The Trump administration’s goal to shortly achieve 3 percent GDP would be “challenging,” Federal Reserve Chair Janet Yellen warned Congress on Thursday. Yellen, speaking with the Senate Banking Committee, said that’s because productivity growth is very difficult to move. “In the last five years, productivity growth has averaged a half percent. The last decade, something […]
Read moreSilicon Valley investor Marc Andreessen offered some rare insight to start-up founders in a Q&A blog post Thursday, including why his firm requires a warm introduction to a founder before investing, and why enterprise start-ups need to charge more for their products. Andreessen gained fame as the creator of Netscape in the 1990s, and co-founded […]
Read moreCurrency, United States Finance
Watch: Donald Trump and France's Emmanuel Macron set to hold press conference
[The stream is slated to start at 12:25 p.m., ET. Please refresh the page if you do not see a player above at that time.] President Donald Trump holds a joint news conference with French President Emmanuel Macron on Thursday as controversy again engulfs his White House. Trump is expected to take questions during his […]
Read moreInsiders who got a crack at the Snap IPO at the offer price of $17 per share won’t sell the stock when they’re finally allowed to later this summer, CNBC’s Jim Cramer said Thursday. Cramer makes his case by addressing a rare upgrade of shares of the Snapchat parent. “Stifel comes out and says the […]
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STONECUTTERS ISLAND in Hong Kong used to be a favoured habitat for poisonous snakes and eye-catching birds such as the white-bellied sea eagle. Thanks to Hong Kong’s rapid development, it is no longer so hospitable. Its sky is full of gantry cranes, stacking 20-foot-long shipping containers in multicoloured tessellations, like giant Lego bricks. A cluster […]
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IN 2008 Ethiopia’s conservative central bank experimented: it authorised interest-free banking. Interest is prohibited under sharia law, so the move was lauded as a step towards expanding financial services for the country’s large and often poor Muslim minority. But momentum soon stalled. An attempt to launch a fully-fledged Islamic bank foundered. Today most of Ethiopia’s […]
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THIRTY-ONE years ago, The Economist created the Big Mac index as a way of gauging how different currencies stacked up against the dollar. The index is based on the theory of purchasing-power parity, the idea that in the long run, exchange rates should adjust so that the price of an identical basket of tradable goods […]
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A DECADES-old dream of many low-cost carriers (LCCs), to break into the market for long-haul flights, has also been a long-standing nightmare for executives at full-service airlines, who earn their corn chiefly on such routes. So a series of setbacks for Norwegian, the latest LCC to try its hand at long-haul flights, has set off […]
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THE factory of the future will be a building stuffed full of robots making robots. A factory in Amberg, a small town in Bavaria, is not quite that, but it gets close. The plant is run by Siemens, a German engineering giant, and it makes industrial computer-control systems, which are essential bits of kit used […]
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