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Bloomberg Businessweek 6/5/2017

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.

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United States
Bloomberg Finance LP
50 Issues

in this issue

7 min
time for going-away gifts?

A dramatic departure would open the door for China to take the lead in global climate reform Take a deep breath. Donald Trump’s mercurial nature may mean that the U.S. president will shift his position on climate policy once again. Or—take another deep breath—maybe not. On the morning of May 31, alarms issued from various quarters following reports Trump was about to make good on a campaign promise to withdraw from the historic 195-nation Paris Agreement aimed at reducing global greenhouse gas emissions. Just a few weeks earlier, White House insiders had seemed to indicate that his daughter Ivanka’s pro-Paris views might be holding sway. The potential consequences of Washington abandoning the climate pact would be grave not only for the planet but also for the U.S., its economic competitiveness, technological innovation,…

2 min
the tpp should go on without the u.s.

The U.S. signed the Trans-Pacific Partnership trade deal last year, then decided not to implement it. The 11 other signatories have given themselves until November to decide whether to go ahead anyway. They shouldn’t need half that long. The deal as it stands is far better than none. Contrary to warnings from some quarters, America’s absence needn’t kill the agreement. The main task for negotiators is changing the clause that says the deal must be ratified by countries accounting for 85 percent of the 12 members’ gross domestic product (the U.S. makes up 60 percent of the current total). Other provisions dealing specifically with the U.S. will need to be adjusted or ignored, but if the 11 want to proceed, they can. Some are hesitating. Malaysia and Vietnam say they made concessions…

2 min
social media and the weirdest star

Sometime around 737 A.D., in the luminous constellation Cygnus, in the vicinity of a star known as KIC 8462852, something very strange happened. No one knows what. Here on Earth, 1,280 light years away, the mystery has only deepened. Every once in a while, the light emitted by the star in question dims perceptibly, sometimes by an astonishing amount. Ordinarily, such dimming might suggest a passing planet. In this case, the sheer magnitude of the dip and its irregular pattern would seem to rule out anything so mundane. In mid-May, the star began dimming again. On social media, scientists sent out an alert, which activated a global network of enthusiasts (professional and otherwise) to point their telescopes, analyze new data, and try to make some sense of what’s been called “one of…

2 min

Ups • Canadian sushi maker Bento filed for an IPO in Toronto. The company employs about 1,400 sushi chefs. • In April, the average U.S. credit score reached that level for the first time in at least 12 years. • Payment-processing giant First Data agreed to buy CardConnect for $750m • Trump’s reelection campaign launched a subscription service for #MAGA swag. The “Big League Box” can be yours for a $69 monthly donation. • Christie’s auctioned an Hermès Birkin bag made of snakeskin with gold and diamond fittings for a record $380,000 in Hong Kong. • Tottenham Hotspur, the No. 2 club in England’s Premier League, raised $900m for a 61,500-seat stadium. Tottenham expects matchday revenue to more than double in the new facility. • The Irish government announced plans to sell 25 percent of Allied Irish…

6 min
on the stump for macron—in florida

A few days after defeating Marine Le Pen in the French presidential election, Emmanuel Macron addressed a group of more than 400 ardent supporters at the Musée du Quai Branly in Paris. Each had been vetted to represent Macron’s new party, La République en Marche, or Republic on the Move, in France’s fast-approaching legislative elections in June. Among the diverse crowd of mostly political neophytes hoping to win a seat in France’s National Assembly was a 50-year-old French-born money manager, Roland Lescure. “It was amazing,” says Lescure, who in April quit his C$2.6 million-a-year job ($1.9 million) as chief investment officer of Caisse de Dépôt et Placement du Québec, Canada’s second-largest pension fund manager, to stump for Macron full time. “This guy came in, there was a standing ovation for literally…

3 min
is there a better way to take aim at inflation?

The Federal Reserve would never get a medal in archery. In the 63 months since the Fed publicly adopted a target of 2 percent for annual inflation in January 2012, it has undershot in 59. John Williams, president of the Federal Reserve Bank of San Francisco, believes there’s a way to help the institution improve its aim. The Fed would still try to keep prices rising at 2 percent a year, but if it fell short one year it wouldn’t just try harder to hit 2 percent the next year, as it does now. Instead, it would try to jack inflation above 2 percent temporarily to get back on track. The Fed would be like the driver of a car who makes up for getting stuck in traffic by speeding up—or…