The single-horned stallions have made the leap from legend to run free through Silicon Valley, New York, London and the plains of Israel. The term unicorn is now used to describe the most successful startups. In a different and unintended sense, the trope couldn’t be more apt.
Between 1913 and 1950 poor countries made much bigger gains in welfare than in GDP. Credit the colonial regimes’ belated efforts to spread medical know-how and education. Colonies are gone, but this type of knowledge transfer is still the best way to help the world’s poor.
Central banks’ long-range rate forecasts prod excessive financial risk-taking and may slow necessary tightening, says the Bank for International Settlements. Forward guidance fails the risk-reward test. Although the BIS didn’t say it, the policy just doesn’t stack up.
It’s not AOL/Time Warner, but when it comes to fresh fruit, the $1 bln merger of Fyffes and Chiquita is big bananas. Dublin tax rates will help the new company, as will logistical savings. The biggest potential banana skin is antitrust concern.
The maverick outfit has sown upheaval in French telecoms. Now it is reaping the rewards. Either rival Bouygues buys Vivendi’s SFR, and sells assets to Iliad to preserve competition. Or cable rival Numericable buys SFR - which could push Bouygues Telecom itself into Iliad’s arms.
A banking union wasn’t strictly needed to solve the euro zone’s problems and what has been agreed isn’t even what the designers wanted. That said, with a few changes, it could be turned into something that is fit for purpose.
The 20 pct slide in the gas giant’s shares during the Kiev-Moscow spat looks like an overreaction. Gazprom has become less reliant on Ukraine as a transit point. Its valuation reflects its status as a Kremlin tool. A chillier investment climate in Russia is a bigger threat.