Peter Thal Larsen
Infrastructure dream grounded by Heathrow reality
Britain has finally agreed to add a runway to London’s main airport. Even now, the plan may yet founder. Western democracies face challenges when launching big projects. The benefits of a renewed splurge of infrastructure spending will take decades to materialise.
Global leaders test limits of spreading wealth
“Inclusion” was the buzzword at the G20 conflab. A fairer distribution of the fruits of growth is urgent when globalisation is under attack in the West. The challenge for politicians is to reduce inequality within rich countries without the rest of the world suffering.
Review: The limits of predicting China’s demise
The country's prospects are bleak, David Shambaugh argues in "China's Future". His critique of the Communist Party's political flaws goes far deeper than most forecasts of economic collapse. Yet foretelling doom at some indeterminate point in the future still has limited value.
Hong Kong’s special status is in need of renewal
The former colony has mostly thrived in the 19 years since China took charge with a promise to leave it alone until 2047. But society is divided and the rule of law under strain. Without reassurances about its long-term future, Hong Kong faces an exodus of citizens and companies.
Vanke battle is test of China’s shareholder rules
The country's top property developer is fighting with major holder Baoneng. The spat has produced a $7 bln deal, a motion to dismiss the board, and suggestions big stakeholders are colluding. The outcome will show whether China's public markets are up to protecting investors.
Lesson from Brexit: unthinkable isn’t unpriceable
Britain’s referendum decision is an unwelcome blow to an already fragile world economy, but the real change is that it forces companies and investors to reconsider other once-remote risks. A Donald Trump presidency or the break-up of the euro zone may deserve more consideration.
SoftBank’s long-term plan abruptly cut short
Heir apparent Nikesh Arora is quitting after Masayoshi Son opted to keep the reins at the Japanese tech group. In just two years, the ex-Googler was paid over $200 mln and spent billions. The succession mess leaves SoftBank and its mercurial founder as hard to read as ever.
Noble CEO exit signals reduced ambitions
Yusuf Alireza is leaving the embattled commodity trader after four years in charge. Though Noble has avoided an immediate liquidity crisis, investors still question its long-term viability. Flogging its U.S. energy arm will raise cash at the expense of further shrinkage.
BOC Aviation’s Hong Kong flotation deserves to fly
The plane-leasing group is taxiing towards a $1.1 bln offering. Being under Bank of China’s wing means cheaper funding and better returns than standalone rivals. Yet the premium valuation is only justified if the state-backed parent remains willing and able to act as a backstop.
China’s planners won’t let go of the stock market
Regulators are reportedly clamping down on fundraising in hot sectors, and may restrict overseas companies relisting at home. The desire to avoid a repeat of last year’s bubble is understandable. But China’s equity market won’t evolve as long as bureaucrats try to manage prices.
Markets
- U.S.
- Europe
- Asia
- Sectors
| DOW | 18,161.19 |
-8.49 |
-0.05% |
| S&P 500 | 2,126.41 |
-6.63 |
-0.31% |
| NASDAQ | 5,190.10 |
-25.87 |
-0.50% |
| TR US Index | 188.70 |
-1.65 |
-0.87% |
Sector Summary
| Energy |
-0.54%
|
| Basic Materials |
+0.73%
|
| Industrials |
+0.71%
|
| Cyclical Goods & Services |
+0.36%
|
| Non-Cyclical Goods & Services |
+0.01%
|
| Financials |
+0.02%
|
| Healthcare |
-0.98%
|
| Technology |
+0.11%
|
| Telecoms |
+0.21%
|
| Utilities |
+0.35%
|