Cox: A mall and gold mine are key to Greek revival 30 Jul 2019 Prime Minister Kyriakos Mitsotakis sees growth as a panacea for the Hellenic Republic’s ills. His new government is unblocking long-stalled projects to generate jobs and attract foreign direct investment. Never has a shopping centre been so important to the cradle of democracy.
Review: Fighting the second Cold War, lab by lab 26 Jul 2019 U.S. scientific power is a potent diplomatic weapon. Greg Whitesides's new book details how Washington used research largesse to reward friends and punish the Soviet Union. Now a similar conflict is brewing with China, a more formidable rival. This time, there can be no winner.
U.S. car-pollution pact cuts through D.C. smog 25 Jul 2019 California’s deal with BMW, Ford, Honda and VW shows the auto industry can cut U.S. emissions despite White House intransigence. The better match with overseas standards should aid progress and profitability. Add incentives to invest in electric vehicles and it’s a smart mix.
Viewsroom: UK’s new PM looks for the exit 25 Jul 2019 Boris Johnson helped persuade Britons to vote to leave the EU. London’s former mayor now leads the country – and may find his pledge to quit the European bloc hard to keep. Meanwhile, U.S. watchdogs are circling Amazon, Alphabet, Apple and Facebook. Plus: Protests rock Hong Kong.
Puerto Rico leadership change offers second chance 25 Jul 2019 Governor Ricardo Rossello is resigning after mass protests over crude chat messages and a corruption probe. Political turmoil has stymied efforts to restructure the U.S. territory’s debt and strengthen fiscal oversight. The next leader can’t afford to waste Puerto Rico’s crisis.
Japan-Korea spat returns chip price error message 25 Jul 2019 Earnings at semiconductor giant SK Hynix plunged 88%, weighed down by a worldwide glut. Yet shares rose on hopes that Tokyo's export curbs to South Korea will depress supply and lift prices. The risks of weaker demand and supply chain ruptures suggest the rally looks premature.
New UK finance minister is a man for all seasons 24 Jul 2019 Boris Johnson picked Sajid Javid, an ex-Deutsche banker, to run the economy. The former home secretary's ideas chime with his boss’s plans to spend more. And while some Brexiteers may mistrust him, his business-friendly past offers comfort to those fearing a disorderly EU exit.
Hadas: U.S. slavery reparations might just work 24 Jul 2019 In terms of race, American society remains stubbornly separate and unequal 155 years after abolition. Much of the economy still works as if racial attitudes had not changed. One way to reduce the black-white social gap is a womb-to-tomb campaign of well-targeted incentives.
China’s hardline premier set peak for gigantomania 24 Jul 2019 Former premier Li Peng died on Monday. Infamous for crushing protesters in 1989, he was also known for championing the giant, controversial Three Gorges Dam. China still likes mega-projects, but officials can’t flout financial and environmental concerns so easily these days.
Boris Johnson’s political triumph will be fleeting 23 Jul 2019 Britain’s soon-to-be prime minister has won the office he long coveted. But to keep it, he must either pass a Brexit agreement that eluded his predecessor, persuade his party to leave the EU without a deal, or win an election. Rash promises have increased his chances of failure.
UK’s Huawei review amounts to an endorsement 23 Jul 2019 The outgoing government ducked making a call on whether the Chinese telecom supplier can build 5G networks. But its report makes a stronger case for Huawei than against. Probable next Prime Minister Boris Johnson will either have to ignore the findings or irk American hawks.
ByteDance charts a global path for China tech 23 Jul 2019 The $75 bln outfit behind video app TikTok is mending relations with Indian officials to avoid a ban. Even so, boss Zhang Yiming has outshone peers like Tencent's Pony Ma abroad, growing fast in the U.S. and beyond. Deep pockets and bold ambition could deliver a big payback.
Corporate activism tastes different in China 23 Jul 2019 Soft drink Pocari Sweat is caught in a firestorm after it pulled TV ads in apparent support of Hong Kong protests. Such statements can pay off for brands that have political influence, or stand to win more friends than enemies. With Beijing involved, neither is usually the case.
India unlocks a $200 bln stressed debt market 22 Jul 2019 The country’s first comprehensive bankruptcy code has hit bumps with cases like the drawn-out takeover of Essar Steel. But the framework is starting to offer better recovery, prompting creditors to act sooner. That’s good news for lenders and investors like Apollo and Oaktree.
Review: Blaming big data is political diversion 19 Jul 2019 The documentary “The Great Hack” shows how Cambridge Analytica targeted voters in the 2016 U.S. election and Brexit referendum, partly using Facebook. It’s chilling but ignores how economic forces swayed those polls. Focusing on tech’s threat to democracy oversimplifies politics.
Seoul rate-setters bat for trade accord with Tokyo 18 Jul 2019 A surprise cut to borrowing costs underscores growth concerns as South Korea faces export curbs from its neighbour. The central bank has little more space to ease. That puts the onus on President Moon Jae-in to pass a stimulus package and to de-escalate regional tension.
Fresh attack on China’s zombies can bury some 18 Jul 2019 Beijing officials are on a campaign to kill off moribund companies. Past versions of this familiar horror flick have ended with local authorities keeping state-owned groups staggering along anyway. But a healthier economy and big ambitions make this sequel worth watching.
Congress is all bark and no bite on Big Tech 17 Jul 2019 U.S. lawmakers failed to disrupt Silicon Valley executives in hearings about antitrust concerns and Facebook’s crypto coin. Amazon faced some heat about third-party sellers but queries about MySpace and iCloud ads were distractions. It provides little incentive to change.
Hadas: Peaceful trade theory ominously unravels 17 Jul 2019 From 18th century enthusiasm for “doux commerce” to the WTO, optimists have considered trade a good antidote to combat. From the Opium Wars to Trump’s tariffs, reality has been much more conflictual. The latest round of globalisation isn’t quite dead, but is badly wounded.
“Do or die” Brexit condemns sterling to new lows 16 Jul 2019 The pound fell to its weakest in two years against the dollar. Boris Johnson and Jeremy Hunt, rivals to be Britain’s next leader, are vying to take the hardest stance on the UK’s exit from the EU. If they stick to their guns, the currency will suffer long before the economy does.