Noah Smith One of the core pieces of modern macroeconomic theory, handed down to us by the great Milton Friedman, probably missed the mark. And now it might be on the way out. And this shift has big implications for how we think about economic policy and finance. The idea is called the permanent income hypothesis (PIH). Friedman first ...

  London / AFP European and Japanese shares rallied on Wednesday after Tokyo launched a massive stimulus package, with sentiment buoyed also by accelerating British economic growth and upbeat company results. Traders were meanwhile awaiting the US Federal Reserve’s latest interest rate decision and accompanying statement. London stocks rose 0.5 percent as data showed the British economy grew by 0.6 ...

  Bloomberg Emerging-market stocks rose toward the highest level since China’s currency devaluation last year, while volatility fell to an 11-year low, on optimism earnings are improving and central banks remain supportive of growth. Egyptian stocks rallied the most in the world after the government said it’s nearing the final stages of talks for an International Monetary Fund loan. Turkey’s ...

  Abu Dhabi / WAM Solar Impulse 2 returned safely to Abu Dhabi on Tuesday morning to successfully complete its historic round the world flight without using a drop of fuel. The first aircraft to circumnavigate the globe using only solar power, Solar Impulse 2 touched down at 04:05 to a rapturous reception at Al Bateen Executive Airport in the UAE ...

  Vienna / WAM The Director-General of the OPEC Fund for International Development (OFID), Suleiman J Al-Herbish, and the Egyptian Minister of International Cooperation, Dr Sahar Nasr, have signed a US$40 million loan agreement to support small enterprises amongst marginalized groups in the country. The OFID loan will finance a second phase of the Social Development Fund (SFD) lending program. SFD ...

  Emirates Business Etihad Airways on Tuesday officially opened its new First and Business Class Lounge within the Tom Bradley International Terminal at Los Angeles International Airport (LAX). Building on a growing global reputation for product innovation and development, the lounge reflects a commitment to delivering exceptional hospitality experiences for First and Business Class guests departing on Etihad Airways’ daily ...

Abu Dhabi / Emirates Business Abu Dhabi Department of Economic Development (ADDED) closed 43 commercial establishments in Abu Dhabi and Al Ain in the first half of this year as they violated regulations of practicing commercial activity as per Law No. 02 of 2009 establishing ADDED, and Resolution No. 25 on regulating commercial activities and issuing commercial licenses. Mohamed Munif ...

  DUBAI/ WAM As part of its sustained drive to improve social security and enhance the role in sustainable development of endowments and waqf, an endowment made by a Muslim to a religious, educational, or charitable cause, the Awqaf and Minors Affairs Foundation, AMAF, handed over a cheque for AED400,000 to Dubai Police. The humanitarian initiative has dedicated a sum of ...

  Abu Dhabi / WAM In an effort to jumpstart its Glass recycling initiative the Emirates Environmental Group is delighted to share with the community that its Glass collection campaign is back in full force after a gap of 10 months. Recycling is a value that EEG has been sharing with the community for over two decades. Having multiple benefits of ...

  Sagamihara / AFP A former employee went on knife rampage at a Japanese centre for the disabled on Tuesday, leaving 19 people dead and 25 injured in the country’s worst mass killing for decades. The 26-year-old man, who was fired and hospitalised earlier this year after making a threat to kill hundreds of disabled people, later turned himself in ...