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Posts published in “Commodities”

Zhongwang, a Chinese aluminium giant, may withstand American pressure

But buckle under domestic power cutsLIU ZHONGTIAN has been called Asia’s “aluminium king”. His firm, Zhongwang Group, is one of the world’s largest makers of aluminium products. At one point he was the richest man in China’s north-eastern rust belt, where the company is based. In America, Mr Liu has a different reputation. Firms controlled…

All manner of industries are piling into the hydrogen rush

Including some grubby ones“WE ARE BUILDING the energy company of the future…like Tesla did,” declares Seifi Ghasemi, chairman of Air Products. Comparing yourself to the electric-car darling may seem Napoleonic for a purveyor of industrial gases. But Mr Ghasemi, who has thought about one gas in particular, hydrogen, for 30 years, insists the comparison is…

The meaning of mission statements

“WE ARE A community company committed to maximum global impact. Our mission is to elevate the world’s consciousness.” The opening lines of WeWork’s prospectus for its planned initial public offering in 2019 seem to confirm the worst about mission statements. People sit in a room earnestly discussing the differences between their purpose, their vision and…

Germany’s biggest developer will be under pressure in Berlin

Vonovia’s takeover of Deutsche Wohnen is complete. The struggle against expropriation is notROLF BUCH has no time to rest on his laurels. On October 4th the chief executive of Vonovia, Germany’s biggest residential-property firm, managed after a long ordeal to seal the creation of Europe’s biggest such company through a merger with Deutsche Wohnen (DW),…

Going public? Here is a how-to guide

“A FLOTATION IS like your own funeral. You usually do it only once,” deadpans the chief financial officer of a software company that recently staged a blockbuster initial public offering (IPO). Some compare a listing to a wedding, requiring much frantic preparation and ending with a big celebration and bell-ringing. Others liken it to an…

Universal Music is a hit

Investors rush to sample the streaming boomA ROCKSTAR’S WELCOME greeted Universal Music Group when it launched on Amsterdam’s Euronext exchange on September 21st in Europe’s largest listing of the year. Giddy investors all but threw their knickers at the newly public company, whose share price finished the day up by 36%, valuing the world’s biggest…

South Korea’s government sees tech firms as the new chaebol

It accuses online darlings like Coupang and Naver of picking up the old conglomerates’ bad habitsA FEW MONTHS ago Kim Beom-su looked like the face of responsible capitalism in South Korea. In March the billionaire founder of Kakao, which runs the country’s most successful messaging app and a slew of other digital services, promised to…

Direct-to-consumer retailers try to bring pizzazz to dull goods

E-merchants also put profitability ahead of growth at all costFEW FIRMS have spawned an industry. Warby Parker, a millennial-chic spectacles firm, has a decent claim to be one of them. A decade ago the startup pioneered selling products directly to shoppers online, using the internet to avoid the costs of bricks-and-mortar shops and chip away…