In this Wednesday, Nov. 27, 2019, photo released by Ministry of Presidential Affairs, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, right, meets Saudi Crown Prince Mohammed bin Salman in Abu Dhabi, United Arab Emirates. less In this Wednesday, Nov. 27, 2019, photo released by Ministry of Presidential Affairs, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, right, meets Saudi Crown Prince Mohammed bin Salman in Abu Dhabi, ... more Photo: Hamad Al Kaabi, AP Photo: Hamad Al Kaabi, AP Image 1 of / 3 Caption Close Image 1 of 3 In this Wednesday, Nov. 27, 2019, photo released by Ministry of Presidential Affairs, Abu Dhabi Crown Prince Mohammed bin Zayed Al Nahyan, right, meets Saudi Crown Prince Mohammed bin Salman in Abu Dhabi, United Arab Emirates. less In this Wednesday, Nov. 27, … [Read more...] about The prince got his world-beating IPO. Now the hard work begins
World bank chief economist
Saudi Aramco’s world-beating initial public offering is a watershed moment for a business that’s bankrolled the kingdom and its rulers for decades. The world’s largest public company will now trade in Riyadh and not New York.Less clear is how far it will help overhaul the economy of the world’s biggest oil exporter.First floated by Crown Prince Mohammed bin Salman in 2016 with an ambition to raise as much as $100 billion, the share sale was touted as part of a blueprint for life after oil. Saudi Arabia would raise funds off its biggest asset, and use them to develop new industries.But after global investors balked at hopes to value the company at $2 trillion, the final deal was not quite what the prince had envisaged. Aramco offered just 1.5% of its shares and opted for a local listing, relying almost entirely on Saudi and regional investors. Advertisement And while proceeds of $25.6 billion exceed the 2014 IPO of Chinese internet giant Alibaba Group Holding … [Read more...] about The prince got his world-beating IPO. Now hard work begins
Zombie companies in China. Crippling student bills in America. Sky-high mortgages in Australia. Another default scare in Argentina.A decade of easy money has left the world with a record $250 trillion of government, corporate and household debt. That’s almost three times global economic output and equates to about $32,500 for every man, woman and child on Earth.Much of that legacy stems from policymakers’ deliberate efforts to use borrowing to keep the global economy afloat in the wake of the financial crisis. Rock-bottom interest rates in the years since has kept the burden manageable for most, allowing the debt mountain to keep growing.Now, as policymakers grapple with the slowest growth since that era, a suite of options on how to revive their economies share a common denominator: yet more debt. Advertisement From Green New Deals to Modern Monetary Theory, proponents of deficit spending argue central banks are exhausted and that massive fiscal spending is needed to … [Read more...] about The way out for a world economy hooked on debt? More debt
It took the whirring sound of the helicopter blades on Marine One to reinvigorate Europe’s determination to no longer be subservient to the U.S. dollar.When President Trump took off early from the G-7 summit in Charlevoix, Canada, in June 2018, and abruptly withdrew from a common communique, he left European leaders first “speechless, then determined to work together,” said Martin Selmayr, secretary-general of the European Commission under President Jean-Claude Juncker.“Trump boarding the helicopter in Charlevoix triggered the idea of European sovereignty,” said Selmayr. “Promoting the international role of the euro was one answer to that political moment.”Just months later, Juncker vowed to make the euro “play its full role on the international scene.” The incoming commission looks eager to pick up the baton: Ursula von der Leyen, the new president, has included the goal of boosting the euro in letters to her team. Advertisement … [Read more...] about Trump’s cold shoulder motivates Europe to challenge the dollar’s dominance
Rita Maxwell had no idea she was about to lose the job she'd had for nearly 20 years when her boss told her to meet him in the conference room at the end of the work day. In a short conversation, Maxwell's longtime boss, the head of an executive search firm in Northern Virginia, informed her that he no longer needed an executive assistant because he could handle his own scheduling, errands and phone calls. He offered her a few weeks of severance pay and said he would stay late while she packed her belongings. "I was completely taken aback when he called me into the meeting room to let me know my position had been eliminated," said Maxwell, who was let go in early 2017. "There's just not a lot of loyalty anymore." The United States has shed over 2.1 million administrative and office support jobs since 2000, Labor Department data show, eroding what for decades had been a reliable path to the middle class for women without college degrees. The job losses affecting administrative … [Read more...] about Administrative assistant jobs helped propel many women into the middle class. Now they’re disappearing.