As recently as two years ago, owning shares in a bad bank charged with cleaning up nonperforming loans in China probably seemed like a good bet. Not so any more, at least for China Cinda Asset Management Co. The Beijing-based firm’s costs are rising and soured-loan growth has leveled off, or in some cases, dropped at the banks Cinda purchases ...

Innovation, everybody hopes, will rescue the world from economic stagnation. I’m not so sure. The extent to which an innovation is significant depends on the degree to which it alters existing activity or the performance of a function. It must create related and ancillary activities that in turn lead to employment, wealth and other discoveries in a virtuous cycle. It ...

Bloomberg Global stocks were mixed and the dollar edged lower amid thin trading as investors weighed the latest comments from a Fed official on the path of borrowing costs. The British pound advanced after a selloff. With markets in the UK, US and China all closed for public holidays, volumes were depressed across the board and most moves were muted. ...