Business & Finanz
The Economist Continental Europe Edition

The Economist Continental Europe Edition 10/07/2017

The Economist is the premier source for the analysis of world business and current affairs, providing authoritative insight and opinion on international news, world politics, business, finance, science and technology, as well as overviews of cultural trends and regular Special reports on industries and countries.

United Kingdom
The Economist Newspaper Limited - Europe
Mehr lesen
CHF 349
51 Ausgaben

in dieser ausgabe

8 Min.
the world this week

Politics Catalonia voted overwhelmingly to secede from Spain. But the turnout for what the Spanish government called an illegal referendum was only 43%, since those opposed to the poll mostly stayed away. Hundreds of people were injured by riot police attempting to disrupt voting, causing outrage and further protests. Catalonia’s parliament may well now declare independence; Madrid could decide to impose direct rule on the region. The lower house of parliament in France approved tough new anti-terrorism laws, making searches easier, among other measures, in the hope of ending a state of emergency that has lasted since the attack on Paris almost two years ago. The laws were passed two days after an Islamist stabbed two women to death in Marseille. Theresa May’s big speech to the Conservative Party didn’t go according to…

5 Min.
how to save spain

WHEN a democracy sends riot police to beat old ladies over the head with batons and stop them voting, something has gone badly wrong. Catalans say that almost 900 people were hurt by police in the referendum for independence on October 1st. Whatever the provocation from Catalan leaders in staging an unconstitutional poll, the reaction of Mariano Rajoy, the prime minister, has thrown Spain into its worst constitutional crisis since an attempted coup in 1981. If Mr Rajoy thought that cracking heads would put a stop to secessionism, he could not have been more wrong. He has only created a stand-off that has energised his enemies and shocked his friends (see page 25). On October 3rd Catalonia, one of Spain’s richest regions, was paralysed by a protest strike. Hundreds of thousands…

3 Min.
deathly silence

AFTER the worst mass shooting in recent American history, in which 58 people were killed and 489 wounded, both the president and the majority leaders in Congress sought to keep talk about new gun laws to a minimum. In Vegas that kind of reticence is called a tell. Had Stephen Paddock used a new technology—an armed drone, say—to kill from the 32nd floor of the Mandalay Bay hotel, or had he been an immigrant from the Middle East, lawmakers would be rushing to legislate or tighten borders. But he was a retired white man who used some of the 49 guns he owned, so it is the price of freedom. There is a weariness to America’s gun debate and the familiar ritual after mass shootings, which are more frequent than in…

3 Min.
the legacy of ma ellen

BY THE time its stop-start civil war ended in 2003, Liberia had all but collapsed. Fourteen years of barbaric fighting had killed some 250,000 people, or roughly 8% of the population. Many more Liberians were displaced by the violence. The economy had shrunk by 90%. Schools, hospitals and government buildings lay in ruins. Children ate tree bark to survive. This was the catastrophe that Ellen Johnson Sirleaf inherited when she was elected president in 2005. Liberia will hold an election on October 10th (see page 33), presaging its first transfer of power from one elected president to another since 1944. Ms Sirleaf will step down next year. Her tenure has been imperfect, as Liberians will complain. Her successor will have his hands full. Even so Ma Ellen, as she is called,…

3 Min.
having it all

THEY “do the same work, are exempt from no rules or duties, and most of them have fathers, mothers, sisters or brothers dependent upon them. Why, then, should women not receive the same salaries?” This question was asked in a circular sent by equal-pay suffragettes to female teachers in New York’s public schools in 1905. At the time, teachers’ starting annual salaries were set at $900 for men and $600 for women. In most rich countries such outright discrimination is history. A woman doing the same job for the same employer earns 98 cents to the dollar paid to a man. Yet the gender pay gap persists. In the OECD, a club of mostly rich countries, the median full-time wage for women is 85% of that for men. Women earn less than…

5 Min.
the bull market in everything

IN HIS classic, “The Intelligent Investor”, first published in 1949, Benjamin Graham, a Wall Street sage, distilled what he called his secret of sound investment into three words: “margin of safety”. The price paid for a stock or a bond should allow for human error, bad luck or, indeed, many things going wrong at once. In a troubled world of trade tiffs and nuclear braggadocio, such advice should be especially worth heeding. Yet rarely have so many asset classes—from stocks to bonds to property to bitcoins—exhibited such a sense of invulnerability. Dear assets are hardly the product of euphoria. No one would mistake the bloodless run-up in global stockmarkets, credit and property over the past eight years for a reprise of the “roaring 20s”, or even an echo of the dotcom…