Only two years ago, 55 percent of Scots voted to remain in the United Kingdom, which was then part of the European Union. Since then, the U.K. has decided it does not want to be part of the EU, so Scottish nationalists now want another vote. If their fellow Scots agree, they should get it. Just not yet. Scotland …

  Following the 2008 global recession, five major emerging economies Brazil, Russia, India, China and South Africa joined hands to form the BRICS group in 2011. The bloc held a crucial meeting in Goa recently. Its top highlight was the pledge taken by the members to fast-track establishment of a new ratings agency as the existing ones — Moody’s, Standard …

  There is good news when it comes to China’s scary and still-growing pile of debt: At least the government recognizes the problem. Its attempts to mitigate those risks, however, seem doomed to fall short. The government’s recent decision to create a market for credit default swaps is a case in point. The idea, as elsewhere, is to give banks …