Risk and return go together, as any good investment manager will tell you. That’s the dilemma facing overseas private bankers serving China: Household wealth of $29 trillion presents an unmissable opportunity, but the hazards of tapping it may also be unusually high. Banks including Julius Baer Group Ltd. and Citigroup Inc. have told relationship managers to delay or reconsider travel ...

The European Commission has rejected Italy’s budget for flouting Europe’s fiscal rules, and has given Rome three weeks to try again. It’s the first time this has been done, and the move is risky because it sets up a political confrontation that could end badly. But the rules are there for a reason, and if the system is to work, ...

A few years ago, with funding for startups surging, some people worried that the US was in the midst of a new technology bubble. Calmer heads realised that even if venture capitalists were being a little too carefree with their cash, the result probably wouldn’t look anything like the dot-com bubble and crash of 2000. Price-to-earnings multiples for public tech ...