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Marina Silva, set to be the opposition presidential candidate after Eduardo Campos’ plane-crash death, is a fresh threat to Dilma Rousseff. Silva has long fought special interests. If she wins October’s election, a plausible outcome, Brazil could gain from less state meddling.

Tesco should cut its dividend

Shareholders ultimately lose out when too-high payouts prevent companies from responding well to problems. Right now, Tesco needs all the financial flexibility it can muster. With a new CEO coming, the UK grocer has a window of opportunity it would be wise to climb through.

Aggressive M&A puts focus on Thai tycoon's empire

Charoen Sirivadhanabhakdi is eyeing more deals on top of the $3.3 bln his drinks-to-property group has spent this year. Investors have given a poor reception to his recent transformative acquisitions. A pick ‘n’ mix approach to public markets may explain some of the doubts.

Buffett and tax outrage both diversions in BK deal

The Sage of Omaha is lending Burger King money, at a lucrative 9 percent, but his imprint tells stock investors nothing. And contrary to social media hysteria, a new parent company in Canada isn’t going to fleece the U.S. taxman. The $11 bln purchase of Tim Hortons is just an LBO.

Why can Burger King, but not Wendy's, own Hortons?

In 2005, Bill Ackman, now BK’s No. 2 shareholder, pressured rival Wendy’s to spin off the Canadian doughnut chain - arguing it was undervalued, the synergies “minimal” and management insufficiently incentivized. Funny how a robust dose of financial engineering changes minds.

S&P 500 at 2,000 invites "new normal" thinking

A price-to-earnings ratio under 20 is only moderately above average, but U.S. earnings are at a peak relative to GDP. Adjust them to the long-term norm and the U.S. benchmark would be a third lower. Cheap money is still buoying stocks, but such new paradigms usually don’t last.

Burger King tax flip merger logic doesn't stack up

The $9.6 bln burger chain’s investors cheered its talks to buy Canadian doughnut shop Tim Hortons and move its headquarters across the border. There’s little obvious tax arbitrage, and Burger King isn’t larded with foreign cash. Inversion alone can’t justify the market’s appetite.