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There are basically four different activities that all go by the name of macroeconomics. But they actually have relatively little to do with each other. Understanding the differences between them is helpful for understanding why debates about the business cycle tend to be so confused. The first is what I call “coffee-house macro,” and it’s what you hear in a ...

WASHINGTON President Obama unintentionally damaged his legacy the other day by urging an expansion of Social Security benefits and, thereby, reminding everyone (and particularly future historians) that he failed to deal with one of the largest issues facing the country: an aging society. “It’s time we finally made Social Security more generous, and increased its benefits so that today’s retirees ...

  Opponents in Venezuela are pushing President Nicolas Maduro to the wall, accusing him of driving the oil-rich country to the brink of economic collaps. They have launched a marathon process to call a vote on ousting him from office. But Maduro is defiant as he vowed on Saturday that the government would be suing to have the referendum request ...

  Would you lend taxpayer money to Volkswagen AG, the disgraced automaker that’s worth 35 percent less than it was a year ago? How about providing financial succor to Telecom Italia, which both Moody’s Investors Service and S&P Global Ratings regard as a junk borrower unworthy of investment grade status? Those are just some of the unintended consequences of the ...

  Valérie Niquet SPECIAL TO EMIRATES BUSINESS According to Chinese Admiral Sun Jianguo at the 2016 edition of the Shangri La Dialogue, “Asia Pacific civilization blends in harmony, mutual accommodation is vibrant.” In spite of these reassuring words, the martial tone of the speech, the pursuit of Chinese land reclamations in the South China Sea, and the preemptive rejection of ...

  ABU DHABI / WAM President His Highness Sheikh Khalifa bin Zayed Al Nahyan has sent a congratulatory cable to Vladimir Putin, President of the Russian Federation, on the occasion of Russia Day. Vice President and Prime Minister and Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, and His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown ...

  DUBAI / AFP A rogue drone disrupted air traffic at Dubai International Airport for more than an hour on Saturday, said the operator of one of the world’s busiest aviation hubs. “DXB airspace was closed due to unauthorised UAV activity for 69 minutes resulting in a number of diversions,” Dubai Airports said in a statement on its Twitter account, ...

  Dubai / EMIRATES BUSINESS Zurich Global Life, Middle East & Africa (Zurich) and Simplylife from Abu Dhabi Commercial Bank (ADCB) signed a five-year strategic cooperation to market and distribute protection products through Simplylife’s distribution network in the UAE. Simplylife is a sub brand of ADCB launched two years ago and has established itself as a consumer finance brand focusing ...

  ABU DHABI / WAM The Ministry of Finance (MoF) signed a cooperation agreement with the UAE Central Bank at its premises in Abu Dhabi. The agreement aims to enhance cooperation in areas of joint work, including monetary statistics and government financial and banking information. The agreement was signed by Younis Haji Al Khoori, Under-Secretary of the MoF, and Mohammed ...

  Brussels / AFP Britain leaving the European Union would strip the bloc of a nuclear-armed global player and prove “disastrous” for its presence on the world stage, analysts say. The timing could hardly be worse, as the EU struggles with its biggest migration crisis since World War II and the continent facing a growing threat from terrorism fuelled by conflict ...