Britain Supreme Court is all set to hear the government’s appeal against a ruling that it must get the approval of the parliament before triggering Article 50—a process to formally leave the European Union. It has led to the constitutional face-off. The High Court dramatically ruled last month that Prime Minister Theresa May’s government did not have the power ...
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Europe can claim clean energy leadership
The European Union’s new legislative proposals for a clean energy transition have disappointed environmentalists, policy experts and even building insulation manufacturers. And yet, given U.S. President-elect Donald Trump’s lack of interest in sustainable energy, even this plan, cautious as it is, may well ensure Europe’s leadership in this area, especially if the Europeans manage to implement the best element ...
Read More »What Nov jobs report means for US policy
The US jobs report for November released was met essentially with a yawn by Wall Street, causing relatively little immediate movement in stock prices. This was understandable. The data’s mixed signals suggest a short-term Goldilocks scenario (neither too hot nor too cold) for markets and Federal Reserve policies. The longer-term implications, however, are more complex. Here is a summary ...
Read More »Indian nationalism comes to the movie theater
Amid rising Hindu nationalism, the Supreme Court of India has ordered theaters to play the national anthem before films and directed moviegoers to stand at attention — no excuses. The Indian Constitution is a wonder of the world, but this decision undercuts free-speech and individual rights at a moment when the country can ill-afford it. The court, which has ...
Read More »Give Trump’s plans for infrastructure a chance
Donald Trump’s plans for infrastructure spending are finally materializing, and they already have no shortage of critics. But I think the critics should ease up, and give the president-elect a chance. The plan’s most heavyweight critic is the Federal Reserve Chair Janet Yellen. In a recent speech to Congress, Yellen cautioned against spending too much on infrastructure, warning that ...
Read More »The difference between good data and bad
On Monday, I cast doubt on the many stories about how Black Friday retail sales were off to a disappointing start. This is an important story because retail is such a critical part of the U.S. economy, and because such a large share of the industry’s sales occur during the roughly five weeks between Thanksgiving and Christmas. But the ...
Read More »Italy should say yes to Renzi’s new constitution
In Sunday’s referendum, Italy will be voting on two things. The first is the question on the ballot — whether to support Prime Minister Matteo Renzi’s proposal for constitutional reform. The second is whether the country wants Renzi, who’s made this vote a test of confidence, to stay in charge. The answer to both questions should be yes. First, ...
Read More »OPEC deal to cut output a bright spot
The OPEC agreed on Wednesday to cut the crude output to end the global oil glut. The oil cartel defied expectations and nailed down its first joint output cut since 2008 after tough talks in Vienna. The cuts are intended to shrink the world’s bloated oil stockpiles back to a normal level, paving the way for prices to rise ...
Read More »Uber’s identity crisis
An important trial started at the Court of Justice of the European Union, the EU’s top judicial authority. The judges are trying to determine whether Uber is a taxi company or merely a tech platform that enables customers to find drivers, and the decision, which is not likely to come before April, will serve as a precedent for other ...
Read More »Jobs data matter, even if a hike is certain
The monthly US jobs report for November that will be released on Friday is unlikely to be so bad that the Federal Open Market Committee would upset market expectations and refrain from hiking interest rates in mid-December. Instead, the data are likely to validate what fixed-income markets have already priced in when it comes to short-term interest rates. The ...
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