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Breakingviews - Spain vote stalemate requires winner to drop outAfter Sunday’s election, neither the conservative People’s Party nor the governing Spanish Socialist Workers’ Party are likely to have enough support to rule. Months of gridlock could ensue, delaying necessary economic reforms. Alberto Núñez Feijóo, the leader of PP, got the most votes. But he could shorten the pain by declining to form a government, paving the way for another poll in the autumn.
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Breakingviews - AMC can build Dreamhouse on Barbenheimer buzz“Barbenheimer” is bringing the box office back. The term dubbed for the simultaneous debut of Warner Bros Discovery’s “Barbie” movie and Comcast -owned Universal Pictures’ “Oppenheimer” brought crowds to theaters with pre-pandemic fervor. AMC Entertainment , the struggling movie theater chain wrestling with a meme-stock hangover, saw its busiest day since 2019 this past Saturday. The company needs cash to survive, and this weekend might add enough fantasy to help it.
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Breakingviews - Office landlord offers glimpse of what’s to comePiedmont Office Realty Trust is sifting through the rubble. The $910 million owner of high-quality office buildings in Boston, Dallas and beyond just borrowed at 9.25%, more than twice the interest rate it’s replacing. Considering the broader industry wreckage, the property owner, whose shares have tumbled 45% over the past year, actually made out OK.
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Breakingviews - ADNOC has upper hand in $30 bln plastics M&AA merger of two companies can be a headache; a merger of two countries even more so. The state-owned Abu Dhabi National Oil Company (ADNOC) and $15 billion OMV , 32% held by the Austrian state, are in talks to merge the two petrochemical companies they cross-hold, Borouge and Borealis, into an entity that would be worth over $30 billion. The complex ownership structure and the involvement of two governments make it intriguing to see who holds the whip hand.
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Breakingviews - Chevron’s restraint paying offChevron’s second-quarter profit was cut nearly in half as production rose slightly, according to a surprise early release of the oil giant’s earnings on Sunday night. That’s a direct reflection of lower prices for each barrel of crude. Look closer, though, and there are signs the industry has learned how to make itself more durable.
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