Another big US airline is replacing its chief executive officer in a sign that the pandemic recovery is broadly still on track even as new Covid variants loom. American Airlines Group Inc announced that CEO Doug Parker would step down in March and be succeeded by President Robert Isom. Parker is the longest-serving current CEO of a major US airline; ...

As Leo Tolstoy taught us at the beginning of Anna Karenina, “Happy families are all alike; each unhappy family is unhappy in its own way.” It’s a lesson being relearned by investors in European asset managers, whose shareholdings have woefully missed out on the gains enjoyed across the broader equity market this year. The environment for the fund-management industry continues ...

Earlier this year, Olaf Scholz, the former finance minister being sworn in as German chancellor, was sitting in on one of many coronavirus crisis meetings. He was looking inscrutable as he often does, which can come across as smug. He could have been thinking about anything, but a Bavarian colleague reprimanded him for “grinning like a Smurf.” By something close ...