There’s no question that mainstream academic macroeconomics failed pretty spectacularly in 2008. It didn’t just fail to predict the crisis — most models, including Nobel Prize-winning ones, didn’t even admit the possibility of a crisis. The vast majority of theories didn’t even include a financial sector. And in the deep, long recession that followed, mainstream macro theory failed to …

  Mac Margolis I have a confession: The other day I went sailing in Rio de Janeiro. I took the whole family, in fact, on a blustery, pre-Olympic afternoon. And we enjoyed it. There were no shoals of garbage, no bodies bobbing in brine, as so many alarming pre-Olympic dispatches have warned. True, my daughter didn’t feel so well, but …

  Abu Dhabi / Emirates Business Abu Dhabi National Insurance Company (ADNIC) announced on Tuesday its financial results for the first six months ended on June 30. The Company reported a net profit of AED 107.4 million for this period, a significant growth over the same period of last year. The company’s net technical profit contributed AED 59.9 million towards …

  Abu Dhabi / WAM The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) and Financial Services Board (FSB) of the Republic of South Africa, have signed a Memorandum of Understanding to enable greater collaboration on regulatory matters and facilitate the exchange of information to promote the robustness and maintain the integrity of the financial industries in both …

  Abu Dhabi / WAM The National Media Council is running a “Second-Tier Leadership Development Programme” for about twenty employees working in supervisory roles. In his opening speech at the intensive training course in Abu Dhabi, Mansour Al Mansouri, Acting Director-General of the National Media Council, highlighted the importance of investing in the human factor, which, he said, is the pillar …

  Dubai / Emirates Business Yahsat, the UAE-based satellite operator, on Tuesday announced that it has signed an agreement with a new service partner, Pak Datacom Limited, to provide its satellite broadband service, YahClick, to more users across Pakistan. Since its launch in Pakistan, in 2015, YahClick has been connecting individuals and businesses across both urban and rural areas. The …

  Abu Dhabi / WAM Abu Dhabi Gas Industries Limited (GASCO), an ADNOC operating company, has taken delivery of its first Floating Storage and Regasification Unit (FSRU) from Excelerate Energy, a leader in floating LNG regasification solutions. The FSRU will enhance GASCO’s capabilities to supply gas throughout its UAE network, adding 500 million standard cubic feet of gas per day to …

  Dubai / Emirates Business The Ministry of Climate Change and Environment will host a Youth Circle on August 11 under the title ‘Climate Change and Sustainability is Our Shared Responsibility’. The event is part of the Youth Circles initiative launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler …

  Bloomberg Randstad Holding NV agreed to pay $429 million for jobs site Monster Worldwide Inc., one of the first e-commerce companies to go public in the 1990s at the dawn of the Internet era. Randstad will acquire Weston, Massachusetts-based Monster for $3.40 a share in cash, the companies said in a statement on Tuesday. That’s 23 percent above Monster’s …

  London / AFP British company bosses won pay hikes of ten percent last year, creating a growing wages gap as workers faced restraint, a study showed recently. The average pay package of a FTSE 100 chief executive rose to £5.48 million ($7.12 million, 6.46 million euros) in 2015, from £4.96 million in 2014, according to research from the High …