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Steel and the pusillanimous pension rule

Steel and the pusillanimous pension rule

How pension policy cowardice helped doom Britain’s steel industry. Tata’s decision to write off the value of its UK steelmaking business and seek a quick sale, while keeping its Dutch business, is really a story about pension regulation.

AI’s inflection point

AI’s inflection point

Artificial intelligence is attracting billions of investment dollars but the history of the field should teach us to be wary of the latest hype

Deutsche Bank and the Big Short

Deutsche Bank and the Big Short

I may be late writing about the movie ‘The Big Short’ but it somehow makes sense to have watched it in the week that Deutsche Bank’s problems sparked an unprecedented exodus of investors.

A Cornish gamble

A Cornish gamble

Any time markets adjust to a different price level, no one feels it more than those who sold options on the market beforehand. They learn whether the premium received justifies the pain they might feel today.

Giants of the S&P500

In 2015, size equalled success in the stock market. But did benchmarking make this a self-fulfilling prophecy? Let’s start by looking at the market capitalisation of S&P 500 companies at the end of the year, with colours according to price change.

High yield’s retrenchment

High yield's retrenchment

There have been plenty of words written about the high-yield corporate bond market in the last week, but sometimes a chart expresses things better than words.

Newham’s cracked crystal ball

LOBO bubble chart image

New information on the council’s controversial loan portfolio shows the impact of its relationship with Barclays, raising questions about risk management decisions

Client blow-ups and lawsuits over the years have taught banks a lot about selling complex products. Some take a two-step approach. First, the bank provides its customer with a ‘risk management tool’ … Continued