China is allowing foreign investors to participate in government bond futures trading starting Friday, in a landmark step toward opening up its debt market to global capital. The nation’s regulators will allow qualified international investors to participate in bond futures trading for hedging purposes, according to a statement by the China Securities Regulatory Commission. The initiative is aimed...
China is allowing foreign investors to participate in government bond futures trading starting Friday, in a landmark step toward opening up its debt market to global capital. The nation’s regulators will allow qualified international investors to participate in bond futures trading for hedging purposes, according to a statement by the China Securities Regulatory Commission. The initiative is aimed at improving interest rate risk management tools for overseas institutional investors and to enhance the attractiveness of yuan-denominated bonds, it said. “The move should make yuan fixed-income assets more appealing and help anchor longer-term, more stable participation,” said Hao Zhou , chief economist at Guotai Junan International Holdings. “If implemented smoothly alongside clear risk controls, it can reinforce market depth and the international attractiveness of China’s bond and derivatives ecosystem.” China’s modern government bond futures market, which debuted in 2013, offers contracts across two-, five-, 10-, and 30-year tenors. The new rules further liberalize the sector after Standard Chartered China became the first foreign bank unit to be granted trading access in 2023.
In 2025, China’s goods trade surplus hit a record $1.2 trillion, demonstrating the resilience of its manufacturing sector even amid rising global tariff barriers. Yet, a glance at China’s balance of payments reveals a striking paradox: official foreign exchange reserves remained largely unchanged. With the People’s Bank of China having exited routine currency intervention, a pressing question emer...
In 2025, China’s goods trade surplus hit a record $1.2 trillion, demonstrating the resilience of its manufacturing sector even amid rising global tariff barriers. Yet, a glance at China’s balance of payments reveals a striking paradox: official foreign exchange reserves remained largely unchanged. With the People’s Bank of China having exited routine currency intervention, a pressing question emerges: Where did this massive trade surplus go?
A Russian oil trader was ordered to pay more than £100 million ($135 million) in cash and assets to his ex-wife after a long fought divorce that laid bare details of a lavish lifestyle. A London judge ordered Mikhail Kroupeev, who controls Gulfsands Petroleum Plc , to give a £60 million lump sum to his ex-wife Elena Kroupeeva and another £40 million worth of properties they owned, including a seve...
A Russian oil trader was ordered to pay more than £100 million ($135 million) in cash and assets to his ex-wife after a long fought divorce that laid bare details of a lavish lifestyle. A London judge ordered Mikhail Kroupeev, who controls Gulfsands Petroleum Plc , to give a £60 million lump sum to his ex-wife Elena Kroupeeva and another £40 million worth of properties they owned, including a seven-bedroom London home and a villa in Portugal. The ruling is among the largest publicly known court awards in UK divorces. In 2021, a UK judge ordered Dubai’s ruler Sheikh Mohammed bin Rashid Al Maktoum to pay £554 million to his estranged wife. One of Russia’s richest men Vladimir Potanin is currently embroiled in a $5 billion suit in London. The couple met as 18-year-old students in a town near Moscow and later moved to London. They separated after 35 years of marriage after his wife learned that Kroupeev had a “secret” second family in Russia. They both hold dual Russian-British citizenship. During their marriage, the couple spent lavishly on private jets to travel the world. They owned a seven-bedroom house in London’s leafy St. John’s Wood valued at £15 million, as well as luxury homes in Russia, Portugal and Turkey,. They used a “retinue of staff” across all their properties and spent £200,000 a year on Christmas trips to Mustique, according to the ruling. His wife told the court about expensive biannual Milan shopping sprees and his collections of wine, watches and guns. Kroupeev accepted he spent more than half a million pounds in 12 months on his American Express card. After the marriage broke down in 2023 Kroupeev reduced financial support to his wife. A conditional order of divorce was made in February 2025 and he stopped all payments after March 2025, according to Kroupeeva. “The judgment makes clear that the judge saw through Mr. Kroupeev’s attempts to evade making proper provision for his wife and makes robust findings and adverse inferences against him,” Harr...
Getty Images Introduction Clearway Energy ( CWEN ) is a US infrastructure company with a portfolio of renewable assets and some dispatchable assets (based on gas) as well. It makes its revenues mainly from long-term power purchase agreements, so the cash flow is stable. However, because it is heavily front-loaded on capex, and therefore heavily depreciated, reported earnings can give the wrong pic...
Getty Images Introduction Clearway Energy ( CWEN ) is a US infrastructure company with a portfolio of renewable assets and some dispatchable assets (based on gas) as well. It makes its revenues mainly from long-term power purchase agreements, so the cash flow is stable. However, because it is heavily front-loaded on capex, and therefore heavily depreciated, reported earnings can give the wrong picture. This is why, when CWEN is (typically) framed as an income play — a utility-like business with a ~5% yield — it misses how the stock should actually be valued. Not fully on dividends, and certainly not on earnings — CWEN should be valued more as heavily leveraged, with valuation shaped by three things: enterprise multiples, forward cash generation, and yield compression. Current valuation levels seem bullish. Management says they are looking to target ~$2.70 Cash Available for Distribution (CAFD’) per share in the medium term. CWEN trades at a premium to its own historical EV/EBITDA range. Nothing looks extreme; however, taken together, CWEN seems to be valued as if it is on a clean execution path towards growth, stability, and financing conditions. This is why we will do a 3-pronged structured valuation exercise on CWEN — EV/EBITDA, dividend yield, and CAFD-based — to see if the current market valuation leaves any room for upside. Clearway — my valuation approach Clearway is neither a traditional utility nor a growth stock. Its goal is long-term, contracted cash flow, and renewable infrastructure is just the way to get there. Clearway has wind, solar, and battery storage assets, and most of its revenue comes from long-term ( average - ~12 years) power purchase agreements (PPAs). This gives them current visibility at the cost of future upside — earnings don't suddenly accelerate in this business. That is why earnings (EPS’) is not the right metric to judge Clearway. Earnings gets distorted — by depreciation, financing structure, and asset-level accounting — so we must ...