Boris Johnson’s triumphant UK election victory makes Brexit a near certainty next month. For the City of London, Britain’s split from its biggest trading partner is a huge leap into the unknown; one that will test its cohesion like never before. Banks, insurers and asset managers have spent billions preparing for their departure from the European Union and have moved ...
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Boeing CEO’s ouster won’t solve deeper problems
Two years ago, Boeing Co. could do no wrong. Lately, it can do nothing right, and someone had to pay the price. That person turned out to be Chief Executive Officer Dennis Muilenburg. Boeing announced that he was resigning because the board had decided a change in leadership “was necessary to restore confidence in the company†after two fatal crashes ...
Read More »If Credit Suisse has tailed anyone, its CEO didn’t know
The Credit Suisse AG spy scandal was supposed to be a one-off incident, albeit an astonishing one. It turns out it wasn’t. Worse, the Swiss bank is in the surreal situation of confirming that it now knows it tailed multiple people, but that its board and management were completely in the dark, and that Chief Executive Officer Tidjane Thiam definitely ...
Read More »Fighting shipping pollution is bad for the planet
The shipping industry is getting serious about cutting sulfur dioxide emissions. People who live along busy shipping lanes will see health benefits from reduced particulate emissions and a reduction in acid rain when new regulations come into force on January 1. But the sulfur particles help offset some of the warming caused by powering the ships, so the rules may ...
Read More »It’s Romney’s moment for a profile in courage
As we finish this momentous week of impeachment, and so many days of listening to indignant, Constitution-spouting Republicans and Democrats, an exhausted America could be forgiven for switching the dial, at least briefly, to sports-talk radio. America seemed stranded at week’s end between House and Senate, between competing versions of outrage, and between the trench warfare at one end of ...
Read More »China’s got a chip on its shoulder
From sanctions to export restrictions, the rest of the world views China’s chip champions like Huawei Technologies Co. and ZTE Corp. with suspicion and skepticism. But inside the country, all investors see is a $300 billion-a-year golden opportunity. One could almost say that the Chinese have a chip on the shoulder by rewarding semiconductor startups with such a vengeance. Companies ...
Read More »Amazon throws its weight around in FedEx dispute
You almost have to wonder if Amazon.com Inc. is baiting antitrust regulators. The e-commerce giant reportedly sent a message to third-party sellers instructing them to stop using FedEx Corp.’s ground-delivery network for Prime shipments. While Amazon earlier this year abandoned FedEx as a carrier for its own packages in the US, third-party merchants had still been able to work with ...
Read More »Flight shame is real but it’s not always effective
The Swedish word flygskam or its German version, Flugscham, meaning “flight shame,†is one of the words of 2019. While it’s not easy to separate its effect on airlines’ business from other factors, the countries where people are most worried about climate change do appear to be seeing drops in avoidable air traffic. In November, the number of people taking ...
Read More »Central banks want new powers, but at what cost?
Central bankers deserve credit for saving the economy from the financial crisis. They won the battle, but not the war. So now they are asking for new powers to fix the side effects of a decade of ultra-low low and even negative interest rates. The price may be a Faustian bargain with governments. The Federal Reserve had room in 2007 ...
Read More »Can I interest you in a 100-year Boris bond?
A new government with an ambitious fiscal plan should be bold in how it finances such a rapid increase in state spending — especially with money so cheap. Boris Johnson has won an impressive electoral mandate for his Brexit deal, regardless of the slightly overdone jitters around sterling related to his 2020 deadline for a European Union trade deal. So ...
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