Breakingviews

 
Heineken calls SABMiller’s bid approach “non-actionable.” Competition problems do exist in Europe, India, Africa and elsewhere. But these could be fixed and a $130 bln tie-up would create an emerging markets titan. The rebuff suggests family control is the real sticking point.

China data divides real and economic worlds

Industrial and investment data for August were poor. Yet job creation, wages and retail spending – which matter most for ordinary people – look solid. While that justifies inaction for now, it is naïve to think the two realms can remain separate. Real estate is the vital link.

Club Med auction returns to work refreshed

Legal action delayed a low-ball MBO by China’s Fosun last year. A counterbid by financier Andrea Bonomi has now forced Fosun to hike its offer to $1.1 bln. Shareholders in the French holiday group have been vindicated for refusing to throw in the towel.

Calculator: Does Scoxit = Brexit?

If Scotland votes for independence, one of the knock-on effects could be on Britain’s membership of the European Union. This calculator quantifies the political risks posed by the Scottish referendum for the UK in Europe.

Best defence against short-sellers is to buy stock

Several Chinese companies are under attack from anonymous research firms. Executives have tried to dispel doubts about their financial statements while railing against unnamed critics. But the most effective riposte to those betting on a lower stock price is to buy more shares.

RBS/Lloyds moving plans leave key questions opaque

Relocating Edinburgh’s two big banks to London would eliminate the risk of potential bailouts for an independent Scotland. But it creates crucial uncertainties over credit availability and cost for Scottish consumers. They deserve answers before they vote – and won’t get them.

Ecuador economic "miracle" meets maturity

President Rafael Correa’s experiments in modern socialism helped the country cut poverty, grow and prosper. But his investment-led model has run its course. Now he has to soften his defiance of international norms, from the bond market to the World Bank, to keep progress alive.