After days of bad-tempered talks, the European Union’s 27 members have agreed a 750 billion-euro ($859 billion) Covid-19 recovery fund that looks like a historic step toward more joint stimulus across the bloc — even if it’s not yet a “Hamilton moment.” While the unusually united Franco-German duo of Emmanuel Macron and Angela Merkel couldn’t avoid watering down their original ...

Some conservative legal thinkers speak of a “Lost Constitution” or “Constitution in Exile.” By that they mean the Constitution as it was understood before President Franklin D Roosevelt’s New Deal helped form the modern regulatory state. Their Constitution in Exile would invalidate key parts of contemporary government. Some conservatives want to revive the long-dead “nondelegation doctrine,” which was once taken ...

Bloomberg Online insurance platform Policybazaar aims to go public in 2021 at a valuation north of $3.5 billion, potentially becoming the first of India’s mega-startups to debut as its digital economy booms. The startup plans to secure about $250 million in a round of financing at a $2 billion-plus valuation before a September 2021 initial public offering, co-founder Yashish Dahiya ...

Bloomberg CanSino Biologics Inc’s experimental coronavirus vaccine showed promising results in a mid-stage clinical study, paving the way for the next phase of tests as the Chinese company jostles with Western pharma giants to deliver one of the first pandemic vaccines. The shot was shown to be safe and induced an immune response, according to a study released in the ...

Bloomberg Taiwan’s top financial regulator said global banks are looking to expand on the island after China’s passage of a controversial security law in Hong Kong prompted some firms to rethink their Asian strategies. Some US securities firms are considering an expansion in Taiwan while other international banks plan to start new operations, said Huang Tien-mu, chairperson of Taiwan’s Financial ...

Bloomberg Japan’s government will start subsidising some companies to invest in factories in Japan and South-East Asia as part of efforts to reduce reliance on manufacturing in China. Fifty-seven companies including privately-held facemask-maker Iris Ohyama or Sharp will receive a total of 57.4 billion yen ($536 million) in subsidies from the government to invest in production in Japan, the Ministry ...

Bloomberg Chinese chipmakers have surged in the past year, boosted by Beijing’s support for self-sufficiency in semiconductors and as adoption of 5G and artificial intelligence prove resilient amid the pandemic. There’s no sign that rally is about to slow even as their stocks looks increasingly expensive. Cambricon Technologies, a developer of AI chips, rose 34%, extending its first-day surge of ...

Bloomberg Of all the ways our lives have changed during the coronavirus pandemic, few are as obvious as how, and where, we eat. With restaurants either shuttered or reopening with vastly reduced capacity, and people staying home as second-wave outbreaks erupt, demand for food-delivery services has exploded. Now Kishin RK, the 36-year-old heir to a multi-billion dollar Singapore property empire, ...

Bloomberg British intelligence services must conduct a full review of the 2016 Brexit referendum to see whether hostile Russian action swayed the vote, after the government failed to investigate, a panel of lawmakers said. Members of Parliament’s Intelligence and Security Committee accused ministers of deliberately avoiding the question because they did not want to know whether Russia had tried to ...

Bloomberg Slovak opposition parties launched a no-confidence motion against Primer Minister Igor Matovic, saying he’s morally unfit to lead the European Union member because he plagiarised his university thesis. Opposition lawmakers led by two former prime ministers filed a motion on Tuesday seeking the vote, which has to be held within seven days. The move follows a report by the ...