Must read from Dr. Anand Toprani at the US Naval War College for any investor or national security specialist on the current state of play in the the oil sector and the potential ramifications of US NOPEC antitrust legislation.
Best Reads
Patisserie Valerie falls into administration as bank talks fail (The Guardian)
“Almost 3,000 jobs at risk at chain plunged into crisis after finding a £40m black hole in accounts.” – by Sarah Butler and Zoe Wood
Brexit vote: EU president says UK remaining is only option (The Independent)
“The president of the European Council has dared British politicians to back remaining in the EU after Theresa May’s Brexit deal was voted down by the House of Commons by a historic margin of failure.” – by Jon Stone
Carige’s top investor meets ECB after blocked cash call (Business Standard)
“The top investor in Banca Carige met European Central Bank supervisors on Thursday to explain why he did not back a vital cash call at the troubled Italian lender.”
Killing me softly (Breaking Views)
Cevian and Nordea could signal a truce in the usually awkward relationship between banks and activists.
Italy backs down in its budget standoff with the E.U. (Washington Post)
“The populist Italian government’s first experiment in challenging Europe appeared to near its conclusion Tuesday with reports of the most conventional of outcomes: an agreement with Brussels bureaucrats.”
Greek jeweller Folli unveils restructuring plan, CEO steps down (Reuters)
“Greek jewellery maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday after announcing the resignation of the troubled company’s CEO.”
2018 – Never a Dull Moment in Construction (Building – UK)
“There’s nothing new in high-profile projects hitting problems, but it’s hard to dismiss the feeling right now that they are symptomatic of a struggling industry.”
Theresa May survives confidence vote (BBC)
“Prime Minister Theresa May has won a vote of confidence in her leadership of the Conservative Party by 200 to 117. Mrs May is now immune from a leadership challenge for a year.”
Europe’s Political Economy: The Italy Debate (Adam Tooze)
“Right now the greatest threat to the eurozone and one of the most significant tail risks for the world economy is the unresolved standoff over the Italian budget and its public debt running to 133% of GDP.”