The Economic Times
an hour
To take full advantage of this, India needs to improve infrastructure and primary education, changes that take substantial time. But there are other policy changes that can be implemented more quickly to make India a more attractive destination for foreign investment. The most important of these is to reduce tariffs and other impediments to imports of machinery and of components that could be used in India by foreign firms. India should therefore see the new Trump administration policies as providing a base for stronger growth in India. Martin Feldstein is a noted economist who was a leading candidate to succeed Alan Greenspan as the chair of the US Federal Reserve in 2005. He will be speaking at the Global Business Summit Presented by YES Bank and The Economic Times. *Views expressed above are the author's own.
BBC News - Business
5 hours
The Economic Times
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BBC News 24
7 hours
It's a chance to raise money for charities that help people here in the UK and across Africa by doing something funny. Since its launch in 1988, it's raised hundreds of millions of dollars. So to raise more I persuaded one of our regular guests, economist Jeremy Cook, to part with his beard. Last thoughts, final comments? Please don't cut my ears off!.
BBC News 24
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Mike Jakeman is a Global analyst at The Economist Intelligence Unit. Thank you for joining us this morning. So much of this market growth has been delivered on a sense of expectation, hope. Is it starting to look like President Donald Trump cannot quite strike a deal in Congress the way the businessman was able to.
BBC Two England
17 hours
thank you. Let's move on to another subject now. And Hillary Clinton's election campaign manager, John Podesta is in London at the moment, for The Economist Sustainability Summit. Now Podesta's name is perhaps most famous for the fact.
Money News Investing
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Yale Economist Robert Shiller advises savvy investors that you shouldn't give into temptation to dump your stocks just because valuations are high.
Money News Investing
21 hours
The Economist - United States
a day
THE city of Abbeville, 20 miles south of Lafayette in the lush flatness of Acadiana, is known for a pretty Catholic church beside Bayou Vermilion and some slap-up oyster restaurants. It is the sort of small town in which the same surnames, many of them Cajun, recur among prominent business-owners and officeholders. It was also, until recently, home to a fearsome gang, known as the Gremlins—at least, so say the local prosecutors. That view of the group has yet to be endorsed by a trial, and, on current form, it seems unlikely to be. The Gremlins, and the limbo in which they are sunk, epitomise deep problems in the criminal-justice system of Louisiana, and not only Louisiana. At first they instead seemed proof of the virtues of all-action policing. In February 2016, Clay Higgins, then spokesman for the sheriff of nearby St Landry Parish, denounced them in a Crime Stoppers video as “animals” and “heathens”.
The Economist - United States
a day
MILLENNIALS—the generation which roughly includes those born between 1980 and 1996—have a reputation for being footloose. But analysis by the Pew Research Centre released in February suggests American millennials are moving less than previous generations did when they were younger. In 2016 20% of those aged 25-35 changed addresses, compared with 26% of the generation above in 2000 and 27% of late baby-boomers in 1990. Frequent moving in search of opportunity has long been an ingredient in American exceptionalism. Economists such as Tyler Cowen, author of “The Complacent Class”, worry that its decline will dampen the nation’s dynamism. Since the 1980s, Americans of all ages have become more rooted. Between 1980 and 1981, 17% of Americans moved house, according to William Frey, a demographer at the Brookings Institution, a think-tank. Between 2015 and 2016 only 11% did.
The Economist - United States
a day
Journalist at work NESTLED between a nail parlour and a tanning salon on Wilshire Avenue in Santa Monica, an upscale part of Los Angeles, is a newer kind of spa. Opened last year, CryoZone invites customers to spend $75 for three minutes in a cryogenic chamber cooled to -110°C for fledgling freezers and -132°C for chilling connoisseurs. The treatment is meant to calm inflammation and soothe muscle soreness, but Angelenos swear by it to solve all sorts of ills, from tennis elbow to the urgent need to lose a bit of weight before a daughter’s wedding. Invented in Japan in 1978 as a remedy for rheumatoid arthritis, cryotherapy is not new. But it was not until European rugby and football teams started freezing themselves in the past decade that it became more popular. America, which boasts at least 400 cryotherapy spas, is the first place to offer wide access to it.
The Economist - United States
a day
The Economist - Americas
a day
NORBERTO MESA, a 66-year-old grandfather, stands in the hot sun 11 hours a day, six days a week, guiding cars in and out of the parking spaces in front of a bustling farm stand. The 4,000 Cuban pesos ($170 at the official exchange rate) he earns each month in tips is more than ten times his monthly old-age pension of 340 pesos. Without it, the retired animal geneticist could not afford fruit and meat, or help his children, who work for low salaries, to feed his four grandchildren. Though revolutionary Cuba had one of the region’s earliest and most comprehensive pension systems, in recent years retirement has almost vanished. Without further economic reform, and the cheap oil that used to come from Venezuela, the economy has stalled. Pensions have been frozen, and their value eaten up by inflation. According to the most recent government statistics, from 2010, a third of men past retirement age are working.
The Economist - Americas
a day
IT IS Saturday lunchtime, and about 30 trucks are parked at each of the customs posts on either side of the bridge across the broad Uruguay river that marks the border between Argentina and Uruguay. Both countries are members of Mercosur, a would-be customs union that also embraces Brazil and Paraguay. In theory, internal borders should not exist in Mercosur. In practice, customs, sanitary inspections and other paperwork mean that the trucks are delayed for up to 24 hours, says Oscar Terzaghi, the mayor of Fray Bentos, on the Uruguayan side. This represents an improvement. For three years before 2010, access to the bridge—the shortest land route between the two capitals, Buenos Aires and Montevideo—was blocked by Argentine environmentalists with the support of the country’s president, Cristina Fernández. They claimed that a planned paper mill at Fray Bentos would pollute the river.
The Economist - Americas
a day
THE hills surrounding Sinaí, a village in south-west Colombia, are blanketed in a green patchwork, ranging from the bright chartreuse of coca-plant seedlings to a darker clover colour that indicates the leaves are ripe for picking and processing into cocaine. It is areas like this that have helped to boost Colombia’s estimated cocaine output 37% since 2015 to an all-time high of 710 tonnes in 2016, according to America’s government. Some 188,000 hectares of land is now planted with coca, up from a low of 78,000 in 2012. One reason for the rise seems counter-intuitive: the signing last November of a peace deal between the government and the FARC rebel group. It was supposed to reduce coca cultivation; the FARC had extorted a tax on coca crops and trafficked cocaine, and under the peace deal it is to support the government’s eradication efforts.
The Economist - Science
a day
Crystal clear? THE Salar de Gorbea, at the southern end of the Atacama desert, in Chile, is one of the most hostile places on Earth. It receives virtually no rainfall and the little water it does host is contained in ponds both acidic and salty. It therefore has no vegetation. It is, though, the site of some of the most extraordinary dunes on Earth. Most dunes are made of sand: grains of silica that are 2mm across, or less. There are exceptions. The White Sands National Monument in New Mexico, for example, is so called because the ingredients of its dunes are sand-grain-sized crystals of gypsum. But this exception proves the rule, because the point about a dune is that it is created by the wind, and when it comes to minerals, the wind can generally pick up and move around only sand-sized objects. The dunes of Salar de Gorbea, however, are an exception that proves no rule at all.
The Economist - Science
a day
ON JANUARY 1st the Bill & Melinda Gates Foundation did something that may help to change the practice of science. It brought into force a policy, foreshadowed two years earlier, that research it supports (it is the world’s biggest source of charitable money for scientific endeavours, to the tune of some $4bn a year) must, when published, be freely available to all. On March 23rd it followed this up by announcing that it will pay the cost of putting such research in one particular repository of freely available papers. To a layman, this may sound neither controversial nor ground-breaking. But the crucial word is “freely”. It means papers reporting Gates-sponsored research cannot be charged for. No pay walls. No journal subscriptions. That is not a new idea, but the foundation’s announcement gives it teeth. It means recipients of Gateslargesse can no longer offer their wares to journals such as Nature , the New England Journal of Medicine or the Proceedings of the National Academy of Sciences , since reading the contents of these publications costs money.
The Economist - Business
a day
CARS can be objects of desire and the bonnet badge an indicator of wealth and status. Yet the four small patches of rubber that do the vital job of attaching them to the road stir little emotion. A third of drivers cannot name the make of tyre on their car. Nor do they know that the dominant global brands have been fighting a losing battle for 15 or so years against Chinese competitors and now have a chance of winning back ground. The established tyremakers have advantages over the industry they serve. They have margins that outstrip even Germany’s luxury carmakers. Supplying manufacturers accounts for only a third of revenues of a typical tyre firm and even less of the profits. The rest comes from replacing tyres on vehicles on the road, which wear out every four years or so. The expansion of the global vehicle fleet, forecast to grow by around 3.
The Economist - Business
a day
AS A teenager, Travis Kalanick’s first job was to knock on strangersdoors and sell them knives. Now he is trying to dodge the daggers aimed at him and at Uber, a ride-hailing firm that is the world’s most valuable startup. On March 19th Jeff Jones, the company’s president, stepped down after six months, declaring that “the beliefs and approach to leadership that have guided my career are inconsistent with what I saw and experienced at Uber.” At least six key executives and high-ranking employees have left in the past nine weeks. They include Uber’s head of mapping, a former head of self-driving car technology, and an artificial-intelligence (AI) expert who had been put in charge of the firm’s AI research lab only three months ago. Aggressive and unrelentingly ambitious, Mr Kalanick built his eight-year-old company into America’s largest privately owned technology firm by treading on the toes of different groups, including traditional taxi drivers, other... Continue reading
The Economist - Business
a day
ACCORDING to a document crafted by the Trump administration, a model trade agreement has 24 elements. Second on the list is “trade-deficit reduction”, giving a hint as to why Mr Trump wants to review America’s existing agreements. In January Sean Spicer, his press secretary, said the administration would “re-examine all of the current trade deals.” A presidential order to do just that is reported to be in the offing. America boasts 14 bilateral and regional free-trade agreements (FTAs). Mr Trump seems to blame these agreements for America’s large trade deficit. Most economists disagree, seeing it as reflecting macroeconomic imbalances. The FTAs are in any case with countries representing just two-fifths of America’s two-way trade in goods, and less than 10% of its goods-trade deficit (see chart). Most (77%) of America’s deficit stems from trade with China, the European Union and Japan.
The Economist - Business
a day
For whom the belt tolls NEW intelligence appears to have prompted the decision of the authorities in both America and Britain to prevent the carrying of large electronic devices into the passenger cabins of aircraft flying from several Middle Eastern and North African countries. However, the announcements, which both came on March 21st, raise several unanswered questions. Passengers, and the affected airlines, may be concerned that there is an element of politics behind the new measure, coming as it does in the wake of Donald Trump’s second attempt to ram through a highly controversial executive order restricting travel to America from some Muslim countries. Some speculate that the intelligence may have been gathered by a raid carried out by American special operations forces on al-Qaeda’s affiliate in Yemen, known as al-Qaeda in the Arabian Peninsula (AQAP).
The Economist - Business
a day
AMERICA may be the world’s largest economy, but these days its government pays more than many others to borrow money. Its ten-year bond yields are higher than those in Britain, France, Singapore and even Italy. The gap between American and German ten-year yields has been above two percentage points. For much of the past 25 years, it was very rare for the difference to exceed a single percentage point. On occasions, American yields fell below German levels (see chart). Go back a generation and you might have expected the country with the higher bond yields to be the one with the weaker currency; investors would demand a higher yield to compensate for the risk of future depreciation. But that is not the case today. The dollar has been strong, relative to the euro, and many people expect it to strengthen further. Indeed, the higher yield on American government debt is one reason why investors might want to buy the dollar.
The Economist - Business
a day
IN BRITAIN alone millions of people make formal complaints each year about their banks. For them, Sebastian Siemiatkowski, founder of Klarna, a Swedish payments startup, brings good news. New European rules, he says, will open the door to a host of innovative services that analyse transactions, so “an app could tell you there’s a cheaper mortgage available and start the switching process for you.” Apps could warn account-holders if they spend more than a predetermined amount or are about to become overdrawn, or even nudge them to save more. Customers need barely ever interact with their bank. To date, despite dire warnings, European retail banking has been remarkably unscathed by technology-driven disruption. Customers stay loyal, and banks still do the most of the lending. Financial-technology (“fintech”) companies are beginning to mount a challenge, most conspicuously in the online-payments industry in northern Europe: Sofort, iDEAL and other fintech firms conduct over half of online transactions in Germany and the Netherlands, for example.
The Economist - Americas
a day
The steaks are high EVEN amid Brazil’s pungent stew of recent big corporate scandals, the latest is particularly stomach-turning. On Friday March 17th, in time for a traditional weekend churrasco , or barbecue, the federal police accused some of the country’s biggest meat producers of bribing health inspectors to turn a blind eye to grubby practices. These include repackaging beef past its sell-by date, making turkey ham out of soyabeans rather than actual birds and overuse of potentially harmful additives. The police operation, dubbed Weak Flesh, could reduce Brazil’s meat exports, worth $13bn a year, and damage its two big global meat producers, JBS and BRF. Two days later the president, Michel Temer, treated 27 diplomats from the country’s main export markets to prime Brazilian cuts at a steakhouse (pictured) in the capital, Brasília. Nevertheless, straight after that China, the European Union (EU), Chile and South Korea, which together consume a third of Brazilian meat sold abroad, said they would ban some or all imports from Brazil until it can allay misgivings about its inspection regime.