Tom joined Breakingviews’ New York office in 2016 from Institutional Investor, where he worked as international editor. Previously, he reported on European business and politics for the International Herald Tribune (now part of The New York Times) from London, Brussels and Paris. He has covered major stories from Europe, Asia and Latin America on economics, financial regulatory reform, trade, asset management and business strategy.
The social network’s poor track record on privacy makes it an unlikely creator of digital money. Yet it boasts 2.4 bln users and has enlisted some of the biggest names in tech and finance as partners. The new currency, Libra, is a bet that Facebook’s trust problems are overblown.
Airlines have turned stingy this year, ordering fewer planes from the $200 bln aerospace giant and 100 bln euro rival Airbus. Boeing already faces a long delay getting its grounded jet back in the air. A weakening aviation market is the last thing the company and its owners need.
Employment gains in May were weak. The volatile data doesn’t yet reflect the latest trade tensions. Meanwhile, traders are betting the central bank will soon cut rates rather than stand pat. Weak inflation and rising productivity give the Fed room to do so, but it may take time.