Text size [+][-] Tuesday February 9 2010GLOBAL EDITION
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Doubts over euro zone and UK finances are the prime factor driving the U.S. dollar back up - and most markets down. The trend is likely to prove powerful as the speculative 2009 dollar carry trade reverses into a flight back to safety. There could be major market corrections.
Chinese factories are humming, thanks to 2009's stimulus. The boom is not natural, since companies get an unfair boost from paying below-market prices for raw materials. Beijing worries about inflation, but charging fair prices may be the best way to curb reckless investment.
The pay-TV operator has sold most of its 17.9 pct stake in the commercial broadcaster. The deal has cost Sky almost 600 mln pounds, a 63 pct loss on its outlay. Sure, Sky stopped ITV falling into the hands of Virgin Media. But that tie-up would probably have imploded by itself.
Regulators haven't exactly covered themselves in glory. But an earlier defense against bank excesses ought to be their boards. It's no easy job, but directors could try harder to control risk-taking. They shouldn't be shy about hammering away with uncomfortable questions.
Reuters Breakingviews is the world's leading source of agenda-setting financial insight. Breakingviews has recently been acquired by Thomson Reuters and is now Reuters’ brand for financial commentary. Every day, we comment on the big financial stories as they break. Breakingviews has around 30 columnists based in London, New York, Hong Kong, Paris, Washington, Moscow and Madrid. We also syndicate selected columns on Reuters.com and in 15 influential newspapers including The New York Times, The Telegraph, The International Herald Tribune and Le Monde.
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Even when you don't agree, it still makes you think. Charles Sherwood, partner and member of the board, Permira
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