Features

Cannabis industry shops for a suit and tie

16 November 2018

Money is pouring into weed as valuations rise and legal barriers fall – nudged further by recent U.S. election results. Companies like Canopy, Aurora and MedMen are starting to take on a veneer of acceptability. That doesn’t make them good investments, but it’s progress.

Review: New tech brings golden age of media

16 November 2018

The internet has provided ample fodder for the endless debate over culture versus commerce. In “Digital Renaissance,” business professor Joel Waldfogel says consumers have more good music, movies and television shows than ever to choose from, and haven’t bankrupted industry.

EU tech’s unholy alliance takes shape in Lisbon

12 November 2018

Europe is tackling the deficiencies that made it a digital also-ran, like lack of talent and funding. Yet vast data hoards and market share still give U.S. giants like Google a massive advantage. Policymakers at last week’s Web Summit in Portugal seemed eager to close the gap.

Review: Why too much banking can hurt

9 November 2018

In African nations and elsewhere, excessive mineral wealth has imposed costs on ordinary people. Nicholas Shaxson argues that banking and financial markets can also be too much of a good thing. Read past the occasional harangue, and “The Finance Curse” makes an intriguing case.

Breakdown: China’s stimulus 2.0 is a trickier trade

5 November 2018

Beijing is trying to warm a cooling economy with easier money, lower taxes and some $200 bln of infrastructure bonds. A bad debt hangover from the last building spree dilutes the impact of spending, however. This time around, there may be less for investors to get excited about.

Review: How banks helped cause the housing crisis

2 November 2018

Why are homes so unaffordable in big Western cities? Josh Ryan-Collins blames decades of excessive mortgage lending rather than paltry building rates or planning rules. That’s depressing for millennials: the logical fixes are a much harder sell than just building more houses.

U.S. vote could put Wall St, Big Tech in same boat

1 November 2018

Polls give Democrats a good shot at taking control of the U.S. House in next week’s elections. That would mean more scrutiny for big banks like Wells Fargo and Silicon Valley titans. Tension with the White House would rise, but mortgage agency reform may spur rare bipartisanship.

Review: Howard Marks wants you to calm down

26 October 2018

Writing has always been therapy for the Oaktree founder, helping him work out his views. Now he’s putting investors on the couch. In “Mastering the Market Cycle,” he urges readers to buck the tides of emotion that drive booms and busts. He could hardly have timed it better.

Khashoggi showcases moral trilemma of big business

26 October 2018

Total sent its CEO to Riyadh for Saudi’s flagship conference despite its role in a Saudi journalist’s death. HSBC fielded a big team, too. Firms strive to be larger, profitable and ethical, but often only achieve the first two. Profit’s lead over ethics appears to be narrowing.

Breakdown: Libor habit is hard and costly to kick

23 October 2018

Over $300 trillion of financial contracts are linked to discredited benchmark interest rates. Switching to new ones could disrupt economies as well as markets. It will take a lot of money, time, and willingness to reconcile conflicting interests to avoid bad withdrawal symptoms.