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Bloomberg BusinessweekBloomberg Businessweek

Bloomberg Businessweek 12/17/2018

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.

Country:
United States
Language:
English
Publisher:
Bloomberg Finance LP
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50 Issues

IN THIS ISSUE

access_time2 min.
in brief

Theresa May survived an attempt to oust her as U.K. prime minister. However, a third of her party voted against her in a vote of confidence on her leadership of the Conservatives, not a sign of strength as she seeks to secure a Brexit deal. Michael Cohen, President Trump’s former personal attorney, is heading to prison for three years after confessing to nine felonies. He was also ordered to forfeit $500,000 and pay a restitution of $1.4 million and fines totaling $100,000. He’ll have to present himself for prison on March 6. A shooting at the Christmas market in the French city of Strasbourg left three people dead and more than 10 wounded.The shooter was wounded in a gun battle with police but was able to escape the scene,…

access_time1 min.
agenda

(LLUSTRATION BY CÉLESTIN KRIER) ▶ All Eyes on the Fed The Federal Reserve will issue its last rate decision for the year at its Dec. 18-19 meeting. Economists still expect a hike in interest rates, though the latest employment data, which point to slowing job growth, have complicated what looked to be an easy decision. ▶ Quadruple witching occurs on Dec. 21 as several stock and options futures expire at once, injecting more volatility into equity markets.▶ Togo plans to hold parliamentary elections on Dec. 20 amid widespread protests in the West African nation against alleged government fraud.▶ SoftBank’s Japanese mobile business starts trading on Dec. 19 after its $23.6 billion initial public offering. ▶ Congo elects a new president on Dec. 23. Incumbent Joseph Kabila has said he may…

access_time2 min.
an alarming challenge

India’s government is conducting a dangerous experiment in economic management. On Dec. 10, following renewed pressure to conform to the government’s thinking, Urjit Patel, the head of the Reserve Bank of India, resigned, citing “personal reasons.”Prime Minister Narendra Modi’s officials have challenged the RBI’s operational independence before, but the effort that led to Patel’s resignation marked a significant escalation. It’s a pattern seen elsewhere as well—witness U.S. President Donald Trump’s frequent attacks on Federal Reserve policies. Too many governments seem to be forgetting why central banks need to be independent.When governments are in charge of monetary policy, they’re tempted to take chances with inflation to spur short-term growth. An independent central bank can more readily gain investors’ trust that inflation will be kept under control. The credible prospect of…

access_time9 min.
letter from london, march 2029

King William V’s Bentley pulls out of RAF Northolt air base into the gray London morning. Britain’s new monarch settles into the ride to Buckingham Palace and steels himself for the weeks ahead. The 10th anniversary of Brexit looms and with it a litany of ceremonies to mark the Festival of New Britain.The celebrations were supposed to observe the moment the U.K. finally extricated itself from the European Union in 2019 after months of parliamentary drama, political rancor, and a final market panic. It was, its proponents say, the moment when Britain finally seized its destiny in a world rattled by the unstoppable forces of globalization and technology.But as the electric-powered Bentley hums along into London, William asks himself whether it was all really worth it. He taps on…

access_time7 min.
exit britain. enter wall street

With Donald Trump rattling the international order Washington built after World War II, engagement is out and isolationism is in. Yet Wall Street, an expression of American influence every bit as defining as Hollywood or Silicon Valley, apparently didn’t get the memo.European finance—whipsawed by debt crises and political upheaval since the financial crash of 2008 and now on the verge of the Brexit trauma—is seeing just how internationalist American banks are. U.S. financial powerhouses such as JPMorgan Chase & Co. and Goldman Sachs Group Inc. have been running up the score on their European rivals, dominating investment banking overseas as never before.The U.K.’s separation from the European Union will cleave Europe’s financial industry in half. London’s diminished role as the financial gateway to the Continent may prevent Europe from…

access_time5 min.
japan’s takeda goes global

Back in 2013, Christophe Weber was offered a job as Takeda Pharmaceutical Co.’s chief operating officer, making him essentially the CEO-in-waiting and placing him on track to become the first foreigner to run the company since its founding in 1781. The French executive immediately reached out to auto industry turnaround artist Carlos Ghosn, a fellow Frenchman who enjoyed godlike status in Japan for saving Nissan Motor Co. They met in Paris, and Ghosn gave Weber a hint of what life would be like as a foreign executive in Japan.Ghosn, who also has Brazilian and Lebanese citizenship, today sits in a Tokyo jail cell and faces charges for allegedly understating his compensation to the Japanese government by about $80 million. He’s also been stripped of his chairmanship at Nissan. Weber,…

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