Central banks and cryptocurrencies seem to come from different planets. While monetary authorities are the guardians of price and financial stability, the likes of bitcoin and ethereum have ignited a speculative frenzy mirroring the tulip mania of the 17th century. Yet, from Singapore to Sweden, central bankers are taking a close interest in digital currencies. They are right to do ...

Now that the US Federal Communications Commission has killed net neutrality, what happens next — assuming appeals fail — depends on the economic incentives for internet service providers. These incentives make it unlikely that there will be significant changes to the user’s experience. In at least two ways, the internet in the US wasn’t completely neutral even while the 2015 ...

Bloomberg Mario Draghi stopped short of declaring that the European Central Bank will meet its inflation goal in 2020, signalling that the euro-area economy isn’t yet strong enough to warrant weaning off monetary stimulus. The ECB president unveiled updated economic projections that showed continued gro- wth over the next three years but only slowly improving consumer-price gains. Inflation will average ...

Bloomberg Big euro-area lenders face a choice; clean up the complicated corporate structures that make them difficult to wind down in a crisis, or watch Elke Koenig do it for them. Koenig, head of the Brussels-based Single Resolution Board, said in an interview that streamlining banks’ architecture and ensuring they can fund their own demise without taxpayers’ help will be ...

Bloomberg Bank of England policy makers said the breakthrough in Brexit negotiations this month could prove to be positive for the UK economy, which has lagged behind many of its international peers this year. Having long been criticised for being overly negative on the fallout from Brexit, the lat- est commentary from the central bank noted the recent progress in ...

Bloomberg Bank of Canada Governor Stephen Poloz said policy caution and uncertainties around the economic outlook remain prominent in the central bank’s thinking, even as an economy running close to capacity increases the likelihood rates will eventually rise. Poloz used his last speech of the year to highlight three subjects he called “slower-moving, nagging issues” that keep him up at ...

Bloomberg UBS Group AG’s head trader for commercial mortgage-backed securities denied claims of trying to influence research reports published by the Swiss bank’s former senior strategist for CMBS products. David McNamara, 49, testified at a trial brought by former CMBS strategist Trevor Murray, who says UBS illegally fired him in February 2012 for blowing the whistle on alleged attempts to ...

Bloomberg Ryanair Holdings Plc pilots got an unexpected Christmas present when Europe’s biggest low-cost carrier agreed to recognise their labour unions. Investors are the ones paying for it. The move, which CEO Michael O’Leary had previously said wouldn’t happen before “hell would freeze over,” was aimed at averting the first-ever walkout by employees. Ryanair stock fell as shareholders digested the ...

Bloomberg Unilever agreed to sell its margarine and spreads business to KKR & Co. for $8.1 billion, ridding the Anglo-Dutch consumer-goods giant of one of its worst-performing units as it focusses on faster-growing food and personal-care niches. The private equity firm’s purchase of the division, whose brands include Flora and I Can’t Believe It’s Not Butter!, is the biggest leveraged ...

Bloomberg The Trump administration is considering blocking planned sales by Boeing Co., Airbus SE and General Electric Co. to Iran, as the president reconsiders the 2015 deal to curb the Islamic Republic’s nuclear programme, a person familiar with the matter said. No recommendation has yet been made to President Donald Trump and his administration is also considering letting the sales ...