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Saturday, 28 November 2015


A passerby walks in front of posters for the forthcoming COP21 World Climate Summit in Paris, France, November 2, 2015.

Climate will supplant shale as top energy disruptor

27 November 2015

The world’s politicians may be about to get serious on cutting greenhouse gases at the U.N. Paris confab. And shareholders are pushing Big Oil to disclose global warming risks. The consequences for the industry will be longer lasting than the recent oil production revolution.

Edward Chancellor

Review: Another "Minsky moment" may be on the way

27 November 2015

Hyman Minsky didn’t just predict the global financial crisis 10 years in advance, a new book on him argues. The maverick economist also explained how the cure – bailouts by the Federal Reserve and other central banks - would drive the financial system to the brink yet again.

Shipping container cranes are seen at the Patrick port facility in Melbourne June 9, 2009.

Qube edges ahead in Aussie infrastructure fight

26 November 2015

Brookfield’s $6.5 bln agreed bid for Australia’s Asciano has hit serious opposition from competition regulators. The Canadian group could yet salvage its takeover. But interloper Qube, whose break-up consortium is already examining Asciano’s books, now looks like the favourite.

Andre Esteves, CEO Brazilian BTG Pactual bank in Davos January 24, 2014.

Brazil crisis may have silver lining: rule of law

25 November 2015

Latin America’s biggest economy will get worse before it gets better. The arrest of billionaire banker André Esteves suggests room for further nasty surprises from the Petrobras corruption probe. But feisty independent courts and stronger institutions point to a brighter future.

A woman carries shopping bags on Oxford Street in London, December 13, 2011.

Britain’s “Black Friday” better left on the shelf

27 November 2015

The Thanksgiving shopping orgy, recently adopted by the UK, is unhelpful for all concerned. Consumer credit is spiralling, confidence falling and retail margins are under pressure. If shoppers and retailers take a rational view of low prices, the festival will snuff itself out.

Ian Read, chief executive officer of Pfizer, smiles at a news conference in New York November 5, 2013.

Pfizer's war chest stealthily rebuilt by Allergan

25 November 2015

The $160 bln mostly stock deal will create a combination gushing $25 bln of operating cash flow annually. An offshore tax address means there’s no reason to keep over $60 bln of cash on its balance sheet. That’s a lot of financial firepower to buy back shares and fuel more M&A.

BHP and Rio look out of touch on China

25 November 2015

Low-cost iron ore miners BHP Billiton and Rio Tinto are accomplished experts digging for the ferro-raw material. They are much less good at consumption estimates. With the ore at 10-year lows, the companies’ investment cases depend on them getting ahead of China’s demand curve.