews) - Gautam Adani’s recent woes have vindicated persistent doubts in India about the tycoon’s rise. The Indian group dismisses those claims as a “malicious combination of selective misinformation and stale, baseless and discredited allegations”. By contrast, other big Indian groups like Mukesh Ambani’s Reliance Industries (DBKGn.DE) and those carrying the Tata name are more popular with institutional investors. Fee-hungry international banks were much less picky. Deutsche, Barclays and StanChart pocketed $57 million of the $260 million of investment banking revenue generated by the Adani group since Dealogic records began.
Gautam Adani’s next hurdles may be harder to clear
  + stars: | 2023-02-01 | by ( Una Galani | ) www.reuters.com   time to read: +4 min
HONG KONG, Feb 1 (Reuters Breakingviews) - It helps to have friendly investors and rich families on hand when finalising a tricky share sale. The feat will be hard to repeat though, while the Indian tycoon’s next hurdles might be harder to clear. Investor interest in Adani Enterprises (ADEL.NS) was underwhelming. Shares in $32 billion Adani Total Gas (ADAG.NS) have nearly halved since Hindenburg published its critical report. loadingCONTEXT NEWSThe $2.4 billion share sale by Adani Enterprises was fully subscribed on Jan. 31, data released by the Indian stock exchange showed.
Inflation has peaked, says Tractor Supply CEO Hal Lawton
  + stars: | 2023-01-26 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation has peaked, says Tractor Supply CEO Hal LawtonTractor Supply CEO Hal Lawton joins CNBC's 'Squawk Box' to discuss the company's quarterly earnings results.
The Davos party returns, with the shakes
  + stars: | 2023-01-16 | by ( Lauren Silva Laughlin | ) www.reuters.com   time to read: +4 min
DAVOS, Switzerland, Jan 16 (Reuters Breakingviews) - There’s a hangover happening in Davos even though the party hasn’t yet started. The World Economic Forum’s annual winter shindig in the Swiss mountain resort, which kicks off on Monday, marks a return for glitzy parties and high-minded debates following a three-year hiatus. A record number of business leaders are set to make the trip, and the passage of commercial, private and government aircraft through Zurich’s airport suggests overall attendees are at pre-Covid-19 levels. The global pandemic and Russia’s invasion of Ukraine have added more friction to the already creaking globalised world that Davos epitomised. Follow @thereallsl on TwitterloadingCONTEXT NEWSThe World Economic Forum will take place in Davos, Switzerland from Jan. 16 through Jan. 20.
But one reliable rule of thumb is that Standard Chartered (STAN.L) will be the subject of periodic bouts of takeover speculation. The latest prospective suitor, First Abu Dhabi Bank (FAB.AD), reflects the shifting fortunes of global banking. Under UK rules, First Abu Dhabi cannot make an offer for StanChart for six months, unless another bidder emerges. The Abu Dhabi lender said it had been in “the very early stages of evaluating a possible offer” for the emerging markets-focused bank. Standard Chartered declined to comment.
Sky spinoff is Comcast’s least-bad option
  + stars: | 2023-01-03 | by ( Jennifer Saba | ) www.reuters.com   time to read: +3 min
The boss of U.S. media giant Comcast (CMCSA.O) may want to make an exception for Sky. Including acquired debt, Roberts paid a multiple of 15 times Sky’s EBITDA to clinch the deal, two and a half times the company’s enterprise value before the takeover battle began. The financial consequences of Roberts’ determination became apparent in October when Comcast took a non-cash impairment charge of $8.6 billion related to Sky. Goldman Sachs analysts expect Sky to generate adjusted EBITDA of $2.1 billion in 2023, nearly one-third less than in 2019. Comcast said on Oct. 27 that it took a non-cash impairment charge of $8.6 billion related to Sky assets for the third quarter of 2022.
How Ana Botín can defeat the Santander sceptics
  + stars: | 2022-12-21 | by ( Liam Proud | ) www.reuters.com   time to read: +4 min
LONDON, Dec 21 (Reuters Breakingviews) - Investors aren’t buying what Ana Botín is selling. That’s striking because analysts expect Santander to earn a respectable 11% return on tangible equity (ROTE) over the next 12 months. One way to express the dissonance between those numbers is to infer the return investors require to hold the bank’s shares. To shed that discount, Botín must prove Santander is the best owner of its component bits. The group generated an annualised return on tangible equity of almost 14% in the first nine months of 2022.
Microsoft plugs into LSEG data drive
  + stars: | 2022-12-12 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Dec 12 (Reuters Breakingviews) - LSEG (LSEG.L) has enlisted Microsoft (MSFT.O) to upgrade its data business. First, LSEG will shift its data platform to Microsoft’s Azure cloud business, spending at least 2.3 billion pounds ($2.8 billion) over a decade. Potentially more significant is LSEG’s plan to offer data and analytical tools through Microsoft products, including the Teams messaging platform. It also allows LSEG to charge customers for data based on how much they consume. LSEG shares rose 3% on Monday morning.
Rio Tinto’s Mongolian purgatory is finally over
  + stars: | 2022-12-09 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Dec 9 (Reuters Breakingviews) - Finally, something has gone right for Rio Tinto (RIO.L) in Mongolia. Rio boss Jakob Stausholm squeaked home with 60.5% of minority votes cast, just over the 50% threshold. It’s a massive win for Stausholm and Rio copper boss Bold Baatar. Oyu Tolgoi still needs more than $3.5 billion of funding. Instead, Rio is handing them C$43 per share in cash – a 70% premium to the price in March.
Dec 1 (Reuters) - London Stock Exchange Group PLC (LSEG.L) Chief Executive David Schwimmer said on Thursday that large spikes in volume associated with algorithmic trading have exacerbated recent market volatility, exposing weaknesses in the global market infrastructure. At the onset of the COVID pandemic in March 2020, some banks reached out to LSEG, asking it to close its markets for a day or two so they could catch up with post-trade processing, he said. Another "weak spot" in global markets is in the private equity and debt markets, which have grown quickly in recent years, while using lots of leverage, but with very little transparency, he said. "A lot of people are sort of wondering and watching, how does that play out as rates continue to go up," he said. Reporting by Peter Thal Larsen and John McCrank in New York and Noor Zainab Hussain in Bengaluru Editing by Matthew LewisOur Standards: The Thomson Reuters Trust Principles.
Recession-shy investors can turn to capital cycle
  + stars: | 2022-11-10 | by ( Edward Chancellor | ) www.reuters.com   time to read: +7 min
But another factor is the capital cycle: the amount of investment entering or exiting an industry. Capital spending by energy firms and miners has declined since the investment boom peaked in the middle of the last decade. Capital spending by large European oil companies has fallen from more than twice depreciation in the mid-2010s to less than one times, according to Bernstein. A similar picture emerges in the mining industry, whose capital spending boom also ended around eight years ago. Freeport-McMoRan (FCX.N), one of the world’s largest copper producers, cut capital spending from $7.2 billion in 2014 to $2.1 billion last year.
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailTractor Supply CEO Hal Lawton: Consumers are feeling the weight of inflationTractor Supply CEO Hal Lawton joins CNBC's 'Squawk Box' to break down the company's third-quarter earnings report.
Watch CNBC's full interview with Tractor Supply CEO Hal Lawton
  + stars: | 2022-10-20 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Tractor Supply CEO Hal LawtonTractor Supply CEO Hal Lawton joins CNBC's 'Squawk Box' to break down the company's third-quarter earnings report. Lawton also breaks down the company's raised full-year forecast and the state of the consumer amid high inflation. "I think the consumer is being judicious on their spend," Lawton tells CNBC.
Tractor Supply will receive $72 million for the sale of some Orscheln Farm & Home stores under an agreement with the FTC. Tractor Supply said a federal regulator has approved its purchase of Orscheln Farm & Home, a smaller rival in the rural-lifestyle retail business, after a year and a half of negotiations and lobbying by state attorneys general. Tractor Supply said Tuesday it will pay $320 million for the 166 stores, the largest acquisition in the company’s history. However, it will only keep 81 stores as part of an agreement with the Federal Trade Commission, which includes the sale of 12 locations to Buchheits, a small home-improvement and farm and ranch retailer, and 73 locations to Bomgaars, another small retailer in the category, said Hal Lawton , chief executive of Tractor Supply, in an interview.
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