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Thursday, 17 April 2014

Columns

Edward Hadas: Don’t bother with share-based pay

16 April 2014

Coca-Cola’s controversial share award scheme takes a bad idea to a foolish extreme. Paying workers in their employer’s paper makes no sense. The share price has too little to do with corporate performance, and the work of any single employee has little effect on the share price.

Andy Mukherjee

India in depth: Modi may as well let states spend

15 April 2014

Empty coffers await the opposition leader who is widely tipped to be the country’s next prime minister. Instead of pursing self-defeating austerity, Narendra Modi could pass on more federal spending budget to India’s states. Their expenditure produces three times more output.

Hugo Dixon

Hugo Dixon: How Greece can turn vice to virtue

14 April 2014

The vicious cycle of two years ago is turning virtuous – see Athens’ return to the bond market last week. More can be done to maintain momentum, especially rooting out vested interests. As ever, the weak spot is politics.

Edward Hadas: When credit is too much of a good thing

09 April 2014

What does credit do after it has funded productive activity in the economy? It fuels asset price inflation and funds profligate governments. Leverage increases, bringing crisis and recession. If only policymakers showed more awareness of the line between useful and useless debt.

Rob Cox, US Editor, Breakingviews

Rob Cox: Crazy valuations not only sign of bubble

08 April 2014

IPO investors’ willingness to accept second-class stock and governance that favors insiders suggests an imbalance between providers of capital and its consumers. The “coattails equity” peddled in the offerings of Box, GrubHub, Moelis, Virtu, and Weibo risks storing up trouble.

Hugo Dixon

Hugo Dixon: Greek rebound is astonishing

08 April 2014

Two years ago, the country looked like it was set for a messy default and exit from the euro. Now it is on the verge of returning to the bond market. There are still political and economic risks. But the financial turnaround of Greece is truly impressive.

Hugo Dixon

Hugo Dixon: Spain's recovery clouded by politics

07 April 2014

Prime Minister Mariano Rajoy has achieved a lot in just over two years and growth has finally returned. But as Spain enters a new electoral cycle, the appetite for reform is waning. What’s more, in two years, there is a big question mark.

Edward Hadas: Wealth buys less lifestyle, more power

02 April 2014

President Obama calls inequality the defining issue of our time. The general public isn’t persuaded. That could be because the gap in lifestyles has hardly widened. The real problem is the relative power of the elite. That is dangerous – it threatens to undermine democracy. 

Rob Cox, US Editor, Breakingviews

Rob Cox: GE should put itself up for sale

01 April 2014

April Fools’ Day joke? Nope. It’s a shareholder proposal on the ballot at GE’s annual meeting. Setting aside the absence of buyers for a $260 bln company, it illustrates the kind of shareholder democracy gone wild that many boards and an SEC commissioner would like to squelch.

Hugo Dixon

Hugo Dixon: Don't bet on EU treaty change

31 March 2014

Wolfgang Schaeuble and George Osborne, the German and UK finance ministers, want European treaties redrafted to shore up the euro zone and keep Britain in the EU. But just because they want this, doesn’t mean it will happen – not least because treaty change isn’t needed.