Neil Unmack is a Reuters Breakingviews columnist based in London. He covers credit markets, hedge funds, and Italy. Previously he was a corporate finance reporter at Bloomberg News in London. He started his career as a financial journalist in 2001 at Euromoney Institutional Investor, where he covered structured finance for EuroWeek magazine. He was educated at Eton College and Oxford University, graduating with a first class degree in modern languages. Follow Neil on Twitter @unmack1
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The struggling pharma group is mulling an IPO of its HIV unit, which would go straight into the FTSE-100. It’s also holding next year’s dividend flat. The extra financial flexibility is welcome. But there’s also scope for a more radical strategy to realise value from disposals.
Forget QE: the European Central Bank may buy corporate bonds. The move could lower companies’ and governments’ borrowing costs and stimulate securitisation. It might also fuel moral hazard. But the central bank’s pledge to fight deflation would become more credible.
The bailed-out Portuguese lender has lost 80 pct of a 3.3 bln euro interbank loan to its Angolan arm. Putting banks into national silos is often seen as unwise. But if they are this reckless, pushing them to match assets and liabilities locally isn’t such a bad idea.
- Greece between ECB good-cop and markets bad-cop
- Italy offers a "just enough" budget for Europe
- AbbVie U-turn shows Shire was mostly about tax
- Hedge fund boss serves up arbitrage opportunity
- Luxottica needs a soap-opera discount
- EU securitisation tweaks miss the point
- Solving Too Big to Fail just got a lot easier