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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Another default arguably might not make things immediately worse. But it would set back recent efforts to curry favor with international financiers. With maybe $300 bln needed to develop shale oil and gas alone, swallowing national pride and ponying up $15 bln look worth it.
Profits are at record levels, yet capital outlays are only middling as a fraction of GDP. Even that’s an improvement. Capacity isn’t yet stretched, so a surge in investment is unlikely. Besides, bosses know that, right or wrong, stock buybacks and mergers impress investors more.
The Mexican billionaire wants to combine fewer weekly hours with longer working lives. That plan would waste the competence of the relatively young, while leaving many older workers with the wrong skills. Enhanced mid-life education would be a better use of leisure time.
- Debt boom augurs ill for fragile African economies
- Venezuela's economy sadly resembling North Korea
- Global investors can help avoid another 1914
- Five years is a long time for U.S. economy
- Target for fixing Argentine bond mess looks small
- Central bank stock buys give investors new worries
- U.S. economy looks nearer top than middle