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Breakingviews - Inflation beds down, gets comfortableThe easy half of the U.S. inflation fight is over. Price growth is now fueled more by non-essentials, like air fares and new cars, than food and energy. That’s a problem, since those core prices are historically less volatile and therefore less likely to drop. As costs edge higher, Americans will probably have to endure a longer, and more expensive, inflation battle.
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Breakingviews - SoftBank exit eases Alibaba's mega rebootLosing a stalwart backer is usually painful for a company. But in Alibaba's case, the departure of Masayoshi Son may be beneficial. His investment empire SoftBank Group is slashing its stake in the Chinese e-commerce firm to 3.8%, according to the Financial Times, a symbolic end to a 23-year investment. Now, Alibaba boss Daniel Zhang can focus on pitching his remaining shareholders on his radical breakup plan.
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Breakingviews - Italy’s green star has new, uncertain trajectoryIn 2021, Enel had the world at its feet. Thanks to early bets on wind and solar by Francesco Starace, chief executive since 2014, the Italian utility was worth $105 billion and it seemed all set to be a major winner from the energy transition. Fast-forward two years, and Starace has been ousted by the Italian government, Enel’s 24% shareholder, the group’s net debt has ballooned due to energy crisis troubles, and it’s now only worth $65 billion.
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Breakingviews - SoftBank-Alibaba sale looks awkward for ProsusSoftBank Group and Prosus are two very different beasts. But the technology investors historically had one feature in common: a large stake in a listed Chinese internet giant, the value of which is not fully reflected in their own share price. SoftBank’s Chief Executive Masayoshi Son seems to be resolving that situation because he must. Prosus’s boss Bob van Dijk should do so because he can create tons of value for shareholders.
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Breakingviews - Guest view: Direct lending may be entering new eraChallenges in the banking system are expanding the opportunities available to direct lenders. I believe the shifts we’re seeing won’t be short-lived, but, to borrow a phrase from Oaktree Capital Management Co-Chairman Howard Marks, may represent a sea change in private credit.
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Breakingviews - China reluctantly keeps sanctions powder dryAs the White House pushes on with sweeping export restrictions to contain China’s rise, President Xi Jinping is starting to retaliate. Officials are swatting U.S. firms like chipmaker Micron Technology and the Mintz Group, a due diligence investigator, but on balance Beijing has resisted wholesale scapegoating of American capital. Xi perhaps recognises he can ill-afford to indulge his temper for now.
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