Which part of the US wealth distribution saw its net worth rise the fastest over the past year, five years and decade? No, not the top 1%, according to the distributional financial accounts published last month by the Federal Reserve. The rich had a great run, but they didn’t even come close to the percentage gains in real wealth seen ...

The almost theatrical massing of Russian troops on the Ukrainian border in recent days, which some researchers have described as the heaviest since 2015, brings home to Western leaders an uncomfortable truth: If Russia had the appetite for a major military operation, Ukraine would be at its mercy. Putin the opportunist, who seized a moment of confusion in 2014 to ...

Bloomberg Decades after being unshackled from government control, many of Europe’s largest airlines are being forced back into the arms of states by the pandemic. With air travel still showing no signs of recovery in the region, the carriers may have to contend with their saviours as powerful shareholders for some time to come. Air France-KLM became the latest to ...

Bloomberg Levi Strauss & Co shares reached their highest ever since going public after the denim maker projected a sales boost in the first half of the year. The company joins a group of retailers that expect shoppers to spend more freely as 2021 progresses. The San Francisco-based company said it sees net revenue increasing 24% to 25% in the ...

Bloomberg America’s biggest meat company opened its first new poultry plant in 25 years after the pandemic gave grocery-store sales of chicken a boost. Tyson Foods Inc’s $425 million plant in Humboldt, Tennessee, is starting production of the retail products this month, and the company expects to employ 1,500 people at the facility by 2023, according to a statement. While ...

Bloomberg Swiss watchmakers are still churning out too many timepieces despite production cuts following a Covid-induced sales slump, according to the head of Hermes International’s horology unit. Brands including Hermes, Rolex and Audemars Piguet temporarily halted production last year amid the pandemic, which helped ease a supply glut somewhat. Still, some producers are failing to address the issue, Laurent Dordet, ...

Bloomberg Russia warned that growing violence in Ukraine could set off a broader military conflict, brushing off German Chancellor Angela Merkel’s call to pull back troops massed near the border. “The escalation of tensions in the southeast of Ukraine justifies the measures Russia is taking,” Kremlin spokesman Dmitry Peskov said on a conference call, referring to the military buildup. “The ...

Bloomberg China’s ambassador to the US called for the two countries to take history as a guide to solve the disputes, in an apparent attempt to cool rising tensions between both nations. The two sides should carry forward the spirit of Ping-Pong diplomacy and seek common ground, Ambassador Cui Tiankai said in a recorded speech. He was speaking at an ...

Bloomberg The State Department restored rules governing officials’ contacts with Taiwan that were lifted in the Trump administration’s final days, but said the new version eased unneeded restrictions as the US looks to counter increasing encroachment by China on the island’s sovereignty. The new guidance “underscores Taiwan is a vibrant democracy and an important security and economic partner that is ...

Bloomberg The Pentagon announced plans to crack down on extremism in the ranks with new regulations, screening and training after troops and veterans participated in the January 6 attack on the US Capitol. Defense Secretary Lloyd Austin ordered a working group to rewrite the definition of prohibited extremist activity in the military, update questionnaires on past activity for new recruits ...