When President Donald Trump entered office, it was clear that policies boosting energy production would take precedence over those protecting the environment. The administration’s 2019 budget and its addendum proposed sweeping rollbacks to programs designed to limit environmental pollution and mitigate the effects of climate change, while slashing funds devoted to research on renewable energy. Yet despite this setback, these ...

My first graduate microeconomics class didn’t start with any grand theories or mathematical proofs. It started with a demonstration. The professor marched us down to a computer lab, divided us into groups of six, and had us participate in a simulated market. Amazingly, the price of the virtual commodity we were trading quickly converged to a single value and stayed ...

Banking regulators, and the lawmakers who set regulations, would make terrible comedians. Their timing is almost always way off. The most notorious example is the regulatory “streamlining” that Treasury Secretary Henry Paulson proposed in March 2008 after the financial crisis had essentially already started. But there are others, like the 2004 switch that allowed broker-dealers to pile up debt. There ...

Travis Kalanick, the Uber founder, has set up a fund to invest in companies involved in ‘large-scale job creation.’ That would seem to be right up his alley: Uber has created lots of jobs. The question, though, is whether they are the kind of jobs that benefit society or, in the final analysis, their holders. A recent academic argument advances ...

Bloomberg JPMorgan Chase & Co. sees initial public offerings and M&A driving Middle East deals this year in what the US bank expects to be its busiest in the region. Private sector mergers and state sell-offs as part of privatisation plans will accelerate, while corporate bond sales are also likely to rise, Sjoerd Leenart, the bank’s global head of corporate ...

Bloomberg UBS Group AG boosted Chief Executive Officer Sergio Ermotti’s pay and increased the bank’s bonus pool by about 6 percent after underlying profit rose. The Zurich-based lender boosted the bonus pool for 2017 to 3.1 billion Swiss francs ($3.3 billion), according to its annual report. Ermotti remains the highest-paid executive, earning 14.2 million francs, up from the 13.7 million ...

Bloomberg Just because China’s financial regulators are cracking down on cryptocurrencies doesn’t mean they’re souring on the idea of digital money. People’s Bank of China Governor Zhou Xiaochuan made that clear at a press conference in Beijing, saying physical cash may one day become obsolete. Zhou said the PBOC is looking into digital currencies as it pursues faster, cheaper and ...

Bloomberg The Bank of Canada released an upbeat assessment of the country’s economic expansion, but reiterated the central bank will remain cautious as it seeks to bring interest rates back up to more normal levels. The outlook was delivered in a speech by Deputy Governor Tim Lane, a day after an interest-rate decision where the central bank left borrowing costs ...

Bloomberg Finland is promising it won’t add to the list of financial regulations facing Nordea Bank AB as the lender prepares to move its headquarters to the northernmost euro member. The pledge, made by Finance Minister Petteri Orpo, comes a week before shareholders in Nordea vote on its proposal to relocate from Stockholm. The largest Nordic lender, which has been ...

Bloomberg Costco Wholesale Corp. will push suppliers to lower prices on everything from steaks to televisions, aiming to keep customers away from rivals like Amazon.com Inc. The warehouse-club chain wants vendors to shoulder a greater part of the cost of limited-time promotions for its 50 million members. The company is also introducing more products under its Kirkland Signature brand, such ...