Indonesia's Nickel Refining Boom Is Now Constrained by Captive Power, Not Ore
The smelters are built, the ore is plentiful, but coal-fired captive power capacity has become the binding constraint on Sulawesi's HPAL and RKEF expansion.
Latest from Lina Brennan
France's Sovereign Spread Has Stopped Mattering — And the OAT-Bund Trade Is Dead
The relative-value trade that dominated French rates for three years has flattened into a near-constant. Political risk is now priced through credit, not duration.
Grid Transformer Lead Times Are Now Eight Years — The Binding Constraint on the Energy Transition
Large power transformer lead times have stretched past every prior peak, and the constraint is now the rate-limiting input on data centres, renewables and EV charging.
UK Gilts Are Repricing Around Reeves's Fiscal Rules Revision — Watch the 30-Year
The revised fiscal framework changes the duration-issuance path and the long end is reacting first.
Taiwan's Engineer Shortage Is Now the Binding Constraint on TSMC — Not Capex
Cleanroom capacity is no longer the bottleneck for advanced-node ramp; the binding constraint has moved to skilled engineering labour.
Australian Super Is Going Offshore at Scale — The Home Bias Has Broken
Industry funds have lifted international equity allocations past 50%, and the implications for ASX liquidity and corporate Australia are real.
Indonesia's Nickel Downstream Bet Is Finally Producing the Integrated EV-Battery Supply Chain Jakarta Promised
After years of HPAL execution problems and ESG controversy, the integrated nickel-to-cathode chain on Sulawesi is operating — and reshaping global battery cost geography.
Spain's Solar Capacity Wall Is Now About Grid, Not Panels — and the Investment Case Is Pivoting Hard
Spain has so much committed solar capacity that the binding constraint is transmission and storage. The next decade of energy capex flows away from generation toward integration.
South Korea's Value-Up Program, One Year On, Is Producing the Cross-Holding Unwinds the Market Doubted
The KOSPI's persistent discount to peers has narrowed materially as Korean conglomerates actually unwind cross-shareholdings and return capital.
China's Deflation Persistence Is Forcing the PBOC Toward Genuine Quantitative Easing for the First Time
Three years of CPI flirting with zero has finally exhausted the policy playbook of targeted lending — large-scale bond purchases are now the path of least resistance.
Mexico's Nearshoring Boom Has Hit the Industrial-Park Capacity Wall and That Is Now the Binding Constraint on Growth
Demand for Class-A industrial space has outrun construction by more than a year — the physical bottleneck is more binding than political risk.
Norway's Offshore-Wind Subsidy Redesign Is the Template for Making CfD Auctions Actually Bankable
Indexed strike prices, capacity-factor floors and rebid mechanisms address the post-2022 collapse in offshore-wind project economics.