David Fickling is a Bloomberg Gadfly columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.
If you owe the bank $100, that's your problem, according to a maxim attributed to famed old commodities player John Paul Getty -- but if you owe $100 million, that's the bank's problem. That's a rare bit of good news for Noble Group Ltd., whose shares and bonds have been plunging after S&P Global Ratings warned the company may default on its debt within a year.
Sydney: In a world where major automakers are losing their minds about the potential of the fast-growing Indian market, it’s a refreshing change when a big player puts on its green eye-shades to take the contrarian view. That’s the approach of General Motors Co., whose chief executive officer Mary Barra is scrapping a $1 billion investment in India and halting sales of Chevrolet models there altogether.
It takes guts to quit a market that's expected to be the world's biggest in about four years, but the automotive sector is currently the least-loved in the S&P 500. Barra's focus on profitability is the sort of bold move that might inject a bit of spine into those limp valuations. Nonetheless, she's making a mistake. Without doubt, Maruti Suzuki's size presents a fearsome obstacle to new entrants.