David Davis, the U.K.’s new Secretary of State for Exiting the European Union, made a statement to the House of Commons this week on the meaning of “Brexit means Brexit.†Commentators were roundly unimpressed. If I may be allowed to say, their apparent determination to be unimpressed is beginning to grate. To be sure, the complaints were partly justified: ...
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September, 2016
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8 September
EU fiscal stimulus is just a rule change away
The European Central Bank is expected to extend its quantitative easing program further during the meeting of its governing council this week. The irony is that while the ECB has various options for continuing a program that isn’t working, national governments have relatively few options for embarking on one that most agree is sorely needed. As Mario Draghi and ...
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8 September
As new space age dawns, China and US must cooperate
When NASA officials recently dropped in on their counterparts in Beijing, they arrived in secret, issued no press release and, when queried by a reporter, initially didn’t acknowledge the meeting. The topic of such furtive talks? The two sides merely hoped to work together on climate satellites. As it happens, doing so may well be illegal. Since 2011, Congress ...
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8 September
Ocean economy needs urgent protection
Small low-lying islands are vulnerable even to mild climate swings. The monster of global warming is posing an existential threat to them. The annual regional summit of 16-nation Pacific Islands Forum (PIF), which kicked off on Thursday, saw an upbeat start despite the clouds of uncertainty hovering over these countries. Reason behind the euphoria: They felt that they had ...
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8 September
You’ll miss what you don’t use on the new iPhone
You’ve probably been thinking to yourself, “Gee, I wish I couldn’t charge my phone while also listening to music.†Or perhaps, “Gosh, if only my headphones were more expensive, easier to lose and required frequent charging.†If so, you’re in luck. Apple’s newest iPhone, unveiled on Wednesday, lacks the familiar 3.5-millimeter headphone jack. You can listen to music through the ...
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8 September
Obama’s pivot to Asia has failed to deter China
It is tragic and fitting that President Barack Obama’s latest failure to reach a cease-fire in Syria would take place at Hangzhou, China, on the sidelines of the G-20 summit Monday. It’s tragic because this latest diplomatic flop in Syria will mean the death toll in that civil war, already at a staggering 400,000, will grow. It’s fitting, though, because ...
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8 September
In global banking, apps and security don’t mix
The greatest bank robberies happen from the inside, Manchurian-Candidate style, where a sleeper agent infiltrates an organization and collects intelligence until it’s time to strike. Such was the case in the Bangladesh bank heist. Back in February, Bangladesh’s central bank revealed that it had fallen victim to an $81 million theft. (Actually, the Philippine Daily Inquirer broke the news ...
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8 September
ECB holds rates steady but warns of Brexit ‘uncertainties’
FRANKFURT/ AFP The European Central Bank kept its interest rates at record lows on Thursday and held fire on more economic stimulus, but warned of “uncertainties” ahead for the eurozone over the Brexit vote. Describing the ECB’s current ultra-loose monetary policy as “effective”, bank chief Mario Draghi said policymakers stood ready to take future action if needed to push ...
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8 September
‘Serious’ blow to London banks if UK quits single market: EU
FRANKFURT/ AP The EU will not allow Britain to cling to advantages for its financial industry while blocking free movement of labour in the wake of Brexit, commissioner Valdis Dombrovskis warned on Thursday. “We cannot tolerate cherry-picking,” the Brussels financial services chief told German business daily Handelsblatt. “It’s up to the British government. If it decides not only to ...
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8 September
Newest Canadian bank to woo Chinese clients
Bloomberg Canada’s newest bank aims to woo Chinese Canadians with high-interest savings accounts, term deposits and mortgages in the nation’s two hottest housing markets. Wealth One Bank of Canada wants to become the preferred bank for Canada’s Chinese community, said Chief Executive Officer Charles Lambert. The closely held lender, which has about 30 employees and started taking deposits in ...
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