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Tuesday, 5 July, 2022

Leveraged loans
Ebitda: creative accounting did not end when debt was initially sold Premium content
Many loan term sheets lack definitions for ebitda allowing corporates to avoid breaching covenants
Tuesday, 5 July, 2022

AMC Entertainment
AMC/cinema: debts cloud the big picture Premium content
It will take a bold plot twist to give this a happy ending
Tuesday, 5 July, 2022

EY
EY/partners: A growing band of titled partners dilutes the cachet Premium content
The Big Four audit firm and its peers are quick to allay concerns that anointing non-equity holders partners may mislead
Tuesday, 5 July, 2022

GMK Noril'skiy nikel' OAO
Norilsk/Rusal: odd pairing hints at peak for industrial metal prices Premium content
Potanin and Deripaska would make an odd couple; any deal talk requires healthy scepticism
Tuesday, 5 July, 2022

BYD Co Ltd
BYD/Tesla: China’s carmakers gain ground as profitability is stretched Premium content
Low pricing strategy is not sustainable as raw material prices soar and with electric vehicle subsidies set to be phased out
Monday, 4 July, 2022

Cheung Kong Infrastructure Holdings Ltd
UK Power Networks: inflation prompts bout of vendor remorse from Hong Kong investor Premium content
Case for infrastructure holds — as an inflation hedge providing stable returns in an uncertain world
Monday, 4 July, 2022

Uniper SE
Uniper: the pain from Germany’s gas crisis will be widely shared Premium content
Disruption caused by the loss of Russian gas supplies is weighing heavily on the Düsseldorf-based group
Monday, 4 July, 2022

Alibaba
Alibaba: Ant listing approval would help China stocks return to normality
When the time comes for a listing, a pricing discount would be needed to attract investors to Ant
Monday, 4 July, 2022

Geely Automobile Holdings Co Ltd
Geely: premium smartphones could offer answer to falling profits Premium content
A majority stake in local smartphone maker Meizu is just what the Chinese group needs
Monday, 4 July, 2022

Legal services
City lawyers’ pay: the squeezed middle Premium content
UK partnerships have refused to adopt US-level pay for older lawyers
Sunday, 3 July, 2022

UK universities
Humanities degrees: ave atque vale Premium content
More often than not, arts graduates get less bang for their buck than their more scientifically minded peers
Saturday, 2 July, 2022

Tobacco
Smoking: Europeans need more than a ban on flavoured products to go tobacco-free Premium content
While smoking is less popular on both sides of the Atlantic, Europe’s habit is proving harder to crack
Friday, 1 July, 2022

Financial & markets regulation
Insurance/Solvency II: cautious sector has no appetite for rapid change Premium content
Industry regulator, with its mandate to ensure stability, has been pitted against the government
Friday, 1 July, 2022

Shell plc
Russia/Sakhalin-2: nationalisation sends message to Shell and its peers Premium content
Russia does not want Shell to remain a phantom shareholder, providing no capital or operational expertise
Friday, 1 July, 2022

Health Care
Walgreens: without a sale of Boots, US group needs a health check Premium content
Owning physical drugstores is not the cash cow it once was
Friday, 1 July, 2022

Elaine Moore
The Lex Newsletter: stress tests, sanctions and strikes Premium content
Russia | China coal | Japanese power | Royal Mail | Big Tech | US banking sector
Thursday, 30 June, 2022

Retail & Consumer industry
US retailers: patience not only a virtue but a privilege Premium content
Pace of reversal in customer tastes in a weakening economy has been head-spinning
Thursday, 30 June, 2022

Utilities
Thames Water/utilities: investors tapped for cash after deluge of complaints Premium content
Mounting public anger over pollution will force slowpokes to clean up their act
Thursday, 30 June, 2022

Reckitt Benckiser Group PLC
Reckitt Benckiser: infant formula sale is in jeopardy but sales are rising Premium content
Company’s guidance for 2022 organic sales growth at the upper end of 1-4 per cent may climb
Thursday, 30 June, 2022

Coal
China coal: fat margins for producers as green energy movement goes on pause Premium content
The rest of the world’s aversion to buying Russian coal just means plentiful, cheaper sales for China
Thursday, 30 June, 2022

Shopify
Shopify: Amazon-like ecommerce expansion comes with big bills Premium content
The reality of slowing sales growth must be taken into account
Thursday, 30 June, 2022

Uber Technologies Inc
Uber: stakes in rival companies no longer make sense Premium content
The group has waited too long to gain any returns on sideline equity investments
Wednesday, 29 June, 2022

Digital currencies
US banking sector: Stress test results compare favourably with crypto crash Premium content
Newfangled lenders had effectively become banks
Wednesday, 29 June, 2022

Pinterest Inc
Pinterest: pinning ecommerce hopes on new CEO Premium content
Co-founder of social media platform replaced with Google veteran Bill Ready
Wednesday, 29 June, 2022

Royal Mail PLC
Royal Mail: a more efficient service is needed to finance bigger pay Premium content
A strike will damage the reputation of the UK’s biggest delivery group but the impact on revenues may be modest

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