Skip to content
l0gIndependent analysisEnglish edition
Start here Support l0g
ENFR

$ ls /en/analysis

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.403 pieces are currently available in English.

choose a reading pathfollow Asia through the global systemopen the reference guides
34 min readAssuranceThe strength of an insurer’s promiseApollo, KKR and Brookfield: the insurer’s obligations, group support and policyholder protection in France, Britain and Florida.27 min readAssuranceWhen risks return to the insurerAfter a simulated reinsurer failure, how do insurers recover assets, absorb risks and fund annuity payments? An investigation into the British stress test.30 min readAssuranceThe regulatory price of a promiseRatings, collateral and domicile: an investigation into insurer capital calculations in the United Kingdom, the United States and Bermuda.31 min readInsuranceWho gets the investment returns?Athene and Global Atlantic offer similar rates with different withdrawal rights. Contracts, commissions and Apollo and KKR accounts trace the division of returns.33 min readInsuranceThe insurer’s money, the group’s businessLoans, funds and affiliated investments at Apollo, Brookfield and KKR insurers. An investigation into borrowers, transaction prices and conflicts of interest.32 min readInsuranceThe Bermuda balance sheet behind an American annuityThe Jackson–Athene treaty separates asset ownership, Apollo management and Bermuda reinsurance risk. An investigation of collateral and recapture rights.39 min readInsuranceWhy buy the insurer when you already manage its money?Why Apollo, KKR and Brookfield buy insurers: acquisition prices, management contracts, fees and insurance earnings, checked against filings and agreements.34 min readInsuranceWho owes AT&T retirees their pensions?AT&T transferred pensions to Athene. Contracts, accounts and court decisions explain Apollo’s role, policyholder protection and reinsurance.25 min readJapanJapan: can the return of savings raise borrowing costs elsewhere?Japanese life insurers are reducing foreign debt investments. Currency hedges, liabilities and reinvestment choices determine the impact on global borrowing costs.20 min readTSMCTSMC follows chip demand all the way to the power gridData center power schedules are entering TSMC’s industrial decisions. An investigation into contracts, forecasts and the way infrastructure risk can reach semiconductor factories.29 min readOilFrom oil at sea to delivered diesel: a supply chain under strainAn investigation into oil in transit, refinery constraints and diesel inventories, including the cash needed to finance a hedged cargo.23 min readBarclaysBarclays’ private-credit swaps: following the risk through the hedgeThe Barclays private-credit case explained through TRS cash flows, collateral and counterparty risk, with the limits of the public evidence kept explicit.15 min readGeopoliticsThe Gulf’s broken security bargain and the global cost of Trump’s warFrom Trump’s Qatar pledge to the Doha message: an investigation into responsibility, industrial damage and the worldwide costs of the Iran war.21 min readBudget 2027France’s 2027 budget: household losses and consumption riskThe OFCE’s household loss estimates, parliamentary revisions and consumption risk: tracing the income and financing channels of France’s proposed 2027 budget.22 min readTaxationFrance’s stablecoin tax plan rewrites the calculation of gainsFrance’s proposal would recognise gains on some crypto swaps earlier and replace the portfolio-wide calculation. Six diagrams explain the consequences for losses, timing and existing holdings.16 min readFIFAFIFA and Predictstreet: who takes the trading risk?An investigation of Predictstreet’s disputed activity, market-data methodology, liquidity and fees, with the limits of the public evidence made explicit.19 min readWorld IDWorld ID and the power to certify humansWorld is taking proof of humanity to finance. An investigation into Zoom badge validity, AI agents, financial interests and customer remedies.Updated 19 min readJPMorganJPMorgan and the cost of industrial powerPerpetua, Hadrian and Castelion reveal how equity, public finance and procurement combine, and where factory ramp-up risk can remain.21 min readcarbon removalWho guarantees the carbon in Google and McKinsey’s pasture deal?A 320,000-tonne future purchase in Brazil raises questions about finance, farm output and the carbon that remains after the timber is harvested.20 min readsemiconductorsSK hynix: Dalian and the financing of a US factorySK hynix’s US factory discussions link Dalian, export licences and a possible Solidigm listing. We examine the accounts, rules and unresolved financing.