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By Christopher Swann
The embattled energy firm is borrowing $3 bln at 8.5 percent to repay a loan whose terms might otherwise prevent asset sales. This buys time. But it makes even more obvious Chesapeake’s unsustainable reliance on selling choice assets to fund its persistent cash drain.

Dimonfreude is irresistible, but may be dangerous

By Rob Cox
The glee is understandable: JPMorgan, scourge of regulators and king of Wall Street which broke Bear, Lehman and MF Global, at last receives its comeuppance. But one of the few banks that sidestepped the crisis has been proven fallible. That will shake confidence in the system.
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Contemporary art becomes the gold of the new rich

By Richard Beales
This week’s big sales brought records for Rothko, Klein, Lichtenstein and others. Scarcity is part of the allure, as are taste and the spending power of the global plutocracy. One thing to please at least the financiers among them is that contemporary art has inked good returns, too.

Private equity bubble hangover yields HR headache

By Quentin Webb
Guy Hands will fund future bonuses at Terra Firma. The largesse is a bid to keep staff at his buyout firm, despite falling management fees and little prospect of “carried interest” on the current fund. The EMI debacle gives Terra Firma an acute case of an industry-wide problem.

Boardroom botches call for checklist fix

By Jeffrey Goldfarb
Scandals at Yahoo, Green Mountain and Chesapeake suggest U.S. directors need simple reminders to prevent stupid mistakes. If humble checklists save lives in hospitals, as a surgeon’s bestseller shows, shareholders deserve similar protection. Breakingviews offers a starter set.

Coty's freshened offer hard for Avon to resist

By Agnes Crane
The down-in-the-dumps U.S. makeup firm has until Monday to engage with Coty’s persistent advances. With the offer raised to $10.7 bln, the addition of Warren Buffett’s cash and blessing, and the possibility of a still higher price, Avon’s European suitor deserves a hearing.

Euro faces slide on break-up risks

By Ian Campbell
The single currency has held up remarkably well thus far. But a more hasty retreat against the dollar, pound and yen is on the cards. A Greek exit poses the chief near-term risk. Any resulting contagion will be hard to handle because of the divide between France and Germany.
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