Thirty years ago, India endured its last big financial crisis when it had to send gold held in the central bank’s vaults over to London to borrow hard currency from the Bank of England. Luckily, the flights landed safely, and so did India. The turnaround in economic thinking triggered by that balance-of-payments humiliation saw the state shed controls on production ...

According to Elizabeth Warren, economists who say that her proposed wealth tax would stifle investment and growth are “just wrong.” Leaving aside the question of whether economic projections, which by definition require assumptions about future human behaviour, can be right or wrong, it is true that her proposal has spurred a vigorous debate among economists. A lot of the points ...

America is going to have to reckon with an internet that is becoming less American. Some US lawmakers on both sides of the partisan divide have said they are worried about TikTok, the app that lets users record and share short videos or dance routines to music. The app quickly became popular in the US and some other countries, and ...

Bloomberg YouTube spent 2019 answering critics with some of the most drastic changes in its 15-year history. With each step, it gave those activists, regulators and lawmakers more reasons to attack its free-wheeling, user-generated business model. Susan Wojcicki, YouTube’s chief executive officer, announced her goals in April. “My top priority,” she wrote, “is responsibility.” Her company spent the year trying ...

Bloomberg Sony Corp is working around the clock to manufacture its in-demand image sensors, but even a 24-hour operation hasn’t been enough. For the second straight year, the Japanese company will run its chip factories constantly through the holidays to try and keep up with demand for sensors used in mobile phone cameras, according to Terushi Shimizu, the head of ...

Bloomberg Dish Network Corp’s Sling TV is gearing up for a big election news cycle, with the addition of Fox News, MSNBC and CNN’s HLN to its live TV streaming service. But the change comes with a price increase, the second since its launch almost five years ago. Subscriptions to the multiscreen Blue plan will rise to $30 a month ...

Bloomberg China’s central bank ordered lenders to adopt a new loan-pricing regime for all credit from next year, marking an end to the previous benchmark and another step towards liberalising the financial system. Financial institutions should stop using the old lending rate as the pricing reference for all credit from January, while gradually converting existing loans to a new base ...

Bloomberg President Ivan Duque named a University of Illinois-trained economist with policy-making experience to take a seat on the board of Colombia’s central bank. Arturo Jose Galindo was chief of the Inter-American Development Bank’s strategy development division. He previously worked as an economist at the Colombian central bank and as an adviser to the nation’s banking association. He will replace ...

Bloomberg The pound is set for a yearly gain against the dollar, but it may struggle to take off further in the first quarter of 2020. Sterling has recovered almost 10% since hitting an almost three-year low in September, after Prime Minister Boris Johnson’s snap election in December lifted political deadlock in Westminster. The re-elected government’s solid majority should help ...

Bloomberg India’s financial regulator predicted that an improvement in banks’ bad-loan ratios will reverse, as a slowing economy hurts borrowers’ ability to repay. In its latest Financial Stability Report, the Reserve Bank of India said soured debt at Indian lenders will rise to 9.9% of total credit by September 2020, after dropping the most in 15 years to 9.3% a ...