“Fundamentally,” President Biden said as he nominated Jerome Powell for another four years as the world’s most powerful central banker, “we need stability and independence at the Federal Reserve.” He’s probably right about that. The problem is that the need for stability — and for avoiding shocks for the markets, and for independence — cuts across the desire to exert ...

Bloomberg Shares of India’s pioneering digital payments startup Paytm plummeted for a second day after its $2.5 billion initial public offering, marking one of the worst debuts ever by a major technology company. The stock fell about 14% after a 27% plunge in its debut Thursday, cutting its market value to about $12 billion. The drop has hit individual investors ...

Bloomberg BHP Group and Woodside Petroleum Ltd approved investment in a $12 billion Australian gas project as the companies also confirmed details of a merger to combine their energy assets. BHP agreed in August to merge its oil and gas business with Woodside to create a top 10 global energy producer. The deal, which is expected create synergies of over ...