Epstein Secrets

and Thailand; the other is a victim of government intervention, as in Korea and China. The two worlds can coexist in the same country, for example in Malaysia where independent power producers enjoy solid power purchase agreements while utility Tenaga, which is a large employer and which faces the consumer

ities’ risk profiles e _ Bifurcation of sector valuation because of WACC changes e European gas price delinkage from oil e Ongoing renegotiation of Gazprom contracts e European utility non-regulated investments moving offshore e __ Erosion of the Italian power price premium e = New Italian water regul

preciated 28 India — range bound until post-election outlook clearer 29 Indonesia — first stress test since 1997; equities expensive 31 Malaysia — low-beta but fundamentally without merit 33 Thailand — tempting only to a tactical contrarian 34 Philippines — superior fundamentals more

f Pharamstand and the tariff freeze which was imposed on the utility sector. Going forward, there are major risks for the big state owned banks and Gazprom if the economy continues to deteriorate, since these companies will be under an obligation to help the state fulfil its social obligations, regardl

erious challenger to Putin, was effectively eliminated from the 2018 presidential contest after being convicted in a trumped-up embezzlement case.? n Malaysia, opposition leader Anwar Ibrahim has twice been convicted and jailed on sodomy charges. Prominent political figures have also been jailed in Belarus,

/story/2017/03/michael-flynn-lobby-turkey-235843. 21. Ben Stewart, “When Russia Declared War on Greenpeace: The Story of the Arctic 30 Captured on a Gazprom Drilling Platform and Sentenced to Years in Jail,” Independent, April 11, 2015, http://www.independent.co.uk/news/world/europe/when-russia-declared-