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Finance

The Shadow Bank That Wants Your Savings

Private credit is no longer a niche market for institutions. It is being repackaged for pensions and retail investors, changing how losses surface and turning opacity into political risk. This is how the next…

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Culture

Fifth Floor, Christmas Day

The heating had been on long enough. Long enough to warm the walls. He switched it off and put his coat on. Outside, the…

Opinion

The Year the World Stopped Pretending

Christmas 2025 arrives as institutions continue to speak in the language of permanence while operating through discretion, conditionality, and managed…

In depth

Law

When Sanctions Become Seizure: The Law of the Sea on Trial

The US boarding of a Panama flagged tanker carrying Venezuelan oil tests a fundamental question of international law. Can sanctions be enforced at sea without UN authority, or does this cross into unlawful interference…

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Britain

Property Rights, Sanctions and the Abramovich Test for Britain

Britain’s push to force the release of £2.5bn from Roman Abramovich’s Chelsea sale tests a principle older than sanctions or war: that property rights in English law are protected from political seizure. The outcome…

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