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Bloomberg Businessweek

Bloomberg Businessweek 4/10/2017

Each issue of Businessweek features in-depth perspectives on the financial markets, industries, trends, technology and people guiding the economy. Get the digital magazine subscription today and draw upon Businessweek's timely incisive analysis to help you make better decisions about your career, your business, and your personal investments.

Land:
United States
Taal:
English
Uitgever:
Bloomberg Finance LP
Verschijningsfrequentie:
Weekly
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50 Edities

in deze editie

7 min.
lies, damn lies, and financial statistics

It’s hard to beat the market, but there’s always a new product that tries anywayAlso known as data-mining or overfitting, p-hacking is the technical term for forcing data to bend to your will Early in January in a Chicago hotel, Campbell Harvey gave a rip-snorting presidential address to the American Finance Association, the world’s leading society for research on financial economics. To get published in journals, he said, there’s a powerful temptation to torture the data until it confesses—that is, to conduct round after round of tests in search of a finding that can be claimed to be statistically significant. Said Harvey, a professor at Duke University’s Fuqua School of Business: “Unfortunately, our standard testing methods are often ill-equipped to answer the questions that we pose.” He exhorted the group: “We…

2 min.
patience is running out in south africa

South Africa’s ruling African National Congress has a choice: It can help President Jacob Zuma or it can help the country. The party’s survival as a respected national force depends on its doing the latter. Support for the ANC has fallen amid charges of corruption and incompetence. Now, Zuma is embroiled in a struggle with his former finance minister, Pravin Gordhan, and other cabinet members, claiming that Gordhan and his allies are seeking to undermine him. Zuma’s firing of Gordhan on March 31 rattled investors, sparking a downgrade of South African bonds to junk status—a setback that raises the country’s debt burden and could deter badly needed foreign investment. Underlying this recent volatility is a deeper malaise. Economic growth under Zuma has been anemic—less than 1 percent last year—and South Africa’s already…

1 min.
europe’s firm but fair approach to brexit

With talks on Britain’s exit from the European Union finally about to begin, one procedural issue looms large: Do the negotiations on three big subjects—exit terms, transitional arrangements, and a future comprehensive agreement on a U.K.-EU partnership—move in parallel or in entirely separate stages? An understanding on how the talks should proceed is needed at the start, and a formula suggested by the European Council offers grounds for optimism. The EU is concerned, in the first instance, that Britain settles its liabilities and meets its other obligations to the EU when it leaves. The U.K. wants that discussion to happen alongside talks on future arrangements, so concessions in one area might be traded against concessions in another. The problem is that the European Commission has proposed an exit bill of as…

4 min.
movers

Ups “Stormy weather in Shortville …” • Tesla CEO Elon Musk mocked short-sellers in a tweet as his company’s market value surpassed that of Ford. • Hummus fever is sweeping the country as U.S. farmers are expected to plant 53 percent more acres of chickpeas this year than in 2016. Consumers and snackmakers are gorging on plant-based proteins. • Liberty Interactive agreed to buy General Communication, Alaska’s largest phone operator, for $2.7 billion. Liberty will use the deal to help it reorganize, combining its cable assets with its QVC-led home-shopping business, two units that now trade separately. • New York City’s Eleven Madison Park topped the annual list of the World’s 50 Best Restaurants, published by Restaurant magazine. Osteria Francescana in Modena, Italy—which is still pretty tasty—slipped to second. • A federal regulator ordered Wells Fargo…

5 min.
the fed keeps its eye on swings in the stock market

William Dudley, president of the Federal Reserve Bank of New York, has long believed that Fed policymakers should pay more attention to stock market swings. Now, with the Fed lifting rates for the first time in almost 10 years, Dudley, who also serves as vice chairman of the Fed’s Open Market Committee, has a chance to put his ideas into practice. The Fed has a dual mission: to keep unemployment low and prices stable, which it tries to accomplish mainly by making changes in a key lending rate, the federal funds rate. To assess the economy, it examines data such as monthly reports on the job market and consumer spending. It doesn’t put a lot of weight on stock prices, which can be volatile, plunging and soaring from day to day,…

4 min.
give us your coders yearning to be free

“Poor Mexico, so far from God and so close to the United States,” the Mexican dictator Porfirio Díaz once lamented. But Aristóteles Sandoval, the governor of the northwestern state of Jalisco, believes that often uncomfortable proximity creates a unique opportunity in the time of Donald Trump. Sandoval has been courting tech companies in the U.S., telling them that if the new administration won’t issue visas to the foreign engineers and coders they want to hire, he’ll gladly find cubicles for them in Guadalajara, the state capital. “We’re tolerant and inclusive and think talent has no borders,” says Sandoval, sleeves rolled up and hair slicked back, as he sits at his desk in Casa Jalisco, the governor’s mansion. “Brilliant minds will always have a place here.” That should be interpreted as a…