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☆ Pricey property is a pointy dilemma for Singapore
▼ + stars: | 2023-06-28 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

It’s a pointy problem however for a country that traditionally has managed housing for the masses well. In June, Prime Minister Lee Hsien Loong’s government said it would redevelop the city’s only horse racecourse for housing, including public homes. It notes some 40,000 public and private housing units are due to be completed this year, the highest level in five years. Singapore also hiked taxes on private second-home purchases. The government insists they have hardly had any impact on housing demand.

Persons: Lee Hsien Loong’s, It’s, Una Galani, Katrina Hamlin, Thomas Shum Organizations: Reuters, OrangeTee, Thomson Locations: SINGAPORE, Singapore, United States, China, Dubai, Hong Kong

☆ ICICI Bank is dealmaking from a place of strength
▼ + stars: | 2023-06-27 | by ( ) www.reuters.com time to read: +2 min

The $80 billion ICICI Bank (ICBK.NS) is weighing up a delisting of its broking firm ICICI Securities (ICCI.NS), the news prompted a 10% rally in the shares of the $2.4 billion unit. This time the country’s second largest private sector lender is dealmaking from a position of strength. It was one among a flurry of subsidiary IPOs that battered lenders including State Bank of India (SBI.NS) undertook to generate cash. ICICI Bank was particularly vulnerable, with then CEO Chanda Kochhar battling allegations of dodgy lending to the Videocon group. ICICI Securities trades at roughly 18 times trailing earnings but went public at more than twice that valuation, Centrum Broking calculated at the time.

Persons: Chanda Kochhar, Sandeep Bakhshi, Shritama Bose, Blackstone, Aston Martin, Una Galani, Thomas Shum Organizations: Reuters, ICICI Bank, ICICI Securities, State Bank of India, Twitter, Siemens, Telecom Italia, Vivendi, Thomson Locations: MUMBAI, Canada

HONG KONG, June 27 (Reuters Breakingviews) - A government-led buyout signals more uncertainty ahead for a chip industry grappling with oversupply and geopolitics. The state-backed Japan Investment Corp will take over JSR (4185.T), which makes light-sensitive chemicals vital to manufacturing semiconductors, among other things. In recent years, the conglomerate has pivoted from a low-margin business of selling synthetic rubber used to make tyres to focus on semiconductor materials - primarily photoresists - and biopharmaceuticals. Yet JIC's mandate to boost the country’s global competitiveness and its focus on consolidating industries helps to justify the hefty premium. Either way, the government's focus on elevating national chipmaking champions creates fresh uncertainty for JSR's foreign customers like South Korea's Samsung Electronics (005930.KS) and Taiwan Semiconductor Manufacturing (2330.TW).

Persons: Sharp, Eric Johnson, Una Galani, Thomas Shum Organizations: Reuters, Japan Investment Corp, Renesas Electronics, chipmakers, Samsung Electronics, Taiwan Semiconductor Manufacturing, Japan Investment Corporation, Mizuho Bank, Development Bank of Japan, Thomson Locations: HONG KONG, Tokyo, Taiwan, Japan, United States, South Korea, South

☆ China stares hard at its own lost decade
▼ + stars: | 2023-06-23 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, June 23 (Reuters Breakingviews) - China has good reason to hold back on unleashing big stimulus. The central bank has made small cuts to interest rates as everything from credit growth to exports disappoint. For President Xi Jinping, it’s a hard choice between short term gains and his long-term ambition to rebalance the economy. Even if it does issue such bonds, funds may be indirectly used to help poorer provinces repay debt. The Chinese government has set a modest GDP growth target of about 5% for this year after missing its 2022 goal.

Persons: Xi Jinping, Una Galani, Thomas Shum Organizations: Reuters, National Institution for Finance, Development, Wall Street, People's Bank of China, Thomson Locations: China, Beijing

☆ Global airlines grasp at the 100% recovery
▼ + stars: | 2023-06-21 | by ( Thomas Shum | ) www.reuters.com time to read: +4 min

HONG KONG, June 21 (Reuters Breakingviews) - Global airlines are setting drawn out timelines to a full recovery. Some carriers, particularly in Asia, think they will only fly at or over pre-pandemic capacity levels in 2024 or later. Airlines didn’t rehire quickly enough to support the sudden recovery in demand and are now overpromising and underdelivering. Asian hub carriers like $16.5 billion Singapore Airlines (SIAL.SI) are particularly strained. Singapore Airlines, for example, posted a record net profit of S$2.2 billion ($1.6 billion) for the financial year ended March.

Persons: Britain’s, Una Galani, Pranav Kiran Organizations: Reuters, Qantas Airways, International Air Transport Association, Singapore Airlines, Boeing, Air, Peers, Cathay, HK, Deutsche Lufthansa, Reuters Graphics Reuters, Twitter, IndiGo, Airbus, Air India, Thomson Locations: HONG KONG, Asia, Europe, China, Ukraine, Africa, South America, Air India

Electric vehicles drove that change. In the first quarter of 2023, Russians purchased more Chinese cars than Lada, the beloved Soviet-era marque. That helps Chinese manufacturers churn out an electric vehicle for around 10,000 euros less than European competitors, according to Grant Thornton. Among the growing list of unwelcoming policies, the European Commission’s trade defence unit is considering ways to stem the tide of Chinese electric vehicle imports, according to Politico. How far China’s carmakers can make inroads further West will be decided by much more than assessments of their competency.

Persons: Bill Russo, Nio, Grant Thornton, Bernstein, Emmanuel Macron, CATL, Una Galani, Thomas Shum Organizations: Reuters, HK, Volkswagen, World Trade Organization, International Energy Agency, Global Times, Beijing, Lada, Chery, Amperex Technology, Politico, Ford Motor, Toyota, Nissan, Twitter, Thomson Locations: HONG KONG, BYD, People’s Republic, Europe, China, Shanghai, Hong Kong, New York, Japan, London ., European, United States, North America, France, Thailand, West

☆ China’s world banks are geopolitical victims
▼ + stars: | 2023-06-15 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, June 15 (Reuters Breakingviews) - China’s “World Bank” tried in vain to carefully thread the geopolitical needle. Fairly or not, critics have lambasted China’s lending practices along the BRI as “debt trap diplomacy”. Whereas the smaller AIIB did things more the way developed countries wanted, even taking positions at odds with Beijing’s. Pickard alleged on Twitter that AIIB was an instrument of China, dominated by Communist party members who “operate like a secret police”. The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.

Persons: Bank ”, Bob Pickard, Jin Liqun, Pickard, AIIB, Chrystia Freeland, Pete Sweeney, Thomas Shum Organizations: Reuters, Bank, Infrastructure Investment Bank, Twitter, Communist Party, World Bank, Initiative, Beijing, International Monetary Fund, New Development Bank, Canadian, Communist, Department of Finance, Finance, Thomson Locations: MUMBAI, Canada, Beijing, India, France, Asia, Africa, Latin America, Argentina, Pakistan, Russia, Ukraine, China, Ottawa, Shanghai, Saudi Arabia

☆ Windfall taxes get a breezy airing Down Under
▼ + stars: | 2023-06-14 | by ( Antony Currie | ) www.reuters.com time to read: +3 min

MELBOURNE, June 14 (Reuters Breakingviews) - Queensland has just done global proponents of windfall taxes a favour. More than a third of the total came courtesy of three new tiers Treasurer Cameron Dick added to the levy last June after coal prices quickly quadrupled. For starters, the changes only come into effect when the price of coal is really high. Rival Whitehaven Coal’s (WHC.AX) top line grew 164% and net profit more than 400% over a similar timeframe when the coal price was close to $400 a tonne. Dick earmarked the extra fossil-fuel revenue to pay for new hospitals and a slew of renewable energy and water projects.

Persons: Australia’s, Cameron Dick, Dick, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Revenue, Whitehaven, Queensland, Thomson Locations: Queensland, Hope, New South Wales, South Wales

☆ China’s rate cut highlights stimulus stubbornness
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +2 min

In stark contrast to its peers, Chinese consumer inflation has nearly evaporated, standing at only 0.2% last month. In that context, cutting short-term borrowing costs to improve liquidity in the interbank market is the very least Beijing can do. It does suggest policymakers see credit demand weakening further, and the move will help domestic companies roll over debt. But as the small size of the latest cut suggests, this is not going to rally private sector investment or consumption much on its own. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Pete Sweeney, Una Galani, Thomas Shum Organizations: Reuters, Commodities, Twitter, Thomson Locations: TOKYO, Beijing, India, Teck

☆ Sony’s India deal episode hits fresh cliffhanger
▼ + stars: | 2023-06-13 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, June 13 (Reuters Breakingviews) - Sony's (6758.T) Indian unit keeps running into fresh plot twists. The deal, in the works since late 2021, has already overcome multiple hurdles. Zee has weathered shareholder calls for a rejig of the company’s board and from creditors to declare it insolvent. After all, it is a strategic combination designed to take on Disney (DIS.N), Reliance Industries (RELI.NS), Netflix (NFLX.O) and others. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Punit Goenka, Subhash Chandra, Goenka, Shritama Bose, Una Galani, Thomas Shum Organizations: Reuters, Zee Entertainment, Securities, Exchange Board, India, Sony, Disney, Reliance Industries, Netflix, Zee, Twitter, Brookfield, Thomson Locations: MUMBAI, London, Teck, China

☆ Silvio Berlusconi, Italy's former showman leader, dies at 86
▼ + stars: | 2023-06-12 | by ( Valentina Di Donato Barbie Latza Nadeau Laura Smith-Spark Peter Wilkinson Antonia Mortensen Rob Picheta | Valentina Di Donato | Barbie Latza Nadeau | ) edition.cnn.com time to read: +18 min

Umberto Cicconi/Hulton Archive/Getty Images Berlusconi swims at a Tunisian beach in 1984. Umberto Cicconi/Hulton Archive/Getty Images Berlusconi leaves a 1985 news conference in Paris. Franco Origlia/Hulton Archive/Getty Images Berlusconi announced in November 1993 that he would be entering the world of politics. Franco Origlia/Hulton Archive/Getty Images Berlusconi waves while attending a European Council meeting in Corfu, Greece, in June 1994. Vittorio Zunino Celotto/Getty Images Berlusconi hands the Berlusconi Trophy to AC Milan's Massimo Ambrosini in August 2011.

Persons: Rome, Rome CNN — Silvio Berlusconi, Christ, ”, Berlusconi, Milan’s, Benito Mussolini, “ Il Cavaliere ”, Milan, Giorgia Meloni, Matteo Salvini, Silvio Berlusconi, Alessandra Benedetti, Eric Vandeville, Indro Montanelli, Umberto Cicconi, Italy's, Michel Clement, Francis Apesteguy, Veronica Lario, Franco Origlia, Langevin Jacques, Sygma, Cesare Previti, Pope John Paul II, Bill Clinton, Hillary Clinton, Veronica, William Stevens, Barbara, Eleonora, Oscar Scalfaro, Patrick Hertzog, Romano Prodi, Alberto Pizzoli, Giuseppe Cacace, Gregorio Borgia, Associated Press Berlusconi, Vittorio Zunino Celotto, Massimo Ambrosini, Claudio Villa, Dan Kitwood, preliminarily, Filippo Monteforte, Alessia Pierdomenico, Remo Casilli, Reuters Berlusconi, Giuseppe Lami, Angelo Carconi, Emanuele Cremaschi, Tiziana Fabi, Luigi Brugnaro, Renato Brunetta, Piero Cruciatti, Hungary’s Viktor Orban, Britain’s Boris Johnson, Donald Trump, “ Berlusconi, ” Severgnini, ” Meloni, Claudia Greco, Prodi –, –, Berlusconi’s, Ignazio La Russa, “, Gianfranco Fini –, FILIPPO MONTEFORTE, Vladimir Putin, Volodymr Zelensky, Nobel, salesmanship ’, Jesus Christ, Severgnini, il, salesmanship, Francesca Pascale, Del, Pavarotti, ” Berlusconi, Marina, Carla Dall’Oglio, Luigi Organizations: Rome CNN, Milan’s San Raffaele, Forza Italia, Freedom, Italian, Getty, Canale, AC Milan, Berlusconi, Romano, Associated Press, Associated, Bloomberg, Reuters, Venice, Anadolu Agency, RAI, Media, Milano, Milan –, world’s, Forza Italia Party, Forza, soccer team, Northern League Party, European, Union coalition, Sporting, della, PM, “, ”, Del Monaco Locations: Milan, Paris, AFP, Naples, Italy, Rome, Corfu, Greece, Tatanto, Cannes, France, Italy's, Venice, Italy's Senate, Monza, Lombardy, ”, L’Aquila, Milan’s, Italian, Europe, Ukraine

☆ China IPOs are uncoupling from Wall Street too
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +2 min

Increasingly it is detaching from Wall Street too. Nonetheless, the Shanghai Stock Exchange will hold a hearing for the deal on Friday, per Refinitiv’s IFR. Syngenta is a pillar in Beijing’s strategy to shore up food security and will use the deal to pay down debt. The landmark IPO coincides with signs that Wall Street’s small position in the market is shrinking further. Syngenta’s blockbuster IPO will be an awkward new milestone for Wall Street already facing life in China’s second tier.

Persons: Beijing’s, It’s, Dealogic, Xavier Niel, Pete Sweeney, Thomas Shum Organizations: Reuters, Agricultural Bank of, Shanghai Stock Exchange, HK, BOC, Citic Securities, Twitter, Brookfield, Thomson Locations: MUMBAI, Agricultural Bank of China’s, Hong Kong, China’s, Una

☆ El espía que me llamó
▼ + stars: | 2023-06-10 | by ( Nicholas Casey | ) www.nytimes.com time to read: +3 min

Dijo que tenía algunas cartas de amor, pero nada que equivaliera a un archivo de los secretos del rey. Villarejo siguió insistiendo, pero Zu SaynWittgenstein volvía una y otra vez a su frustración por su relación con el antiguo rey. Recordé que un editor bien relacionado en Madrid me había dicho una vez que por cada verdad que Villarejo decía, también decía cinco mentiras. Yo le había contado a Bautista que me reuniría con el espía, pero le di órdenes estrictas de que no se lo dijera a nadie más y las había cumplido. La agenda era más útil, ya que ofrecía una forma de cruzar referencias de muchas de las reuniones que Villarejo afirmaba haber tenido.

☆ Toshiba gives shareholder management masterclass
▼ + stars: | 2023-06-09 | by ( Una Galani | ) www.reuters.com time to read: +3 min

Its limited visibility on the value of the memory-chip specialist was one reason it cited for its earlier restraint. Follow @ugalani on TwitterCONTEXT NEWSToshiba said on June 8 that its board has decided to recommend shareholders accept a tender offer from a group led by Japan Industrial Partners. The tender offer is expected to be launched some time from late July. Among other factors, it cited limited visibility into the value of chipmaker Kioxia, of which Toshiba owns around 40%. In recommending the offer, Toshiba noted the book value of Kioxia’s shares had fallen since its March announcement.

Persons: Paul Singer’s Elliott, Daniel Loeb’s, Jerry Black, Antony Currie, Katrina Hamlin Organizations: Reuters, Toshiba, Japan Industrial Partners, Paul Singer’s Elliott Management, Farallon Capital, Thomson Locations: MUMBAI, Kioxia, Japan

☆ Private equity hurtles towards hard Asia reset
▼ + stars: | 2023-06-07 | by ( Una Galani | ) www.reuters.com time to read: +4 min

SINGAPORE, June 7 (Reuters Breakingviews) - Sequoia’s decision to carve out its China business formalises a push for a hard reset in Asia that private equity firms have until now largely been grappling with behind the scenes. These country-agnostic funds accounted for just over half the money raised in 2022 in the region, a 22-year high. Granted, these South and Southeast Asia markets are small at present compared to China; that’s why more firms are seeking bigger-ticket buyouts in Australia and Japan. That will eventually weigh on performance in the region, which for top-quartile Asia funds last year was a very respectable median 25% net internal rate of return, per Preqin. Private equity’s cooling relationship with China, though, is likely to hit hard for most.

Persons: Neil Shen, Shailendra Singh, Singh, Zhang Lei, There’s, Shen, Antony Currie, Katrina Hamlin Organizations: Reuters, Bain & Co, Bain Capital, KKR, XV Partners, Sequoia, Twitter, NEWS Venture, Sequoia Capital, Thomson Locations: SINGAPORE, China, Asia, Republic, Sequoia, India, Southeast Asia, Greater China, Malaysia, Philippines, Indonesia, Thailand, Hillhouse, Singapore, Australia, Japan, U.S

☆ Toyota gets activism, without the activists
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +2 min

SINGAPORE, June 5 (Reuters Breakingviews) - It’s one thing to be targeted by pushy activists looking for a quick return. It’s perhaps more embarrassing to receive the wholesale disapproval of American pension funds who are long-term stewards of capital. That’s the position the board of $200 billion carmaker Toyota (7203.T) finds itself in. The pair also favoured a resolution brought by Danish and Dutch pension funds urging Toyota to improve disclosure of its lobbying on climate change. Toyota insists its board adheres to the Tokyo Stock Exchange’s independence standards.

Persons: Akio Toyoda, Katrina Hamlin, Pete Sweeney, Pranav Kiran Organizations: Reuters, Toyota, New York, California Public Employees, Danish, Tokyo Stock, Twitter, Thomson Locations: SINGAPORE, New York City, Una, Saudi, East

☆ Dozens of transgender people in Florida are crowdfunding to flee the state, and they've raised more than $200,000
▼ + stars: | 2023-06-04 | by ( Thalia Beaty | Associated Press | ) www.businessinsider.com time to read: +7 min

Dozens of transgender people in Florida are using crowdfunding to help them flee the state. In addition to banning gender-affirming care for transgender minors, the law places new restrictions on adults seeking treatment. Chelf began making plans to leave the state after Florida legislation caused her to lose access to gender affirming care. A marked increase in fundraisers to help trans people leave FloridaPeople have given more than $200,000 since January to fundraisers on GoFundMe started by trans people seeking to leave Florida, according to data from the platform. Sage Chelf shows her GoFundMe campaign to move out of Florida in Orlando, Fla., May 27, 2023.

Persons: —, Sage Chelf, Chelf, Laura Bargfeld, I'm, GoFundMe, Jalen Drummond, Ron DeSantis, Laura Bargfeld That's, Una Osili, Indiana University Lilly, Elise Colomer, it's, Jasmine Beach Organizations: Service, AP, Williams Institute, University of California, Los Angeles School of Law, Indiana University, Indiana University Lilly Family School of Philanthropy, Southern Equality Locations: Florida, GoFundMe . Florida, Fla, Orlando, Orlando Fla, Chelf, Cheadle, Illinois, Ferrara

☆ Indian ports will test tycoons' safe harbour
▼ + stars: | 2023-06-02 | by ( Pranav Kiran | ) www.reuters.com time to read: +4 min

For the public market wannabe, it tees up a tricky benchmark in a global industry with few listed giants. JSW Infrastructure is closely aligned to India’s growth story. More than half of cargo handled at Indian ports last year was coal, petroleum oil and lubricants. JSW Infrastructure grew revenue 92% in the three years to March 2022, three times as fast as its rival. JSW Infrastructure, India’s second largest commercial ports operator by cargo handling capacity, in May filed for an initial public offering in Mumbai to raise up to 28 billion rupees ($340 million).

Persons: Gautam Adani, Sajjan Jindal, Adani, JSW, ”, Una Galani, Katrina Hamlin Organizations: Reuters, Hindenburg Research, Deloitte, JSW, Infrastructure, Deloitte Haskins, Securities and Exchange Board of India, JM Financial, Axis Bank, State Bank of India, HSBC, Credit Suisse, Thomson Locations: BENGALURU, Mumbai, Goa, Tamil Nadu, West, JSW

☆ India’s moment is obfuscated by its jobs deficit: podcast
▼ + stars: | 2023-05-30 | by ( Una Galani | ) www.reuters.com time to read: 1 min

MUMBAI, May 30 (Reuters Breakingviews) - 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. Listen to the podcastFollow @ugalani on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Pranav KiranOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Toyota governance fight gets stuck in traffic
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 30 (Reuters Breakingviews) - Governance campaigns against Japanese companies have a hard enough time gaining traction as it is. ValueAct Capital’s two-year campaign against Seven & i (3382.T) culminated last week with at best just a third of shareholders backing its four board candidates. Glass Lewis asserts just three of Toyota’s 10 board candidates are unaffiliated, fewer than the one-third the advisory sets as a floor. Toyota insists its board meets the Tokyo Stock Exchange’s independence standards. He should go in any event: having the former CEO of 14 years lead the board is bad governance.

☆ Saudi is a BRIC in crumbling East-West money wall
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +2 min

MUMBAI, May 29 (Reuters Breakingviews) - Middle East money is the answer to plugging the growing financial gaps created in Asia by Western investment restrictions, or at least that’s the very wishful thinking of the regions’ financiers and governments. Even if the NDB might have teamed up with Saudi regardless of sanctions on Russia, any deal will be high on symbolism. It makes sense for petrodollar countries to look East given Asia’s growing oil demand. Bankers also want Middle East companies to come and list in Hong Kong as those from elsewhere stay away and economists believe Middle East funds will step up investments into China as global funds retreat. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Erdogan win sends stark note on economy and votes
▼ + stars: | 2023-05-29 | by ( Lisa Jucca | ) www.reuters.com time to read: +3 min

MILAN, May 29 (Reuters Breakingviews) - Tayyip Erdogan’s re-election in Turkey sends a sharp message to leaders around the world: politics is trumping sound economics. Official results released show the sitting strongman won 52% of ballots, implying citizens are deeply divided over his return to power. Erdogan’s victory will likely exacerbate multiple long-term money-matter headaches for the country’s more than 80 million people. Erdogan’s win also suggests the country will continue to pivot away from the West. Follow @LJucca on TwitterCONTEXT NEWSTurkish President Tayyip Erdogan secured a fresh five-year term in elections on May 28, beating challenger Kemal Kilicdaroglu.

☆ El espionaje en México cobra una nueva víctima: un aliado del presidente
▼ + stars: | 2023-05-22 | by ( Natalie Kitroeff | Ronen Bergman | ) www.nytimes.com time to read: 1 min

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The return of tourists to Southeast Asia, he says, bodes well for the group’s core mobility business in the second half. The next challenge is resetting investor expectations so that beats can shine through. Lower incentives helped it to cut its adjusted operating loss to $66 million from $287 million a year ago. It also narrowed its forecast for annual adjusted operating loss to $195 million-$235 million, from a previous forecast of $275 million-$325 million. China’s Alibaba on May 18 reported revenue of 208 billion yuan ($30.1 billion) in the three months to end-March, up 2% year-on-year.

☆ A Sony spinoff comes better late than never
▼ + stars: | 2023-05-18 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, May 18 (Reuters Breakingviews) - A long-awaited Sony (6758.T) spinoff is finally happening. The Japanese video games-to-semiconductors conglomerate may list its financial subsidiary "within the next two to three years" while retaining a 20% stake. Investors promptly bid up shares of Sony as much as 7% on the news. Partially offloading Sony Financial Services, which the company only took full control of in 2020 for $3.7 billion, makes sense. Sony stresses it is not planning any other spinoffs for now - one of them is plenty to look forward to.

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