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For the past decade, the energy sector and Emerging Markets have been fuelled by a growing China. Now, as China slows and the oil price plummets, the feedback loop has turned decisively viscous. But after having it so good for so long, have today’s market participants fully understood the downside risk? Continue reading


Macau gaming revenues look set to go from bad to worse. According to reports in The South China Morning Post yesterday, Beijing is giving its Ministry of Public Security powers to crack down on illegal money laundering through Macau, in what is described as an unprecedented move.

Money laundering through Macau has, it is speculated, been a primary channel through which wealthy Chinese channel money out from the mainland. Continue reading

Blue and red fibre optical cables

TPG Telecom Limited (ASX: TPM) has been sold off sharply over the past few days presumably post the Government’s response to the Vertigan Panel’s review of the National Broadband Network & telecommunications industry which you can find here.

The report contains a lot of material, an analysis of which could extend for several pages, so below we attempt a more concise review of some of the changes and their potential implications for TPG as we currently see them. Continue reading


The Sydney Morning Herald today reported, what appears to be shocking behaviour, by Woolworths (ASX:WOW) and suggests the company is really feeling the pressure at the moment. If the allegations reported by Fairfax are correct, one must wonder how the methods are any different to the stand-over tactics employed by the gangsters of the 50’s and 60’s.  It certainly doesn’t seem to be the behaviour of responsible corporate citizens, rewarded with millions in salaries and bonuses. Continue reading