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Monday, 24 November 2014

Americas

A man hands out U.S. flags at a naturalization ceremony for 3,703 new U.S. citizens from 130 countries, in Los Angeles, California.

Certain gridlock offsets Obama's immigration move

21 November 2014

Coaxing 5 million undocumented immigrants out of the shadows could provide an economic boost, generating tax revenue and jobs. But the executive action virtually ensures Republicans won’t compromise on other priorities like tax reform, infrastructure and trade. It’s a wash.

Aviva

Aviva's Friends tie-up is far from done

21 November 2014

The UK insurer wants to buy its peer for 5.6 bln stg in shares, bulking up in its challenged home market. For a 15 pct premium, Friends would get a surer future. Aviva gets some cash flow. Yet Friends’ entrepreneurial backers add complexity - and it may attract an interloper.

London Mayor Boris Johnson delivers his keynote speech to the Conservative Party annual conference in Manchester, northern England October 1, 2013.

Boris should pay up but not shut up over U.S. tax

21 November 2014

The London mayor, an American citizen, objects to paying a U.S. capital gains levy on his UK residence. Uncle Sam’s ex-pat tax laws are worthy of reform. But if Johnson really cares about that, the way to show it is to clear his debt and then campaign for change.

Roulette chips are locked down at Caesars in Atlantic City, New Jersey July 5, 2006.

Apollo, TPG dabble in Caesars sleight-of-hand

20 November 2014

The casino’s private equity owners are haggling with creditors. One idea is to split a key unit into operating and property arms, as rivals have. Such financial engineering would fit well with Apollo and TPG’s earlier moves to turn this top-of-the-market LBO into a decent bet.

Edvard Munch's painting "The Scream" is displayed in the Munch Museum.

Sotheby's CEO exit more scream than car crash

21 November 2014

Two artworks with those names are together worth about the $220 mln that Bill Ruprecht’s pending departure has added to the auctioneer’s value. The scream comes from board members like Dan Loeb, dissatisfied with the firm’s performance. By acting now, they may avoid a car crash.

Wall St.

U.S. Senate commodities probe gets bank risk right

20 November 2014

The two-year investigation into Wall Street’s ownership of oil and other physical holdings is bigger on assertions than new evidence. But its warnings about capital shortfalls and systemic hazards ring true. They’re problems that need fixing regardless of the type of asset.

Iran's President Hassan Rouhani gives a news conference on the sidelines of the 69th United Nations General Assembly at United Nations Headquarters in New York September 26, 2014. Rouhani said on Friday "courageous decisions" must be made to clinch a long

Iran's reintegration is a prize worth working for

20 November 2014

Nuclear negotiations with six world powers remain contentious. Just talking reduces geopolitical risk, but bringing Iran back into the international fold would repay the effort. A newly unfettered economy, bigger than Singapore or Greece, would move the global needle.

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