In China, debt takes many shapes – on the books, off the books, or buried deep within the financial system. Now, debt can even be considered equity. In a bid to boost the economy, China announced it would allow local governments to borrow more to fund infrastructure investment. As part of this push, it will let municipalities use the proceeds ...

At first glance, it looks like dealmaking is booming in the US and dead in Europe. Contrast United Technologies Corp.’s blockbuster tie-up with fellow defense contractor Raytheon Co. and Fiat Chrysler Automobiles NV’s decision to pull out of talks with Renault SA. The reality is more that transactions are getting harder everywhere as protectionism mixes with trustbusters and awkward shareholders. ...

Is the Renault-Nissan Alliance stronger than the man who led it for two decades? The omens don’t look good. The downfall of Carlos Ghosn over allegations of financial misconduct has opened up a Pandora’s Box of Franco-Japanese political hostility, grudges and pressure tactics – supposedly all in the name of “strengthening” the 20-year alliance. For all Ghosn’s flaws and delusions ...