In late 2021, diplomats spent hours arguing over whether to “phase-out” or “phase-down” coal in the final communique of the COP26 climate change summit. Under pressure from China and India, the watered-down second choice prevailed. Still, it was good enough for the United Nations to proclaim that the dirtiest fuel was being “consigned to history.” Nothing is further from reality. ...

  With UK retail price inflation over 7%, there is clear justification for the Bank of England’s monetary policy committee to deliver a second consecutive interest rate hike to 0.50% at its upcoming meeting on February 3. Sadly for the average person, it is more likely to be felt in higher borrowing costs than actually securing anything much above zero ...

  For more than a year, an egalitarian narrative dominated the discussion about US wages. Lower income workers were seeing the biggest pay increases while gains for better-paid employees lagged behind. But the quarterly results posted by banks last week may upend the dialogue. The five biggest American banks boosted compensation by 15% last year, more than twice as much ...