Nick Corbishley

€22Bn Hedge Fund H2O, Majority-Owned by Natixis, Ordered to Freeze Funds. Fishy Smells Emanate.

“Valuation uncertainties.” And the trail of the Windhorst bonds.More

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Office Towers in Hong Kong Battered from All Directions: Big Haircuts for Investors amid Falling Rents and Rising Vacancies

As so often, this started well before Covid, but Covid is speeding up the process.More

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Small Landlords, Tenants, Lenders, Governments Grapple with “Extend-and-Pretend Forevermore”

Most of the fallout from the Pandemic has been postponed in the UK. But then what?More

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Australia’s Construction Industry Faces “Bloodbath,” Says Lobbying Group Clamoring for Bailout, after Riding up the Housing Bubble

Alas, the housing construction bubble burst long before the Pandemic.More

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How Negative Interest Rates Sap Consumer Spending by an Ever Larger Part of Consumers

Over-65s, a large and growing demographic in Europe, are cutting their spending at worst possible time as NIRP eats into savings, pensions, investments, and annuities.More

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Turkey’s 2nd Financial & Currency Crisis in 2 Years Blossoms. Heavily Invested European Banks Look for Exit. But Not the Most Exposed Bank

Big Gamble that was hot for years has gone sour after Turkish lira’s plunge and surge of defaults on bank debts denominated in foreign currency.More

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Bailout Air Europa, to Be Acquired by IAG — Owner of British Airways and Spain’s Top 2 Airlines — Doesn’t Pass Smell Test

IAG seeks aid from Spain to buy Spain’s #3 airline for a near-monopoly in Spain. The family that’s selling Air Europa seeks that bailout too.More

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Bite the Bullet or Extend & Pretend? Unemployment in Europe

45 million people have been furloughed in Germany, the UK, France, Italy, and Spain, but the “unemployment” rate barely budged because furloughs don’t count. Creating government-subsidized zombie companies & zombie jobs?More

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Why’s the ECB Buying the Debt of So Many Non-EU Companies?

“Companies from outside the euro zone are setting up companies or vehicles to issue debt in euros and thereby qualify for the ECB’s purchase programs.”More

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Turkey in 2nd Currency Crisis in 2 Years. Lira Hits Record Low

Foreign investors are fleeing, worried about surging inflation, deeply negative real interest rates, and a central bank unwilling to crack down on inflation.More

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