Mergers and acquisitions are booming, with 2018 projected to be the first year that global deal volume breaks $5 trillion. But merger arbitrage funds, which attempt profit on perceived market inefficiencies before or after an M&A deal is announced, are not doing well. The last three months for which data are available represent the first time MAFs have lost money ...

UK Prime Minister Theresa May’s new Brexit strategy is collapsing even before the European Union responds. Her plan offered an awkward compromise between a clean break from Europe, which would cause enormous economic disruption, and remaining in the EU, which voters rejected two years ago. Apparently, it’s an offer nobody wants to accept. May’s Conservative Party is bitterly divided between ...

It’s hard to convey the full breadth of the shock felt from witnessing the president of the United States attack NATO allies, refer to the EU as a “foe,” criticise and insult the UK prime minister while on British soil, and call into question a post-Brexit US-UK trade deal. This is particularly true when contrasted with President Donald Trump’s press ...