Global Economy

admin September 12, 2018

Move over Russia and Saudi Arabia. America has reclaimed its throne atop the oil world. For the first time since 1973, the United States is the world’s largest producer of crude oil, according to preliminary estimates published on Wednesday by the Energy Department. The feat demonstrates how the US shale oil boom has reshaped the […]

admin September 12, 2018

Mark Carney is sticking around for Brexit. The Bank of England said Tuesday that Carney would stay as governor until January 2020. “I recognize that during this critical period, it is important that everyone does everything they can to support a smooth and successful Brexit,” Carney said in a letter to UK treasury chief Philip […]

admin September 12, 2018

Have the risks of another financial crisis been eliminated in the 10 years since the collapse of Lehman Brothers? Not entirely, according to Bank of England Governor Mark Carney. “Could something like this happen again?” he said in an interview with the BBC. “Could there be a trigger for a crisis? If we’re complacent, of […]

admin September 7, 2018

FIVE years after the darkest days of the financial crisis, Lawrence Summers took the dais at an IMF forum to offer a few thoughts on America’s recovery. It was lousy. Growth showed no signs of making up ground lost during a deep recession. The unemployment rate had only just fallen back below 7%. It was […]

admin September 7, 2018

WHEN an emerging market loses favour with its creditors, how should its government respond? The policy prescriptions do not typically include intimidating the central bank, railing against the “interest-rate lobby”, falling out with allies, eschewing the IMF’s help, pouring scorn on the dollar or appointing the president’s son-in-law as finance minister. Turkey has done all […]

admin September 7, 2018

America is running out of unemployed people. The job market is so hot that it might have to cool off, simply because there aren’t enough people to fill open positions. There are some signs that the cool-down is already underway. The payroll processing company ADP reported that private employers added 163,000 net new jobs in […]

admin September 7, 2018

SOME call it a zero-carbon schism, others a heresy. The researchers, policymakers and environmentalists united over the need to stop global warming are divided on how to go about it. Many believe that renewable energy, especially wind and solar, has by far the biggest role to play. A dogged few, however, cling to nuclear energy, […]

admin September 6, 2018

A SHREWD observer of London’s after-work drinking culture once offered the following bit of mathematical heterodoxy to explain it: “There is no number between two and six.” If you go out with colleagues and stop at two drinks, you will be able to summon the will to go home at a reasonable hour. After a […]

admin September 6, 2018

Climate activists and environmental groups have long pushed back against those who argue that efforts to cut carbon emissions hurt the global economy and cost jobs. Now, they’re saying that there are actually enormous economic benefits to be had. In a more than 200-page report released Wednesday, the Global Commission on the Economy and Climate […]

admin September 6, 2018

Mark Carney has indicated that he’s willing to extend his tenure as governor of the Bank of England to help manage the consequences of Brexit next March. Carney confirmed he had discussed with the government how he could help the United Kingdom transition out of the European Union, and said he expected an announcement to […]