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Friday, January 20, 2017
IN the Bible seven years of feast were followed by seven years of famine. For banks there have been 10 lean years. Subprime-loan defaults started to rise in February 2007, causing a near-collapse of the industry in America and Europe. Next came bailouts from governments, then years of groveling before...
By Nathaniel Popper THE virtual currency bitcoin has been swept up in yet another speculative frenzy, pushing its price toward the peak it last reached in late 2013. The price of bitcoin has been buoyed by increased interest from places like Venezuela, where the local currency has lost much of its...
By Andrew Ross Sorkin LADIES and gentlemen, please, please take your seats. It is time again for our annual DealBook closing dinner, where we look back at the year that was to toast and roast the year’s deal-makers and look ahead to what may come next. Thank you all for coming to...
TO win The Economist’s award as Country of the Year, it is not enough to be peaceful and rich. The British newspaper aims to reward improvement. Previous winners have included Myanmar and Tunisia, for escaping tyranny and building something resembling democracy. Japan, New Zealand and Switzerland, as lovely now as...
By Steven Davidoff Solomon IT’S time to call 2016 to a close and hand out grades for good and bad deal-making. In a fitful and contentious year, it is perhaps no surprise that this year there are more bad grades than good. • LOST IN THE VALLEY: Whether it was Tesla Motors’...

What Not to Expect in 2017

IF 2016 was a year of shocks, what will the next 12 months bring? It’s no surprise that the year will presumably have its share of surprises. A regular survey of global fund managers by Bank of America Merrill Lynch points to what most people believe: Following the election of...
For a certain kind of liberal, 2016 stands as a rebuke. If you believe in open economies and open societies, in which the free exchange of goods, capital, people and ideas is encouraged and in which universal freedoms are protected from state abuse by the rule of law, then...
By Steven Davidoff Solomon It’s time that we stopped beating up on Yahoo.  With the recent disclosure of another hacking of Yahoo, one potentially affecting more than a billion accounts, Verizon Communications has reiterated that it might seek to renegotiate its $4.8-billion deal to acquire the beleaguered internet company. There...
By Steven Davidoff Solomon Mark Zuckerberg wants to give away nearly all his stake in Facebook, and yet still keep control of the company he helped found. What’s a tech billionaire to do? The neat solution to this problem—creating a new class of shares—is par for the course for Silicon Valley,...

The Lessons from Aleppo

Grozny, Dresden, Guernica: Some cities have made history by being destroyed. Aleppo, once Syria’s largest metropolis, soon will join their ranks. Its 1,000-year-old Muslim heritage has turned to dust, Russian aircraft have targeted its hospitals and schools, and its citizens have been shelled, bombed, starved and gassed. Nobody knows how...

The Man Behind Zara

It is a short walk from a tiny shop with peeling, yellow paint in downtown La Coruña, in northern Spain, to a dazzling, five-story store opened in September by Zara, by far the world’s most successful purveyor of “fast fashion.” In this stroll across three city blocks, the career...

Trump vs. 4 Million People

When she was 7 Greisa Martinez moved illegally from Hidalgo, in Mexico, to Dallas with her parents. Now 28, Martinez works for United We Dream, an immigration-advocacy group. Following the election of Donald Trump as president, she has been busy. In case of an immigration raid, she instructs her...
By Andrew Ross Sorkin Senator Elizabeth Warren, furious about President-elect Donald J. Trump’s appointments of finance industry insiders, took to Facebook a little over a week ago to fire off a message to her nearly 2.5 million followers. She took aim at an individual she described as a “hedge fund billionaire”...
By Vinod Sreeharsha DST Global, the investment firm started by a Russian venture capitalist, Yuri Milner, has led an $80 million private investment in a Brazilian startup called Nubank. The new financing suggests that despite Brazil’s political and economic upheaval, the financial technology sector remains a bright spot. Peter Thiel’s Founders...
By Chad Bray Credit Suisse said recently that it would further cut costs and had lowered profit targets for some of its operating divisions as Tidjane Thiam, its chief executive, tries to turn around the bank’s prospects. Under Mr. Thiam’s leadership, Credit Suisse, which is based in Zurich, is reshaping itself...
His inauguration is still six weeks away, but already President-elect Donald Trump has sent shock waves through American business. Chief executives—and their companies’ shareholders—are giddy at the president-elect’s promises to slash burdensome regulation, cut taxes and boost the economy with infrastructure spending. Blue-collar workers are thrilled at his willingness...
By Andrew Ross Sorkin Donald Trump: Please think about calling Elon Musk.  President-elect Trump has spent a lot of time talking about how he plans to reinvigorate the manufacturing sector, repeatedly telling the public on the campaign trail, “We are going to bring back jobs that have been stolen from...

The Mighty Dollar

THE world’s most important currency is flexing its muscles. In the three weeks following Donald Trump’s victory in America’s presidential election, the dollar had one of its sharpest rises ever against a basket of rich-country peers. It is now 40% above its lows in 2011. It has strengthened relative to...
Exactly two years after Saudi Arabia coaxed its fellow OPEC members into letting market forces set oil prices, it has performed a nifty half-pirouette. On Nov. 30 it led members of the oil producers’ cartel in a pledge to remove 1.2 million barrels a day from global oil production,...
In some respects Steve Mnuchin is a typical nominee for the post of America’s treasury secretary. Like two of his past seven predecessors, and like his father and brother, he climbed the ranks at Goldman Sachs, an investment bank. In the 2000s he briefly worked for investor George Soros,...