From Breakingviews - Abu Dhabi’s gas IPO displays the merits of caution
Aramco’s problem was that Saudi Arabian Crown Prince Mohammed bin Salman had already decreed that it should be worth $2 trillion. While its latest
show it is the pre-eminent global oil company, foreign investors disliked the sub-4% dividend yield. ADNOC Gas, by contrast, has a prospective yield of 5.6%, in line with local rivals and more in keeping with Western energy rivals.
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Abu Dhabi's ADNOC Gas shares up 18% over IPO priceShares of ADNOC Gas jumped about 18% over its listing price in the Abu Dhabi market debut on Tuesday.
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Breakingviews - Jamie Dimon throws Jes Staley off the battlementsICYMI: JPMorgan is suing to take back eight years of compensation from former executive Jes Staley over his links to sex offender Jeffrey Epstein. It isn't a great look, but the bank led by Jamie Dimon has more reasons than most to defend itself: Unmack1
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Breakingviews - Bank rescue buys stability at a high priceThe biggest U.S. banks are so tied up in regulatory red tape that they couldn’t cause a crisis if they tried. The 16th largest, though? That’s a different story, based on Sunday’s dramatic rescue of the financial system. Swift action by U.S. agencies has stopped what could have been a crisis, but at a cost.
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Breakingviews - Vietnam’s export prowess turns to excessVietnam’s economy rocketed up 8% last year as manufacturers like Samsung Electronics , LG and Hon Hai Precision Industry powered exports. Now overseas demand is slumping amidst a local credit crunch and a corruption crackdown. Weak internal demand leaves the country without much of a hedge.
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Breakingviews - China central bank punts its succession problemPresident Xi Jinping is readying a rejig of the financial bureaucracy, having already replaced members of the country’s dwindling reform camp – namely Premier Li Keqiang, economic tsar Liu He and People’s Bank of China party chief Guo Shuqing – with loyalists.
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Breakingviews - UK growth demands better-directed fiscal fireworksAfter his predecessor’s reckless fiscal laxity caused a financial meltdown, UK finance minister Jeremy Hunt is likely to take a conservative approach in his first budget on Wednesday. A 30 billion pound war chest will help him to address short-term issues such as public pay. A low-wattage approach, however, will not jolt Britain out of its economic slump. For that, Downing Street will need to scrap arbitrary targets of fiscal probity and craft a plan to boost private investments that can compete with the subsidies promised by the U.S. and Europe.
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