November, 2017

• 12 November

  Aussie lawmaker resigns over dual-citizenship fiasco

  

  Bloomberg One of Australian Prime Minister Malcolm Turnbull’s lawmakers resigned from parliament, saying he may be a dual citizen, leaving the government at least temporarily in minority status. John Alexander, speaking to reporters, said it’s possible he also holds British citizenship through his father. “Therefore it is my obligation that I must resign,” the 66-year-old said in Sydney. The citizenship …

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• 12 November

  Report says 40 MPs signal no confidence in May

  

  Bloomberg Embattled UK Prime Minister Theresa May faced a fresh challenge as the Sunday Times said 40 Conservative members of Parliament, nearly enough to trigger action, have agreed to sign a letter of no confidence in her. May’s opponents are now eight lawmakers short of what’s needed for a leadership challenge, the newspaper said, citing people with knowledge of the …

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• 12 November

  The radiating mischief of protectionism

  

  What a tangled web we weave when first we practice to deceive ourselves into believing that corporate welfare can be seemly. Consider the caper, both amusing and depressing, that began when mighty Boeing sought protection behind the skirts of the US Department of Commerce. Boeing, America’s 39th largest corporation by market capitalisation (over $150 billion) and 24th by revenues ($94.6 …

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• 12 November

  Beijing could fell Hong Kong’s bull market in one swoop

  

  Chinese investors are piling into Hong Kong stocks again, but they’re being choosy, treating two peas from the same pod in different ways. Mainland investors have snapped up some $2.5 billion of shares in Industrial & Commercial Bank of China Ltd. over the past two weeks, Shanghai-Hong Kong connect data show, helping to push the lender’s stock in the city …

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• 12 November

  Equifax’s core results prove hack-proof

  Soon after Equifax Inc. disclosed in early September that a data breach had exposed the private financial information of 145 million Americans, some advocated that the credit-reporting agency be shut down. At the very least, many thought, it would suffer some financial repercussions. Instead, Equifax reported its second-best quarter ever based on sales and its preferred measure of profits. In …

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• 12 November

  China banks need more than ‘for sale’ signs

  In a surprise announcement, the Chinese Ministry of Finance declared that it will henceforth allow foreigners to own Chinese banks outright and gain majority stakes in insurance and securities firms. While dramatic, this isn’t China’s first effort to open up its economy to outside expertise and competition. If they want this one to succeed, officials will need to do more …

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• 12 November

  Trump’s $250bn China haul is big number, little substance

  

  The headline number is impressive: A quarter-trillion dollars worth of deals from China that President Donald Trump can use to show he’s creating opportunities for US businesses and jobs for his base. The reality, however, is that the roughly 15 agreements unveiled on Thursday are mostly non-binding memorandums of understanding and could take years to materialize—if they do at all. …

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• 12 November

  Murdochs have a $25bn reason to break up Fox

  

  What does the fox say? I’m still not sure. But I do know what Fox sees: a lot of money hiding, to the tune of $25 billion. Earlier this week came shocking news that the Murdoch media magnates had discussed selling a majority of 21st Century Fox Inc.’s assets to Walt Disney Co. — yes, to the owner of ABC …

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• 12 November

  Social media has failed its self-driving test

  

  The big problem with artificial intelligence right now isn’t that it’s taking over; it’s that it’s being entrusted with serious tasks with real-world consequences before it works properly. It’s the equivalent of letting self-driving cars operate in a city without lane markings. A viral post published on Medium by artist James Bridle is the latest case in point. Bridle took …

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• 12 November

  Bond traders brace for inflation data that could rattle the Fed

  

  Bloomberg In the eyes of Morgan Stanley, bond traders would be wise to remember November 15. That’s when the Labor Department releases October inflation data, the final reading of the consumer price index before the Federal Open Market Committee begins its two-day meeting next month. Officials are widely expected to raise interest rates again, with the market pricing in a …

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