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Makati City
Monday, July 24, 2017
A widely read cover story on the impact of global warming in a recent edition of New York magazine starts ominously: “It is, I promise, worse than you think.” It goes on to predict temperatures in New York hotter than present-day Bahrain, unprecedented droughts wherever today’s food is produced, the...
By Kevin A. Wong No nursing home wants to be known for uncertainty and intrigue. So a Canadian retirement home chain found itself in an uncomfortable position last year when it agreed to be bought by a politically connected Chinese company with a shadowy group of owners. Regulators approved the deal...
The hereditary principle is not only un-American but harmful to the children of great men, Benjamin Franklin declared soon after the Revolutionary War, as rumors flew of plots to establish a new aristocracy with George Washington at its head. To honor parents is reasonable, Franklin admitted, but to reward...
By Andrew Ross Sorkin Nelson Peltz hates being called an activist, let alone a corporate raider. The longtime financier, who has made his name investing in companies like Heinz and DuPont and agitating for change, prefers to think of himself as a “constructivist,” someone who doesn’t necessarily seek to break...
Stonecutters Island in Hong Kong used to be a favored habitat for poisonous snakes and eye-catching birds such as the white-bellied sea eagle. Thanks to Hong Kong’s rapid development, it is no longer so hospitable. Its sky is full of gantry cranes, stacking 20-foot-long shipping containers in multicolored tessellations, like...

Financing Longevity

In 1965 André-François Raffray, a 47-year-old lawyer in southern France, made the deal of a lifetime. Charmed by an apartment in Arles, he persuaded the widow living there to make a deal: He would pay her 2,500 francs—then about $500—a month until she died, and in return she would...
Retailing is dead. Sales clerks are losing their jobs by the thousands. The employment picture for young people with only a high school education is going to get even worse. And all this is happening because of Amazon and its ilk, which are driving the shift among consumers toward...
‘There’s nothing wrong with bingo and chicken,” Tom Kamber said, but went on to explain that you won’t find either in the senior center he runs in Manhattan. Instead, members of the Senior Planet Exploration Centre are given virtual-reality goggles and other digital gadgets to play with, though most head...
THE story of the European Union is in part that of the steady accretion of power by its central bodies. Until now, though, the politically touchy business of running pensions has, like taxation, been zealously guarded by national governments. No longer: On June 29 the European Commission presented a longawaited...
Apple has a new hit device, so popular that it has sold out across most of America and Britain. If you order it online, it takes six weeks to arrive. “Best Apple product in a long time,” one online review sings. Useful and, of course, slickly designed, it enjoys...
By Nelson D. Schwartz It took a decade—and $200 billion in fines—but the big banks are back. The Federal Reserve’s passing grade for all 34 of the institutions it checks annually for financial soundness—the first all-clear since the Fed tests began in 2011—is a watershed moment. While some of the consequences...
Brian Aunspach thought he had a job for life. After six years at a smelter owned by Alcoa, America’s largest aluminum company, his work was hard but the benefits decent. Warning signs came with crashing aluminum prices in the summer of 2015 and murmurs about unfair Chinese competition. Then...
By Michael Corkery All of the America’ s largest banks passed the latest stress test recently, the first time all aced the exam since the Federal Reserve began administering the exercise seven years ago. The passing grades shows that the nation’s banking system has sufficiently rebuilt its capital levels since the...
By Michael J. De La Merced In revealing his investment position in Nestlé recently, hedge fund manager Daniel S. Loeb urged the company to consider slimming down, as well as buying back its stock. On June 27th, Nestlé said it was indeed prepared to spend billions of dollars on buybacks—but the...
Airbags are meant to make driving safer. For years, though, some made by Takata, a Japanese company, inflated with such vigor that shards of metal and plastic were launched at occupants of vehicles in even minor collisions, causing serious injury and in some cases death. The costs of the biggest-ever...
By Andrew Ross Sorkin If you spend time around corporate boardrooms these days, you’ll hear the abbreviation “ESG” thrown around with such frequency it is almost a trope. ESG stands for “environmental, social and governance.” Basically, it refers to the three main ways to measure a company’s commitments to ecological sustainability,...
When Narendra Modi became prime minister of India in 2014, opinion was divided as to whether he was a Hindu zealot disguised as an economic reformer, or the other way around. The past three years appear to have settled the matter. Yes, Modi has pandered to religious sentiment at times,...
The headquarters of General Motors towers over the other skyscrapers in Detroit’s city center, a reminder that the carmaker still rules the American market. GM’s domestic might increasingly contrasts with its position elsewhere in the world, however. Although most other carmakers see becoming ever bigger everywhere as the answer...
By Keith Bradsher & Alexandra Stevenson Chinese stocks will join an important global benchmark in a decision that opens the door for foreign money to flow into the China’s markets. The global stock index provider MSCI announced recently that the stocks of companies that trade in China’s stock markets would be included...
It is as if North Korean dictator Kim Jong Un wants to be seen to be flinging his explosive toys about with ever more abandon. In recent months his men have fired off missiles in one test after another, often with the young, overfed dictator gleefully looking on. During his...
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