John Foley is Reuters Breakingviews' editor for Europe, the Middle East and Africa. He relocated from Beijing in July 2015. John established Breakingviews’ Hong Kong bureau in 2009, and has written on China’s economy and financial system, mergers and acquisitions, capital markets and consumer goods. Before joining Breakingviews in 2004, John worked as a copywriter for a London-based advertising agency. He read English Literature at Exeter College, Oxford. Follow John on Twitter @johnsfoley
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The Swiss trader’s shares fell by a quarter after an analyst suggested its equity could be worthless. The fear rests on cataclysmic maths. But Glencore’s quirky model means its valuation is highly dependent on confidence in management – a resource that is much depleted.
The People’s Republic’s taste for hog DNA was touted as a 45 million pound win for UK trade back in 2013. Two years later, the results have fallen woefully short. Trade and investment are real, but the more important stuff happens when politicians get out of the way.
The Scottish firm targeted by activist Elliott Advisors has added two new independent board members. It’s a small change, and too late to impact an ongoing review into how Alliance can close its stubborn discount to net asset value. What’s needed is a new model, not just new non-execs.
- Bud-SABMiller investors punch drunk on synergies
- Glencore $2.5 bln issue shows defiance in distress
- Glencore model is battered but not broken
- Glencore’s giant cash call puts squeeze on rivals
- Fosun global ambition clashes with market reality
- Migration crisis echoes age-old test of finance
- Fake Goldman Sachs belies a real China strength