Clara Ferreira-Marques
The Edge Markets
Singapore
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Past articles by Clara:
Thailand's protesters stray into taboo territory
By highlighting societies' worst flaws and battering economies, the coronavirus pandemic has fuelled protests across the globe. In Thailand, that has been compounded by discontent with continued rule by the former head of the military junta and harassment of government critics. The result is the largest pro-democracy rally since a coup in 2014, spearheaded by a growing student-led movement that… → Read More
Russia's Sputnik vaccine gamble is all about Vladimir Putin
There was no clearer way of signaling how Russia sees its coronavirus vaccine: Moscow named it Sputnik, after the satellite whose launch in 1957 marked the start of the space race, and forced the West to confront an unexpected, and terrifying, technology gap. → Read More
Investors will lose from global retreat of press freedom
(July 22): The press has rarely been under attack as it is today. Hong Kong’s new national security legislation has chilled reporting in a territory that was long a beacon of free speech. Russia’s harassment of current and former journalists has this month alone included detentions, searches and a conviction. Meanwhile, in the U.S., where press freedoms are guaranteed by the constitution,… → Read More
Canadian miner gives copper a belated deal patina – Breakingviews
China’s biggest producer of the metal may have built a nearly 10% stake in $6 bln First Quantum, and is negotiating to invest in its Zambian assets. The low price of copper, and depressed industry valuations, make it a good time to do more. It puts Rio Tinto on the M&A spot. → Read More
BHP’s pay plan forges dual path to sustainability – Breakingviews
The $122 bln miner wants to make more of its CEO's bonus dependent on emissions and other yet-to-be-provided climate goals. As importantly, it is trimming incentives and making bosses hold shares for longer. In an industry struggling to regain investor trust, both are important. → Read More
Hong Kong’s first UK exchange foray clouds second – Breakingviews
Its 2012 takeover of the London Metal Exchange promised to preserve the institution and expand in China. Hong Kong’s bourse honoured the first, but Beijing made its own way in commodities. Returns have been poor too. That history informs its $37 bln London Stock Exchange bid. → Read More
Weaker Aussie jobs clear fiscal spending path – Breakingviews
More people worked Down Under in August, mostly because of an increase in part-time positions. Overall unemployment ticked higher to 5.3%. It makes another interest rate cut more likely, but goosing government outlays would be a more effective option for the cooling economy. → Read More
Asia’s airline bazaar will help peers fly higher – Breakingviews
At least six carriers are on the block in the region, from SriLankan to South Korea's Asiana. Budget rivals have eaten into dominant positions and fuelled excess capacity, while growth has cooled. Most will not find a buyer and deserve to shrink or close; survivors will benefit. → Read More
Supersize GDP reset will give Vietnam an edge – Breakingviews
The $240 bln economy may be a quarter larger than estimated. IMF support with the revision, on the back of a private sector boom, lends credibility. The leap will help Hanoi’s aim of becoming an industrialised nation; it may also help Vietnam better capture trade-war spoils. → Read More
Southeast Asia joins global telecom M&A hang-up – Breakingviews
Telenor and Axiata ended talks to create a $40 bln regional champion. A complicated structure and Malaysia’s nationalist tendencies eclipsed the allure of big cost savings. The difficulty of merging phone operators around the world presents a growing problem for investors. → Read More
India’s coal-fired growth requires some shovelling – Breakingviews
New Delhi, trying to juice the economy, will allow 100% foreign investment in the fuel. Local demand is rising, but resource giants have had bad experiences on the ground, and big miners are pulling out of thermal coal. India will have to work hard to make its tardy policy work. → Read More
Hong Kong’s pain offers Singapore a little gain – Breakingviews
Anti-government protests have fed demand for visas and safe-haven pads abroad. Singapore has warned wealth managers not to take advantage. Officials fear instability, and angering Beijing, would overwhelm any benefit. The Lion City can offer softer lessons instead. → Read More
Airlines flash economic warning lights Down Under – Breakingviews
Profit at Qantas and Air New Zealand fell, hurt both by pricey fuel and headwinds at home. Corporate and discount travellers alike are pulling back, and neither carrier is offering much future guidance. Any benefits of rock-bottom interest rates are taking time to trickle down. → Read More
BHP boss makes himself tougher act to follow – Breakingviews
The miner reported a record $3.9 bln final dividend alongside its highest earnings in five years. Even as CEO Andrew Mackenzie conserves cash ahead of economic clouds and the end of his tenure, he has fulfilled shareholder return pledges. Any successor will face harder choices. → Read More
Cathay shakeup clarifies China’s corporate muscle – Breakingviews
Boss Rupert Hogg and a top deputy resigned abruptly after the $5 bln airline scrambled to quell a mainland backlash related to Hong Kong protests. State carrier Air China owns a smaller stake than Swire, but Beijing’s sway looks bigger. The timing couldn’t be worse for Cathay. → Read More
Iron ore feels the pinch of Beijing’s restraint – Breakingviews
Prices of the steel ingredient have cooled, as a supply squeeze fades but a hoped-for Chinese boost to demand remains elusive. Mainland growth is lacklustre, but construction has yet to rev up in response. Stimulus this time may not mean more bridges: bad news for Rio and peers. → Read More
Fickle nickel sends out false value signal – Breakingviews
The metal is at its priciest since 2018 having surged 50% this year, more than other key battery materials. The spike, though, rests on misplaced optimism on Chinese growth, and speculation that an Indonesian ban could curtail supply. Producers like Vale can hold off celebrating. → Read More
Glencore coal split could scratch multiple itches – Breakingviews
The $42 bln giant is the largest thermal coal exporter, at a time when miners are under growing pressure to clean up. Splitting out that business would help, and can also lift a depressed valuation. It might even make sense for boss Ivan Glasenberg to lead the carve-out himself. → Read More
Rio’s shiny profit masks a less lustrous reality – Breakingviews
The miner reported solid earnings, seasoned with a $1 bln special dividend. The detail is a bit more tarnished: iron ore operations are feeling the strain from years of cuts, and a Mongolian mine has underwhelmed. Investors love cash, but Rio also needs to invest in what it has. → Read More
Aussie monetary future is everyone else’s past – Breakingviews
Australia managed to avoid the ultra-low rates other countries have shouldered for years. Now growth is slowing, and it is up against the limits of conventional policy. An improvement in second-quarter inflation and a cheerier end to 2019 won't change the need for new tools. → Read More