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 latest U.S. antidote to meager interest rates is the “yieldco” – collections of wind farms and solar plants. Demand is strong for the fledgling asset class, with six IPOs in a year. But ardor for the likes of NRG and TerraForm has driven valuations to unsustainable heights.
Ending Pemex’s crude monopoly may herald a surge in drilling and output. That won’t much move the stock of incoming giants like Exxon. But it should boost Carlos Slim’s Grupo Carso, with its stable of drillers and services firms, and other local talent like Alfa and Grupo Mexico.
An Espirito Santo group company failed to repay a $1 bln loan to PT. That means the telco’s shareholders will own a smaller stake in the group it planned to form with Brazil’s Oi. It’s not a good start for a complex merger. The combined entity looks financially weaker.
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