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Less is more

Utilities are leading the chorus for greater energy efficiency in the US. But, as David Watkins discovers, their drive to secure profits while selling less power is proving to be a major regulatory challenge

The business of saying no

Rising energy prices have caused an upturn in demand response - or energy curtailment - in the last two years. Elisa Wood looks at how this is impacting power markets

Steward's enquiry

Hermes' David Pitt-Watson gives an owner's perspective on the troubles at UK lender Northern Rock, and details the changes he believes would prevent a repeat of the credit crunch in future. Interview by Rob Mannix

Sovereign wealth saviours

The financial markets have found their new superhero. With major investment banks on their knees after whopping subprime-related writedowns and liquidity in the bond markets severely affected, the arrival of sovereign wealth funds, with their groaning…

Drying up down under

Liquidity in Australia's nascent structured credit market has suffered as a result of the subprime squeeze, leading to an inevitable bout of finger-pointing. Marion Williams reports

The Big Interview: Tim Congdon

The founder of Lombard Street Research and respected economist discusses the precedent for last summer's crisis with Matthew Attwood, and explains how policymakers are damaging the market

Leveraged loans: Clearing the backlog

While LBO bankers in the US are chipping away at the backlog of deals, Europe seems unable to shift its overhang. Daniel Andrews looks at how differences in the way the two markets have evolved are affecting their chances of tackling the problem

Herd mentality

The unbridled success of the credit derivatives market over the past few years - until last summer, that is - had led large numbers of investors to adopt similar positions in the sector. Such risk concentration was always likely to cause problems if the…

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