Fallen angels

In several previous posts, I have highlighted what are called ‘zombie’ companies (companies whose regular profits do not even cover the cost of servicing their outstanding debts) and so must, to paraphrase former BoE governor Mark Carney, depend on the kindness of their creditors”. An OECD study found that such zombies take up a frighteningly […]

Fallen angels

Ukraine-Russia: like an earthquake

“The war in Ukraine is like a powerful earthquake that will have ripple effects throughout the global economy, especially in poor countries”.  That’s how IMF chief Kristalina Georgieva described the impact of the war on the world economy.  Nobody can be sure of the magnitude of this quake but even on the most optimistic view, […]

Ukraine-Russia: like an earthquake