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The Russians are coming—to Turkey, at least. State-owned Sberbank is in exclusive talks to buy Turkey's Denizbank from its stressed Franco-Belgian owner Dexia for around $3.5 billion. That fits the theme of weak Western institutions ceding ...
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Ever tried eating steel? It is pretty tough to swallow. But that won't stop Chinese exporters trying to force-feed it to you. China's steel industry has churned out more than two million metric tons a day so far this month. That is 749 ...
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Being put on hold is no fun. But Vodafone Group has little choice when it comes to plans for the company's Indian operations. The Anglo-Dutch telecoms giant is expected to list its Indian business at some point but said this week there'll be ...
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Hewlett-Packard shares look cheap. But it's hard to get excited about owning them. Trying to paint as pretty a picture as possible of H-P's middling quarterly results, CEO Meg Whitman noted "the trajectory of the decline" in revenue and ...
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Europe is a mess, and China has entered a rough patch. But the two could hurt each other far more than they could hurt the U.S. For anybody casting about for reasons that Europe could sort out its problems, trade figures have been a good ...
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As far as problems go, this isn't the worst to have. Deposit money is still washing over U.S. banks even as loan growth continues to prove elusive.
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SABMiller can't yet relax with a cold one. The brewer has become an emerging-markets powerhouse under long-standing Chief Executive Graham MacKay. Its 12% rise in earnings before interest, tax and amortization in the year to the end of March ...
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A meeting of euro-zone leaders that wasn't designed to decide anything didn't actually decide anything. So what? The lack of concrete conclusions from Wednesday night's dinner signifies little about how the euro-zone crisis will play out. ...
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For China's slowing economy, making things better will only make things worse. The first indicator on China's manufacturing sector in May—a flash reading from the HSBC Purchasing Managers Index—was weak. A reading of 48.7, down from 49.3 in ...
Those who thought Google was buying Motorola Mobility just for its treasure trove of patents can think again. Its plan to focus on "fewer, bigger bets, and create wonderful devices that are used by people around the world" sounds rather ...
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Long lines at India's gas stations Wednesday night were the immediate impact of New Delhi's surprising decision to bump gasoline prices. But investors in India's state-owned oil companies shouldn't get too excited.
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A sports car styled in Italy and manufactured in Japan sounds ideal. But Mazda Motor's tie-up with Fiat doesn't solve the Japanese auto maker's problems.
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Smartphones are making the giants of China's telecom and Internet sectors look a little slow. The number of 3G subscribers rose to 159 million in April, more than three times the level at the end of 2010. Affluent consumers accessing the web ...
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How low can the rupee go? India's currency is trapped in a vicious cycle. The lower it falls, the harder it is to get turned around again. Wednesday was the sixth straight trading day when the rupee touched a record low against the dollar, ...
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Hedges are at best imperfect. And when banks like J.P. Morgan Chase try to protect against wide-ranging risks, the chance for things to go awry only grows.
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Cloud computing firms are fetching sky-high prices. SAP's planned $4.3 billion acquisition of online marketplace Ariba is the most recent deal in a late scramble by technology giants to buy "cloud," or Web-based, software specialists. It ...
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Cove Energy is proving a hard fish to catch. State-owned Thai oil company PTT Exploration & Production has trumped Royal Dutch Shell's bid for the oil explorer, with a 240 pence ($3.78) a share agreed-on offer worth $1.92 billion, made ...
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Australia's national slogan could easily be "No worries, mate." Its people are rested and joyful and the happiest in the developed world, according to a survey from the Organization for Economic Cooperation and Development. Perhaps that's ...
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Investors trying to get their arms around natural gas may as well be trying to…get their arms around natural gas. Gas is maddening. Everything tells us that, eventually, higher demand should boost the price. Exports should also alleviate the ...
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Vodafone is having its own European crisis. The mobile giant announced a £4 billion ($6.3 billion) write-down of its Southern European operations on Tuesday, more than the proceeds it made from long-awaited asset sales last year. Vodafone ...
Evidence of a recovery in the housing market has been piling up since last fall, but there has been a good reason to be skeptical of it: Data from the cold months, when housing activity slows, are a less-than-certain gauge of the market's ...
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With Ford Motor no longer king of the "junk" heap, high-yield bond funds are going to have some buying to do. Moody's on Tuesday boosted its ratings for Ford to Baa3, bestowing investment-grade status on the company's debt for the first time ...
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Europe's debt crisis has a mounting human cost: Euro-zone unemployment stands at a 15-year high, and the OECD forecasts it will rise to 11.1% by the end of next year, from just over 10% now, as gross domestic product in the currency bloc ...
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Just like Facebook, Japanese social-networking firm Mixi debuted its shares to much fanfare. Since then though, investors have unfriended the company in a big way.
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Qantas' strategic plans have lately seemed like a flight of fancy. A down-to-earth approach to fixing the airline's woes, announced Tuesday, is more convincing.
With Facebook's stock plunging, Zynga suddenly finds itself in a socially awkward spot. It doesn't help that Facebook itself seems less bullish on the revenue potential for social-gaming companies.
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Discretion is the better part of valor, especially when a megabank is trying to ride out a storm. So J.P. Morgan Chase chief James Dimon's announcement Monday that the bank will suspend share repurchases makes sense—even if it disappoints ...
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There is a long history of foreigners investing in Hollywood, lured in by movie-business glitter and glam. But the reasons behind a Chinese company's decision to buy the second-largest chain of U.S. movie theaters in terms of screens—a ...
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War, what is it good for? Not much if you make solar panels. U.S. solar stocks such as First Solar enjoyed a brief burst of jingoism last Thursday, when the Commerce Department announced antidumping tariffs on Chinese photovoltaic-equipment ...
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The Bank of England, and its governor, Mervyn King, have been notoriously resistant to outside scrutiny. Now, at last, its governing body—known as the Court—is to review some of its most far-reaching decisions during the financial crisis, ...
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Which was Europe's fastest-growing economy in the first quarter of 2012? The answer, surprisingly, was Latvia, the Baltic nation of just 2.2 million people, which grew by 5.5%. Yet just two years ago, Latvia was on its knees: Its overheated ...
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Alibaba Group's long struggle to buy back Yahoo's stake in it is finally coming to an end. Now the hard work begins. China's e-commerce giant has agreed to pay a minimum $7.1 billion for half of Yahoo's 40% share. For Yahoo, that's a decent ...
Who knew what when? That is a big question still hanging over J.P. Morgan Chase's more than $2 billion trading loss. Also important, though, is the corollary: Who didn't know what and why?
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Two weeks have passed since Bankia was part-nationalized, yet Madrid still hasn't explained how it plans to recapitalize Spain's biggest domestic lender. That is a long time to leave a systemically important bank in limbo. Unless the ...
The Indian Premier League, a glitzy cricket competition, was meant to showcase the best of Indian sport. Instead, it's revealing India's worst side.
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The bigger they are, the less they pop. Up a meager 1% from its $38 IPO offer price, Facebook clearly didn't receive an immaculate reception on its birthday as a public company. But underwriters hoping to engineer a sizable first-day gain ...
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Chesapeake Energy's nonexecutive directors have come down to earth—literally. In the second late Friday announcement in a week, the company said it is cutting their pay, including personal use of jets. Overall, their compensation will fall ...
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Europe's troubled waters are pouring onto oil prices. The spot Brent crude oil price is now back where it started the year at $107 per barrel, having fallen 11% so far this month. Greece's woes and the euro's uncertain future have dragged ...
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As good Marxists, China's leaders know that all economic systems carry within them the seeds of their own destruction. So it is with China's credit-fueled growth.
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The era of Asia's aviation supremacy is struggling before it has even taken off. The region's fast-growing middle class was supposed to help Asia's airlines fly to the head of the global industry. Over the next two decades, about half of all ...
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With big U.S. bank stocks again sliding, investors are wondering how much is due to Europe's woes versus blowback from J.P. Morgan Chase's trading debacle. One answer: The issues are intertwined.
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It's tin hat time. With European policy makers now openly contemplating a Greek euro exit, European companies need to make detailed contingency plans, lawyers and business advisory groups say. Many have yet to do so.
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It is a testament to the stupendous wealth of megacap tech companies that Facebook joins the club as one of its poorer members. At the $38 offer price, Facebook itself will raise nearly $7 billion. Add cash already on its balance sheet, and ...
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The U.K.'s dip back into recession has been a blow to most businesses in Britain. But not Wal-Mart Stores. After the retailer reported first-quarter results Thursday, its shares shot 4.2% higher—enough to nearly erase their losses since ...
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Thermal coal used in power generation was once seen as Australia's safe bet, especially because Asian economies would increasingly need to turn on lights. Already the world's second-biggest exporter of the black stuff, Australia ships about ...
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BHP Billiton is leading the mining sector's retreat. Like its peers, the world's largest miner by market capitalization experienced strong growth over the last decade thanks to high commodity prices. Last year, Chief Executive Marius ...
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Japan's economy kicked off the year generating growth that puts most rest of the industrialized world to shame. Gross domestic product expanded at an annualized rate of 4.1% in the January-March quarter. That's nothing to sneeze at, marking ...
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If investors needed a reminder not to chase Facebook shares, they got three big ones over the past week. General Motors, a major brand advertiser, plans to stop paying for Facebook ads. Some early investors will sell a lot more shares in the ...
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Graff Diamond's Hong Kong listing poses a gem of a question: Is Graff the next Prada or another Chow Tai Fook? Prada's stock is up about 18% since its $2.14 billion debut in Hong Kong last June. The Chinese jeweler's shares, though, have ...
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Sina Corp. has been defriended by the markets. A share price of $142 in April 2011 has fallen steadily to $51 Wednesday. The company reported a loss in the first quarter of $13.7 million, a turnaround from a $9.3 million profit in the fourth ...
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For the last two years, euro-zone policy makers have insisted a break-up of the single currency is unthinkable. Now it is not only thinkable but a real possibility: Unless Greeks vote for a government willing and able to abide by its ...
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J.P. Morgan Chase's huge trading loss has reignited the political debate over too-big financial firms and whether they are too big to control. But investors are already voting with their wallets.
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It has become one of the rituals of the British financial year. Every three months, the U.K. financial press is invited to the Bank of England to hear Governor Mervyn King explain why the Monetary Policy Committee is once again lowering its ...
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"Greece is basically irrelevant." That is how Allianz described its exposure to the struggling country in its first-quarter-earnings analysts call on Tuesday. Investors worried about the impact of a Greek euro exit on Europe's insurers may ...
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The euro zone refuses to stick to the script. The currency bloc was predicted to slide back into recession in the first quarter; instead, the economy flat-lined, an improvement on the previous quarter's 0.3% contraction and well ahead of ...
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Tokyo's grades on policy have been abysmal recently. But a one in 10 strike rate is a failure on almost any scale. A survey of 409 government policies in the 2010 New Growth Strategy says only about 36 have had any impact over the past two ...
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The commodities super-cycle was expected to last at least two decades. But has it already run its course? Commodity bulls argue that prices have historically tended to rise and fall in 20-year waves. After a long period of stagnation in the ...
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Indonesia's potential is drawing plenty of foreign investors—now its politicians must avoid blowing the opportunity. Foreign-direct investment grew by 30% in the first quarter of 2012 from a year ago to a record $5.5 billion. The country's ...
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What do OPEC, Delta Air Lines and the Chinese have in common? They might all help President Obama get re-elected this year. During the Republican primaries, high gasoline prices figured prominently in verbal volleys against the White House. ...
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A house of cards, Groupon isn't. But don't mistake it for a potential profit machine, nor buy the stock. The worst critics of the leading Internet coupon site have, in the past, argued that its business model would collapse when it dialed ...
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Yahoo's schizophrenic history made it ripe for its Loebotomy. Yet shareholders are still faced with a negative prognosis. Avoiding a costly and distracting proxy war is no doubt a positive development, as is the departure of Scott Thompson, ...
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Buying Chesapeake Energy's stock today involves buying into a bridge—or two. The embattled oil-and-gas producer's stock jumped as much as 11% Monday morning following Friday's announcement of a $3 billion loan from Goldman Sachs and ...
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German bunds are starting to be grouped with Japanese government bonds: No matter how much investors think yields are too low already, they keep falling. Ten-year German yields Monday plummeted to a record low below 1.44%. With German ...
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J.P. Morgan Chase shot itself in the foot with a $2 billion trading loss. But bank chief James Dimon's misery will be felt across Wall Street.
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Beijing is responding to fading growth by opening the lending flood gates. The problem is businesses do not want to borrow. Loan growth is down. The value of new long-term loans to businesses contracted 43% year-over-year in the first four ...
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India must wish it had China's problems. Growth is slowing in both of Asia's emerging-market titans, but it's India that faces the truly vexing path. Monday came news that Delhi is again losing its 3-year-old fight against inflation even ...
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Get ready to have a whale of a time. On Tuesday, J.P. Morgan Chase holds its annual shareholders meeting, only days after news of its $2 billion trading stumble and Friday's loss of about $14 billion in stock-market value. Some shareholders ...
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Another missed opportunity. Four years into the crisis, Spain's failure to deal with the weaknesses in its banking system has become a threat to global financial stability. There is no great secret over what is required: Madrid only had to ...
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China bears can take their pick of weak April data. Numbers for investment, industrial production, domestic consumption, exports and bank loans all disappointed.
As investors ponder J.P. Morgan Chase's $2 billion trading loss, many are wondering whether this was simply a one-time blunder or emblematic of a more aggressive stance by the bank that has exposed it to greater risk.
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The crisis so far has been pretty friendly to corporate bondholders. Companies have hoarded cash, paid down debt and shunned risky adventures like acquisitions. But shareholders disappointed by poor returns are starting to flex their ...
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Tokyo Electric Power Co. has now taken about $45 billion in government bailout money and new loans since the Fukushima disaster last year. The number dwarfs Tepco's market capitalization of about $3.7 billion.
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Even banking whales can run aground. That was the stark lesson from J.P. Morgan Chase's shocking announcement Thursday night that it had suffered $2 billion in trading losses so far in the second quarter.
Shares in GNC Holdings have been running flat out. But a controversy surrounding an ingredient in some top-selling products could cause the vitamin retailer to lose some pep.
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There is no mistaking Cisco Systems for a tech dynamo anymore. After too many bad deals and with most of the company's cash trapped overseas, it is harder for chief John Chambers to use acquisitions to paper over the reality that the company ...
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China's equity markets are like the Hotel California. Checking in is getting easier. Getting out is still tricky. At the Strategic & Economic Dialogue with the U.S. last week, China committed to allow foreign firms stakes of up to a 49% ...
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In its brief and unhappy life as a public company, Bankia encapsulates all that has gone wrong with Spain's banking system. Bankia resulted from a merger of seven regional savings banks that had accumulated an eye-watering €55 billion ($71 ...
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European fund managers have shone a spotlight on high pay for executives at poorly performing companies. That suggests major investors are at last taking their corporate-governance responsibilities seriously. But what if the spotlight is ...
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No change, no surprise. The Bank of England's decision to leave interest rates at 0.5% and not undertake further government bond buying was widely expected. But that doesn't mean the Monetary Policy Committee is confident about the U.K.'s ...
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The seemingly bulletproof euro has finally taken a hit: It is below $1.30 for the first time since January. A weaker euro, all things equal, should be welcome in propping up euro-zone exports and hence growth. But the problem is that euro ...
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A homeowner bailing out a flooding basement hopes to reach a point where the water goes out faster than it is coming in. That is where Fannie Mae got to in the first quarter of 2012.
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The energy world's most hopeless case just twitched an eyebrow. But natural gas isn't ready to leave intensive care just yet. Having plunged below $2 per million British thermal units in April, front-month gas futures have since bounced 27%. ...
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It isn't just the euro zone that urgently needs growth. Record low gilt yields may suggest investors have confidence in the U.K., but the reality is the economy is badly off course. Recession has returned, inflation is way above target, the ...
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The last thing Yahoo needed was another distraction. But Third Point's Daniel Loeb has done shareholders a favor creating one. Without the hedge funder's work, it may not have come out that new Chief Executive Scott Thompson appears to have ...
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What odds a Greek euro exit now? Citigroup says the chances have increased to 50%-75%, J.P. Morgan puts the probability at just under 50%. Yet markets appear pretty unruffled. Greek stocks have fallen 10% since Friday, but the Stoxx Europe ...
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In Australia, complaining about how much things cost is a sport. Recently, no one has done better than the country's resources sector. First, the Minerals Council of Australia—a lobby group for BHP Billiton, Rio Tinto and Xstrata, among ...
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It's remarkable what the prospect of a little jail time can do. In Hong Kong, tough new rules proposed by the city's securities regulator have normally fierce banking rivals pulling together behind closed doors to discuss lobbying efforts.
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China's property sector might be sinking in the sand of mounting liabilities. The official data suggest that loans to China's thousands of developers at the end of the first quarter totaled a manageable 3.6 trillion yuan ($570 billion), ...
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Attitudes may be a bigger issue than collateral when it comes to how Morgan Stanley would fare in the face of credit-rating downgrades. Morgan disclosed in its first-quarter securities filing that it would have to post nearly $10 billion in ...
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Austerity in Australia seems like a world turned upside down. Despite a mining boom that powers the economy, the government's budget includes the biggest savings measures of the past three decades. The package is supposed to deliver on the ...
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Tokyo should call in a plumber. The nation's leaky markets were supposed to have been plugged after insider-trading scandals in 2010. The regulators promised a crackdown after unusual share plunges and heavy trading volume ahead of follow-on ...
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Spanish bank overhaul needs to be meaningful. Mariano Rajoy badly flunked his first attempt. Now the Spanish prime minister has a chance to get it right.
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The shareholder spring has collected a major trophy. Aviva CEO Andrew Moss left the U.K. insurer on Tuesday, five days after more than half of its investors voted against his and other executives' 2011 pay packages. Aviva has its own ...
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The weekend's election results don't make pretty reading for European bond investors. Until now, elections have followed the bond-market orthodoxy: Votes in Spain, Portugal and Ireland delivered governments that promised to follow the ...
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An outbreak of large shareholder votes against executive-pay packages might seem like a revolution. But protesting is the easy part. Coming up with pay plans for top management that properly align their interests with those of investors is ...
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Japan's online social-gaming companies have scored well recently—but a possible shift in the rules will prove costly. Responding to popular hand-wringing about the amount of time and money some young people spend playing online games, the ...
To judge by the official home-sales statistics, the rally in home-building stocks doesn't make all that much sense. A look at what the companies are saying suggests there is something real behind the rally.
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Hostile bids for public companies are uncommon in China. For two state-owned firms to compete for the same asset is rarer still. With such a tussle now developing at regional gas distributor China Gas, the only ones laughing are the ...
Before heading out into the field, a hunter has to load up on ammo. The same is true for businesses. Before they can expand, they need to have access to funding, typically credit. So while more business lending of late is a positive sign for ...
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It is only a matter of time before someone launches an airline called Suck-It-Up Air (Motto: "You get what you pay for—literally"). Thing is, it will probably do quite well.

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