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By Dominic Elliott
The rail and bus operator is raising $1 bln to stave off a ratings downgrade. The chairman is leaving. Debt may be cheap, but too much is still a constraint. With equity markets rising, this won’t be the last over-geared firm to seek to restructure its balance sheet.

Alibaba’s next superlative: China’s top fee payer

By John Foley
The e-commerce giant is already a big generator of investment banking revenue. Factor in a potential IPO, and for global banks Alibaba could be the biggest client to come out of China in a decade. In a weak market, the battle lines are already being drawn.

How to have a good argument about economics

By Edward Hadas
As the Great Stagnation stretches out into the indefinite future, the debate on how to respond is loud but inconclusive. Some want stimulus, others austerity, while structural reformers lock horns with monetary activists. Here are five rules for a more productive dialogue.

Wells Fargo boss takes turn on soapbox

By Jeffrey Goldfarb
John Stumpf runs the biggest U.S. bank but has kept a low profile. Lately, though, he has tiptoed into a role critiquing regulation – one filled mainly by Jamie Dimon. Now the JPMorgan boss has other concerns, and Stumpf is the bank CEO with most credibility on the stump.

Hollande gets serious on Europe - at last

By Pierre Briancon
France’s president has outlined a two-year plan to give the euro zone a centralised “economic government”. Addressing a key German concern, Hollande seems ready to agree sovereignty transfers to make it more than a coordinating body. The proposal may be premature. But it has legs.

Bernanke deserves art museum spot next to Pollock

By Richard Beales
A record $495 mln Christie’s sale set new highs for the abstract expressionist and other artists. More collectors than ever have $20 mln to spend on a single work. It paints a picture of an art world indebted to the Fed chairman and his alternative asset-friendly monetary policy.

Glencore should just name Ivan Glasenberg chairman

By Kevin Allison
The miner’s shareholders have handed Chairman John Bond his walking papers. Best practice dictates his permanent replacement be a strong outsider. This precludes tapping Glasenberg, the miner’s CEO and biggest shareholder. But a dual mandate would better reflect corporate reality.
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