Martin Hutchinson covers emerging markets and economic policy, drawing on 25 years of experience as an international merchant banker. He ran derivatives platforms for two European banks, before serving as director of a Spanish venture capital company, advisor to the Korean conglomerate Sunkyong and chairman of a US modular building company. In Zagreb he established the Croatian debt capital markets and set up the corporate finance operations of Privredna Banka Zagreb. Since 2000 he has been a financial journalist, and is the author of "Great Conservatives," a book on British political history. He has a first class Honours degree in Mathematics from Trinity College, Cambridge and a Harvard MBA.
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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.
Friday’s report leaves the U.S. with 666,000 fewer working citizens than in early 2008. Yet the stock market hit a record on Thursday, five years after its nadir. It’s a reminder that America’s recovery has so far benefited Main Street a lot less than it has helped Wall Street.
Pemex’s quarterly pre-tax profit dropped 30 pct to $10 bln, but the energy giant had to pay $16 bln in government levies. Investment and production predictably suffered. President Peña Nieto’s revenue-raising reforms and plans to let in foreign cash can’t be enacted too soon.
- U.S. is minimum-wage laggard given its prosperity
- Outside investors in Mexico will want results soon
- At least Venezuela's unrest is simply economics
- Nigeria's oil scandal may yet help it emerge
- NAFTA's three heads could haggle better than one
- Argentina takes painful stab at economic reality
- Yellen picks and chooses from Fed's dual mandate