Download PDF Introduction China’s economy has embraced growth prospects for as long as we can remember, but it now faces a myriad of systemic obstacles. From inherent problems tied to its aging population and lack of independent institutions, to today’s property and financial crisis, China is now at an important Read more…
Download PDF In the previous article of our series, we highlighted the questionable use of cross currency swaps and concluded that this kind of window dressing techniques are a manifestation of the larger issue of problematic debt management on the sovereign entity scale. In this article, we delve deeper into Read more…
Download PDF There’s a Yiddish proverb fittingly saying: “interest on debts can grow without rain”. How can this be? In an ultra-low-rate environment, debt has become ubiquitous to sail through the COVID-19 pandemic and so has the fear related to its sustainability. Countries have taken the center stage in the Read more…
Ab InBev [ABI:BB] – Market Cap as of 04/10/2019: €170.061bn Budweiser Brewing Company APAC Ltd [HKG: 1876] – Market Cap as of 04/10/2019: HK$403.92bn Introduction On September 30th, the brewer behemoth Anheuser-Busch InBev listed the shares of its Asian Pacific subsidiary, Budweiser Brewing company APAC limited, in the Hong Kong Read more…
In this article, we will suggest some reasons to consider an investment in the Russian economy, by first introducing the international economic environment, then the specific Russian economy and finally provide an investment strategy. Why to Invest in Russia? The purpose of the article is to show why an investment Read more…
Introduction The 2008 Global Financial Crisis (GFC) and subsequent Great Recession pushed the US Federal Reserve to deploy two main tools of monetary interventionism: 1) Quantitative Easing (QE) 2) Reduction of the federal funds rate to unprecedented historical lows The Federal Reserve began purchasing both sovereign and corporate bonds in Read more…
Stada Arzneimittel AG (FWB: SAZ) – market cap as of 21/04/2017: €4.02bn Intel Cinven Partners LLP – private company – AUM as of FY 2015: €10.60bn Bain Capital Private Equity, LP – private company – AUM as of 04/04/2017: $32.40bn Introduction On April 10, 2017, Bain Capital Private Equity, LP Read more…
Once again Soros has bet against China. This time it is with regards to its mounting debt, comparing it to a pre-crisis US in a recent interview with Bloomberg. He justified his opinion by looking at the booming credit market and growth of the inefficient state owned zombie firms. Measuring Read more…
We all know the strong changes that Internet has brought to our everyday lives; the way people are connected and communicate has changed dramatically over the past years. Phone calls and standard text messages are becoming less and less popular, as alternative communication services and apps like WhatsApp or Messenger Read more…
Starwood Hotels & Resorts Worldwide Inc.; Market Cap: $12.18bn (as of 19/11/2015) Marriott International Inc.; Market Cap: $ 18.64bn (as of 19/11/2015) Introduction On November 16, Marriott International, Inc. (NASDAQ:MAR) and Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) announced that the boards of directors of both companies unanimously Read more…
Visa Inc.; Market Cap: $190.62bn (as of 06/11/2015) Visa Europe Ltd.; Market Cap: N/A (as of 06/11/2015) Introduction On November 2nd, Visa Inc. (NYSE: V), the payment processing giant which holds an approximate 39% market share of the credit card marketplace, announced the acquisition of Visa Europe Ltd., its Read more…
This week the market division wrote about US, UK and EU, with a particular focus on what is happening in Greece. US The market mover this week in US was the inflation figure – consumer prices fell 0.1% in March with respect to last year, but the core measure of Read more…
Endo International Plc; Market Cap (as of 13/03/2015): $15.4bn Salix Pharmaceuticals Ltd; Market Cap (as of 13/03/2015): $10.8bn Valeant Pharmaceuticals Intl, Inc.; Market Cap (as of 13/03/2015): $63.9bn The pharmaceutical sector has turned into a war-zone again with of the bidding war between two aggressive dealmakers and two ex-colleagues: Mr. Read more…
Altice SA; Market Cap (as of 06/03/2015): €24bn Altice’s use of high levels of debt to fund its consolidation of the cable and telecoms sector in Europe has raised many eyebrows among investors and analysts, but so far the risks seem to be paying off. Since it’s initial public offering Read more…
Apple, Inc. Market Cap (as of 03/05/13): $418.2 bn Transaction Size: $17.0bn On the 30th of April Apple Inc. has set a new corporate record. In fact, after having recently regained its position as the world’s most valuable company and having announced the largest share buyback in history, it sold $17bn of Read more…