Opinion

Later this month, the Bank of England will publish the results of new stress tests on the UK banking system. With Britain facing the risk of a disorderly exit from the European Union, the exercise is even more important than usual. A so-called cliff-edge Brexit is looking more likely. This could cause a sizable fall in gross domestic product, a …

Republicans in Congress appear to have reached agreement on several crucial points about tax reform. First, it should add to the budget deficit. Second, it should contain countless gimmicks to disguise its true fiscal impact. And third, it should make an insanely complicated tax code even more so. As both houses moved closer last week to passing a comprehensive new …

In India, you don’t really exist till you’re on the right WhatsApp groups. It’s on those private chat rooms that political campaigns are sharpest; where India’s sprawling extended families quarrel and make decisions; and, according to a recent Reuters investigation, where company quarterly results are predicted with surprising prescience. There’s no proof of insider trading yet, but officials from the …

As the US Justice Department tries to block AT&T Inc.’s $109 billion purchase of media giant Time Warner Inc., Time Warner seems to be bearing the brunt of investors’ apprehension. But if regulators get their way, it’s AT&T they should be more worried about. The DOJ on Monday sued to block the wireless carrier’s takeover of Time Warner, saying it …

About a third of the customers queuing at La Maison du Bitcoin’s teller windows in Paris aren’t speculating on the value of the cryptocurrency. They’re sending digital money home to Africa. “In many countries in Africa, there are far more cellphones than bank accounts,” said La Maison co-founder Manuel Valente. “For bitcoin, all you need is a phone.” Zimbabwe, where …

Most Americans likely think that our trade policies have been largely the same since the Republic’s earliest days. The assumptions are that we’re free traders now and always have been; also, that we’ve long been a manufacturing power, boosting exports. If we sometimes lose in global competition, the main cause is that other countries don’t play fair. The truth is …

Amazon.com Inc. had better watch out. The $200 billion e-commerce market Morgan Stanley is forecasting for India by 2027 just got a new contender — with a very different plan. Energy tycoon Mukesh Ambani has already disrupted the country’s telecom industry. His next big foray may be online retail. But India’s richest man may not create a marketplace of his …

The basic cause of America’s student-loan crisis is no mystery: College tuition and fees continue to soar while the earnings of recent graduates remain flat. It shouldn’t be surprising that there’s also a straightforward way to lower the cost of a college degree: Reduce the amount of time it takes to earn one. The US’s four-year bachelor’s degree is based …

Cryptoassets are showing the signs of a bubble. Market capitalization is $222 billion, 16 times as much as a year ago, with no significant change in tangible economic value. The virtual currencies elicit investment excitement and breathless news coverage; sober analysis treating both technical issues and economic fundamentals is rarer. There is incessant cheerleading by people who own cryptoassets, manufacture …

Moody’s recent decision to raise its rating of India’s sovereign bonds a notch, from Baa3 to Baa2, could elicit one of two reactions. On the one hand, a fair observer could feel that the decision was way overdue. And, on the other hand, an equally fair observer could raise an eyebrow at the timing. Actually, it’s possible to feel both …