KELA, the Finnish social security agency, has failed to secure the funding it needs to extend its universal basic income experiment beyond this year. Although it’s sad that this grand leftist idea is suffering another setback, Finland’s trial effort deserved its fate. Before the experiment was approved by the government in 2016, KELA officials talked of paying 800 euros ($974) ...

Ford Motor Co. plans to largely give up selling cars in North America, focusing instead on trucks and SUVs. The only sedans in its future lineup will be the Mustang and a crossover version of the Focus. Meanwhile, the Donald Trump administration looks likely to roll back the Corporate Average Fuel Economy (CAFÉ) targets set by its predecessor’s Environmental Protection ...

Many people, when they hear the word ‘blockchain,’ think of Bitcoin and other cryptocurrencies. Yet there is another feature of the blockchain afoot, one which promises to bring a new and radical decentralization to technology, including social media. Or as it was reported on Twitter: “Silicon Valley used to be a counterculture. It’s not anymore. It is the establishment. The ...

Bloomberg In a week where equity investors got spooked by higher rates and peaking growth, robust earnings from tech giants fell just short of keeping the market afloat. Stocks got slammed when Caterpillar’s “high water mark” comments on profit came just hours after the first 3 percent yield on 10-year Treasuries in four years. It took earnings-fuelled rallies from heavyweights ...

Bloomberg A new decentralised cryptocurrency market co-founded by a veteran of automated trading firm Virtu Financial Inc. handled more than $1 million of transactions. Michael Oved’s company, AirSwap, which began operations last week, probably feels like a contradiction to many on Wall Street: A market with no central place where buyers and sellers gather. Instead, bulletin boards on the company’s ...

Bloomberg Investors who pushed up Chinese bank shares last week on news of lower reserve requirements may have been celebrating too soon. The subtext to the move is an effort to prepare the banks for a painful new phase in China’s campaign to reduce financial-sector risks, as regulators free up deposit rates and accelerate their crackdown on the nation’s as ...

Bloomberg Deutsche Bank AG is retreating from its Wall Street rivals. Barclays Plc still thinks it can take them on. The paths of two of Europe’s biggest investment banks are diverging after trading revenue slumped 17 percent at Deutsche Bank in the first quarter and climbed 8 percent at Barclays. The German lender outlined plans to retrench on Wall Street, ...

Bloomberg Cyber attackers attempted to penetrate Mexico’s electronic payment systems, forcing three banks to enact contingency plans, according to people familiar with the matter. Three banks experienced “incidents” in recent days when operating the SPEI, Mexico’s interbank electronic transfer system, and will be connecting to the central bank’s network under “contingency schemes,” Banco de Mexico said in a statement. That ...

Bloomberg Danske Bank A/S earned more money in the first quarter than expected as Denmark’s biggest lender saw an increase in interest income and kept costs under control. Net income was 4.9 billion kroner ($796 million), less than a year earlier, but beating the 4.7 billion-krone estimate of analysts surveyed by Bloomberg. Net interest income was broadly in line with ...

Bloomberg Argentina investors say the central bank’s extraordinary effort to bolster the peso may be just the beginning, with more such actions to be expected if the currency doesn’t stabilise soon. Policy makers’ decision to raise the key interest rate 3 percentage points to 30.25 percent, a surprise move announced just days after they held borrowing costs, led the peso ...