Bloomberg Austria’s president called on Sebastian Kurz, the 31-year-old likely to be the country’s next leader, to form a government committed to the European Union and human rights as he considers the nationalist Freedom Party as a potential partner. As President Alexander Van der Bellen mandated Kurz and his People’s Party to begin coalition talks, his comments hinted at the ...
Read More »N Korea’s cyber army
It turns out that North Korea isn’t just a nuclear threat. It’s also a cyberthreat, and in some ways, this may be more frightening. Launched largely anonymously, cyberattacks can cripple essential infrastructure — power grids, financial networks, transportation systems — and inflict social disorder and political anarchy. Immediate retaliation is difficult. All this now seems plausible. Until recently, cybersecurity experts ...
Read More »Why India’s stellar exports may not be a tax dodge
The big lesson for emerging markets from the taper crisis of 2013 was this: Don’t go into a US tightening cycle without your exporters bringing home truckloads of dollars. That’s why the most recent trade figures from India are both important and encouraging. Clubbed together with Indonesia, Turkey, Russia and South Africa on Morgan Stanley’s “Fragile Five†list four summers ...
Read More »Europe takes a backward step on banking union
As part of its plan to complete the euro zone’s so-called banking union, the European Commission has presented a new proposal for collectively insuring bank deposits. Such a scheme is badly needed — but the new idea falls short. By leaving too much risk with national governments, it fails to address a critical weakness of the system. The commission is ...
Read More »Trump might wreck NAFTA, believe him
President Donald Trump has been attacking trade for months, but believers in the value of international competition have drawn comfort from his reputation for empty talk and record of non-accomplishment. That record, along with a trade pact that has served the US economy well for decades, may be about to end. Talks on revising the North American Free Trade Agreement ...
Read More »On abortion, Democrats show their cultural extremism
What would America’s abortion policy be if the number of months in the gestation of a human infant were a prime number — say, seven or eleven? This thought experiment is germane to why the abortion issue has been politically toxic, and points to a path toward a less bitter debate. The House of Representatives has for a third time ...
Read More »Xi hooks markets on China deleveraging myth
So what if there’s a lot of China debt out there, and the pile just keeps getting bigger? Investors, at least, appear not to care. As President Xi Jinping prepares for a second five-year term, he’s already managed to convince markets that China’s deleveraging train has left the station — never mind that there’s no evidence state-owned enterprises have even ...
Read More »Watch out, authoritarian cryptocurrencies are coming
With Russia and China both embracing the idea of sovereign cryptocurrencies, it’s time to ask a simple question: Why is a technology threatening to decentralize money so attractive to highly centralized, authoritarian regimes? Last weekend, Argumenti i Fakti, a pro-government newspaper, quoted Russian communication minister Nikolai Nikiforov as saying president Vladimir Putin had ordered the swift launching of a “crypto-ruble.†...
Read More »Foxconn, IDG seek $1.5bn to fund auto-tech startups
Bloomberg Foxconn Technology Group and venture firm IDG Capital are seeking to raise a 10 billion yuan ($1.5 billion) fund to seed startups in automotive technologies from self-driving AI to battery development, according to a presentation for investors. Foxconn and IDG initiated talks with government-backed funds, financial institutions and financiers several months back, according to a document presented to potential ...
Read More »Sidewalk, Waterfront Toronto to build digital city in Canada
Bloomberg Alphabet Inc.’s autonomous vehicle technology will be a big part of its Toronto project to make urban life more Googley. Sidewalk Labs LLC, a unit of Google parent Alphabet, and Waterfront Toronto unveiled plans to build a digital district in Canada’s largest city. Sidewalk’s official plans filed with the city and released include visions of all sorts of robotic ...
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