How much is a child’s future success determined by innate intelligence? Economist James Heckman says it’s not what people think. He likes to ask educated non-scientists — especially politicians and policy makers — how much of the difference between people’s incomes can be tied to IQ. Most guess around 25 percent, even 50 percent, he says. But the data ...

  Bloomberg When you think of Singapore Airlines Ltd., visions appear of cushy premium cabins and bespoke leather seats. It’s all that, yes. But the luxury carrier is working hard to diversify with budget airlines under its corporate banner. It owns low-cost carrier Scoot; 49 percent of Vistara, a joint venture in India with Tata Sons Ltd.; and NokScoot, a ...

  Bloomberg Consumer spending in the US rose less than forecast in November as after-tax incomes adjusted for inflation declined for the first time since October 2013. Purchases increased 0.2 percent after rising a revised 0.4 percent in October, Commerce Department figures show. The median forecast in a Bloomberg survey called for a 0.3 percent advance. Real disposable income, or ...

  Bloomberg Data on depression rates among pilots have been hard to come by, but a new study that surveyed active pilots found that nearly 13 percent met the threshold for depression — and about a third as many reported having suicidal thoughts. Why it matters: The 2015 crash of Germanwings Flight 9525, which was caused intentionally by a co-pilot ...

  Bloomberg Relief that Deutsche Bank AG and Credit Suisse Group AG cleared legal hurdles is likely to soon give way to concern over a bigger problem: European lenders are still struggling to make money. While the combined $12.5 billion in settlements the two agreed to pay to resolve US investigations into sales of toxic debt put one dispute behind ...

  Reuters Commerzbank has told customers in the Gulf it will no longer process their transactions in euros, four Gulf banking sources say, joining other big banks that cut such services after being fined for dealings with Iran. Major US and European peers have been tightening risk controls in the region after US regulators imposed billions of dollars of penalties ...

  Tehran / AFP Iran’s currency plumbed new lows against the dollar on Sunday, continuing a six-month decline that has seen the rial lose some 19 percent of its value despite the lifting of sanctions. The rial was trading at 41,300 to the dollar, down from 34,600 in June — widening the gap with the official government rate which remains ...

  Bloomberg China’s roaring bond engine is stalling heading into the New Year, posing a quandary for policy makers as they try to curb leverage while keeping economic growth on track. Bond issuance in December by Chinese companies and banks is 80 billion yuan ($11.5 billion) less than the amount of notes they must repay this month, data combined by ...

  Bloomberg In the dying breaths of the year, the commodity price plunge claimed its latest victims as three energy companies outlined bankruptcy filing plans. Forbes Energy Services Ltd., Bonanza Creek Energy Inc. and Memorial Production Partners LP will use the US courts to restructure their borrowings, each said in regulatory filings. Bonanza and Memorial will give current shareholders some ...

  Cairo / AFP Egypt targets a five percent economic growth rate in the year to June 2018, the finance ministry said on Sunday as the government seeks to revive an economy. Egyptian authorities have battled high unemployment, inflation and a collapse in tourism income since the 2011 uprising that toppled former president Hosni Mubarak. President Abdel Fattah al-Sisi vowed ...