After a string of scandals, the European Commission has unveiled new plans to crack down on money laundering. It’s right to take this problem seriously — but its proposals are weak. Instead of setting up a new agency and equipping it to do the job, Europe plans to keep relying on national authorities, some of which aren’t up to the ...

It was as a newspaper-office intern in New Delhi in 1992 that I witnessed the birth of India’s homegrown belt-and-road initiative. The program was midwifed by an up-and-coming lender that few had then heard of: Infrastructure Leasing & Financial Services Ltd. (IL&FS). It wasn’t called belt-and-road, a term that would gain currency much later as a catchphrase for China’s opaquely ...

The first stage of this emerging market currency crisis was all about how the problems of individual nations were spilling over into contagion — but without dollar strength as a factor. No longer. A nine-year high for US average hourly earnings in last week’s non-farm payroll report, combined with the strongest reading for the manufacturing PMI index since 2004, have ...