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The world’s second-biggest spirits group behind Diageo is under pressure from New York hedge fund elliott management to improve profit margins and corporate governance. Last week Pernod vowed to lift its margins and shareholder returns in a three-year strategic plan that Elliott described as a first small step.

It hasn’t needed terribly good management to prosper, either. It is this simple truth that leads the more perspicacious global analysts to conclude that the Australian economy is a "one-trick pony".

A New york investment manager pleaded guilty on Wednesday to. money was being used to build an international airport in Belize, the U.S..

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