Chris Swann is a Reuters Breakingviews columnist, based in New York. He writes about hedge funds, commodities and asset management. He joined from Bloomberg News, where he covered global poverty issues and the International Monetary Fund. From 1997 to 2006 Chris was a reporter at the Financial Times in a variety of roles including currency correspondent, economics reporter and columnist on Lex. He has a first-class degree in History from Oxford University, and has also studied piano performance at the University of Michigan and International Relations at Cambridge.
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The biggest U.S. airline’s decision to buy a refinery a year ago looked barmy. Yet there are signs that for the price of a Boeing 777, the deal is helping reduce Delta’s $12 bln fuel bill in meaningful ways. Just shaving a nickel off jet fuel prices justifies the purchase.
Solar panel prices are depressed, but irate Western manufacturers probably exaggerate the role of Chinese government support. While punitive EU tariffs and tit-for-tat Chinese retaliation might help profit, they would almost certainly make solar energy less competitive.
Replacing ousted co-founder Aubrey McClendon with an outsider is a good start. And Doug Lawler, from more successful rival Anadarko, looks a solid choice. But neither driller is known for especially tight cost control. The incoming Chesapeake boss will have to change that.
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- Oxy gets religion only after boss has had his fun
- Hot Aussie economy could tarnish Chevron's future
- Exxon Mobil running hard just to stand still
- Oxy could take value-creation lessons from Conoco
- IMF needs more creative ideas on growth