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English analysis

Sourced, adversarially reviewed investigations into the plumbing of finance and systemic risk. English editions are selected and edited for an international audience, with the French source linked when one exists.227 pieces are currently available in English.

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21 min readSenegalSenegal’s unpaid bills turn suppliers into state lendersSenegal’s government arrears strain suppliers’ cash flow. A review of the reported stock, 2025 settlements and the proposed repayment options.24 min readCommoditiesCan a credit squeeze disrupt oil supplies?Margin calls, bank credit and inventories: how a cash squeeze can disrupt oil deliveries, and how lenders and replacement traders can keep supplies moving.22 min readCommoditiesTrafigura and Petrobras: how bribery entered the oil tradeTrafigura pleaded guilty in the United States over bribery tied to Petrobras. Follow the payments, penalties and controls from contract to settlement.21 min readCommoditiesTrafigura’s nickel fraud and the limits of paper collateralThe Trafigura–Gupta case exposes a mismatch between cargo and credit. An investigation into Citi’s exit, documentary checks and the limits of recovery.28 min readOilVitol’s refineries, terminals and the power to choose suppliersVitol’s acquisitions connect oil trading with refineries, storage and customers. An investigation into ownership, access and the conditions attached to Engen.30 min readOilTrafigura and the making of a fuel-oil benchmarkThe CFTC’s 2024 order explains how Trafigura’s 2017 fuel-oil purchases distorted a Platts benchmark used to price cargoes and settle derivatives.31 min readOilChad and Glencore: the oil revenues pledged to creditorsHow Chad’s oil-backed Glencore debt shaped public cash flow: the restructurings, the reported balance and gaps in payment verification.31 min readOilThe banks behind Trafigura’s oil tradingAn investigation into Trafigura’s lenders, revolving credit, collateral and margin calls, and the limits of what public disclosures reveal.Updated 30 min readOilWho pays for an oil cargo before you do?From the Sienna court case to Trafigura’s accounts, an investigation into the credit, collateral and cash that finance the oil trade.18 min readcarsWhy a cheaper car can cost more to leaseYour lease payment also depends on what the next owner might pay. Clear examples and an interactive tool explain depreciation, resale risk and headline offers.37 min readUnited StatesTrump’s sanctions concessions to Russia and IranOil, banks and nuclear power: an evidence-led review of Trump’s sanctions concessions to Russia and Iran, and their actual reach in 2026.24 min readcocoaGhana’s cocoa crisis: who finances the wait?Follow the money behind Ghana’s cocoa crop: farmgate prices, COCOBOD debt, the 2026 reforms and a calculator separating profit from cash.25 min readAviationAircraft engines: who gets paid when planes cannot fly?Spare engines, repair shops and compensation: follow the cost of grounded aircraft through lessor accounts, manufacturer liabilities and a leasing calculator.20 min readAluminiumEurope’s aluminium scrap fight: who gains when exports are restricted?Europe wants to retain aluminium scrap. Trade data, alloy quality and recycling economics examine who may benefit, who may pay and what remains uncertain.22 min readheliumWho put geopolitics in my birthday balloon?From Qatari gas to MRI magnets, helium reveals a world of specialised containers, supply contracts and delivery schedules. With charts and a logistics simulator.20 min readAsiaWhat if Asia simply bought less?Asian insurers can retain their bonds while reducing new purchases. An investigation into flows, reinvestment and the investor who has to take their place.Updated 24 min readAsiaStress test: when three risks collideFalling bond prices, a weaker dollar and urgent payments: an interactive stress test of the risks facing Asian investment portfolios.29 min readChinaChina's dollar risk is spread across multiple balance sheetsChina holds almost $12tn in external assets. Reserves, banks, its sovereign fund, insurers and companies carry different pieces and different risks.27 min readAsiaWhat Asia really buys in AmericaAt 30 June 2025, Asian residents held $9.834tn of U.S. securities. Equities, Treasuries, MBS and credit carry different risks and blind spots.31 min readAsiaThe invisible machinery hedging Asia’s dollar riskAsian insurers and pension funds often hedge long-dated dollar assets with short derivatives. An investigation into dealers, rolling costs, collateral and settlement risk.