George Hay coordinates European financial coverage and writes about macroeconomics, the euro zone and UK/European financial policy. He covered European banks for Breakingviews during the financial crisis, and has also worked as a correspondent for AFX News and at United Business Media. He attended Edinburgh University and his work has been recognised at the UK’s Business Journalist of the Year Awards. Follow George on Twitter @gfhay
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The insurance broker and the risk consultant plan to merge. There’s positive logic: combining Towers’ knowhow and Willis’ client relationships could drive revenue. But $125 mln of cost synergies would also help the group weather an insurance sector wrestling with low rates.
The Canadian group that controls a fifth of global potash wants to buy K+S for over 7 bln euros. Success would give Potash Corp its German rival’s new Canadian mine and more pricing power. With a Russian cartel in flux and BHP also a threat, the move looks defensive.
The slide into financial no man’s land begins whenever the ECB has no excuse for propping up Greek banks. The central bank can overlook a June 30 non-payment to the IMF, even if a deposit run leads to capital controls. But if Greece stiffs the ECB on July 20, it gets much harder.
- Capital control grenade hovers over Greek impasse
- Greek bank bad debts as scary as liquidity woes
- UK blithely signs up to Germany’s worst idea
- Anshu Jain has an embarrassment of job options
- Deutsche CEO switch eases only two of its problems
- Banks could get stuck in FIFA penalty area
- Russian banks find fragile shelter in macro storms