Justin Fox Twenty-nine years ago, historian Paul Kennedy coined the term “imperial overstretch” to describe what happens to great powers when their global commitments become too expensive to sustain. He also suggested that the US, which at the time was in the midst of a defense-spending boom under Ronald Reagan, might be overstretching things a bit. A lot of ...

  On Tuesday, the arbitral tribunal issued a much-anticipated ruling in the Philippines’ South China Sea case against China. The tribunal ruled overwhelmingly in favor of Manila, determining that the extent of several major elements of Beijing’s claim and its efforts to enforce it were unlawful. While the ruling itself was quite clear and decisive, its implications are much less ...

  Bloomberg The Bank of England left its key interest rate at a record low and signaled it’s readying stimulus for August as the economy reels from Britain’s decision to quit the European Union. The nine-member Monetary Policy Committee, led by Governor Mark Carney, voted 8-1 to keep the benchmark at 0.5 percent, with only Gertjan Vlieghe saying the outlook ...

  Bloomberg New Zealand’s central bank said it will issue an unscheduled assessment of the economy next week, prompting traders to increase bets on an interest-rate cut in August. The assessment, which will be published on July 21 and won’t include a review of the official cash rate, is being made because of a longer-than-usual period between policy decisions, the ...

  Bloomberg The US economy expanded at a modest pace since mid-May amid “slight” price pressures and some softening in consumer spending, according to a report from the Federal Reserve’s 12 districts that lacked any sense of urgency on the need to raise interest rates soon. “The outlook was generally positive across broad segments of the economy including retail sales, ...

  BLOOMBERG Indonesia’s Islamic bond yields have fallen faster than Malaysia’s in the past three months, as the nation’s higher-yielding notes do better at attracting investors fleeing plunging rates in the developed world. Yields on rupiah sukuk due 2019 slid 39 basis points in the period, compared with 26 basis points for equivalent paper in Malaysia. Indonesia’s three-year Islamic bonds ...

  Bloomberg UBS Group AG and Bank of America Merrill Lynch stand atop the private-banking industry, managing more than US$3 trillion for the world’s wealthiest people even as assets slid. The private bank at Zurich-based UBS oversaw US$1.74 trillion at the end of 2015, compared with US$1.75 trillion a year earlier, according to an annual study by London-based consulting firm ...

  Bloomberg Burberry Group Plc, the UK luxury-goods maker that shook up its top management ranks earlier this week, reported revenue that slightly beat analysts’ estimates as shoppers in the UK stepped up purchases of rucksacks and trenchcoats in the final weeks of June. First-quarter retail revenue was little changed at £423 million ($563 million) in the three months through ...

  Bloomberg EgyptAir, seeking to overcome slumping tourist numbers and the impact of a fatal jetliner crash, revealed an order for nine Boeing Co. single-aisle jets and said it plans to buy more planes to aid its recovery. The Mideast carrier, disclosed as the buyer of the 737-800 aircraft valued at $864 million and entered into Boeing’s books some months ...

  Bloomberg Wells Fargo & Co.’s head of community banking, Carrie Tolstedt, will retire from the firm at the end of July. Tolstedt, 56, who led the retail-bank unit, will be succeeded on July 31 by Mary Mack, who oversees the retail brokerage, San Francisco-based Wells Fargo said this week in a statement. Tolstedt had joined a Wells Fargo predecessor ...