CHINESE investors often refer in jest to the central bank as “central mama”. The idea is that it can be counted on to provide tender love—that is, policy easing—when market conditions are rough. But during the past couple of years it has been more of a disciplinarian, taking cash away from reckless investors. Its latest […]
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MOST startups proudly announce their presence on buildings, billboards and any surface offering visibility. Not Coinbase, a crypto-currency startup. Visitors to its headquarters on a high floor of an office tower in San Francisco find themselves before an unmarked door and doorbell. They are asked to confirm by intercom which firm they intend to see. […]
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IT OFTEN arrives as you stroll from the kerb to your front door. An e-mail with a question: how many stars do you want to give your Uber driver? Rating systems like the ride-hailing firm’s are essential infrastructure in the world of digital commerce. Just about anything you might seek to buy online comes with […]
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IN MAY 1945 John Maynard Keynes wrote a memo on the post-war economy. In it he argued that Britain should seek to be in the mainstream of global commerce. It would suit finance as well as industry to have the whole world as a playground, he wrote. “We built up the pre-war sterling area because […]
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CENTRAL bankers and economists have spilled much ink in recent years on the question of why wages have not grown more. The average unemployment rate in advanced economies is 5.3%, lower than before the financial crisis. Yet even in America, the hottest rich-world economy, pay is growing by less than 3% annually. This month the […]
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“MONEY often costs too much,” quipped Ralph Waldo Emerson. But a new study suggests that since 1950, the price of buying it with labour in America has fallen. Greg Kaplan of the University of Chicago and Sam Schulhofer-Wohl of the Federal Reserve Bank of Chicago have linked measures of how Americans today feel about various […]
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THE opening of Britain’s Liverpool and Manchester Railway in 1830 marked several firsts in rail history. It was the world’s first inter-city line. It was the scene of the first widely reported passenger fatality. And it was also the first where all trains were hauled by the track owners. Previous lines had seen competition between […]
Read moreCurrency, United States Finance
Iran sanctions could soon push oil prices above $90 a barrel, Bank of America Merrill Lynch says
President Donald Trump’s sustained bid to disrupt Iran’s petroleum exports could soon help to push oil prices above $90 a barrel, analysts told CNBC on Thursday. Crude futures were seen hovering close to multi-year highs during early afternoon deals, after a bigger-than-expected drop in U.S. stockpiles added to a rally fueled by a major Canadian […]
Read moreThe U.S. economy slowed more than previously estimated in the first quarter amid the weakest performance in consumer spending in nearly five years, but growth appears to have since regained momentum on the back of a robust labor market and tax cuts. Gross domestic product was increased at a 2.0 percent annual rate in the […]
Read moreA summit between Russian President Vladimir Putin and U.S. President Donald Trump will hold a summit on July 16 in Helsinki, the Kremlin and the White House said on Thursday, firming up the place and date for a meeting that had already been agreed on. “The two leaders will discuss relations between the United States […]
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