2019年5月9日
Foreigners were piling into stocks across Asia before trade tensions increased this week
Foreign investors piled into emerging market stocks in Asia during April. Stocks saw net foreign buying of $US9.2 billion. Improving China economic activity partly helped spur the stock inflows into the region, though the numbers were also inflated by a one-off takeover deal in Indonesia.
An escalation in trade tensions between the United States and China, potentially seeing both sides introduce tit-for-tat tariff hikes. Markets had priced-in a positive outcome, so renewed uncertainty over the trade deal led to a selloff in Asian markets and foreign equity outflows. Since Donald Trump tweeted before Asian markets opened on Monday, the MSCI Emerging Markets Asia Index has slumped 3.3%.
Now the outcome of trade talks will determine the outlook for foreign capital flows and stock prices in the period ahead.
Ways Australian business can stop dragging its feet and adapt to disruption
Boards and senior managers across Australian business have less time than ever to react to the disruption that is being experienced in the Australian and global economies. The speed that technological capability is rendering across industries is shortening the timeframe for change.
On average they have “2.2 years to integrate a digital initiative before the full impact of digital disruption hits; 57 per cent believe they need to integrate a digital initiative within 2 years”.
Increasingly you don’t need a digital strategy, digital is the strategy. However, more than two-thirds [of respondenets] still take a reactive approach to digital disruption, notably SME-sized organisations. Indeed, large organisations are twice as aggressive in trying to digitally disrupt their industry (29%) and are partnering with others to disrupt their market (15%).
How to organise the approach? CEO’s need to become digital leaders and embed a culture which allows “a more proactive approach to disruption and develop[s] cultures with the ability to accept failure on the road to greater success”. Business can’t nor do they need to do it all on their own. That means in order to take proof of concepts or minimum viable concepts to completion, “partners will be important – particularly technology and vendor-agnostic ones that can demonstrate scaling success in rapid time”.
Disney writes down $353 million of its stake in Vice
The Walt Disney Co. disclosed on Wednesday a $US353 million write-down of its stake in Vice Media when Disney reported earnings for its second quarter of 2019. This is Disney’s second Vice-related write-down in less than a year. The company also wrote down $US157 million of its Vice investment in the September 2018 period.
The disclosure comes as Vice raised $US250 million in debt in May while working to make the digital-media outfit profitable. Vice was last valued at $US5.7 billion in 2017, but Disney appears to be valuing it at significantly less.
Disney invested $US400 million in the company in 2015. It also owns stakes in Vice through A&E, a joint venture between Disney and Hearst, and the assets Disney acquired from 21st Century Fox.
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