The last thing President Emmanuel Macron needs right now is a merger between two of France’s biggest employers ahead of an election. Given the manifest potential for job losses and reduced competition in essential groceries, it’s convenient that talks to combine hypermarket operators Auchan and Carrefour SA have stalled. But the political context will change, and the deal’s financial and ...

Profit margins will be more art than science this earnings season. Let’s see if investors like Picasso. In industries from consumer goods to manufacturing, virtually every line on the income statement is experiencing a degree of stress. In recent months, raw materials, labour and freight have become significantly more expensive and hard to come by. Struggling to keep up with ...

It’s almost enough to make you nostalgic for the early months of the pandemic. There was clarity of economic purpose: dramatic cuts in interest rates and big fiscal commitments. The outlook was so dire there were few plausible alternatives. Conditions are much more favourable now, and ironically, that makes the choices tougher. The economic recovery is looking a little shopworn. ...