Stiglitz on Trade War with China: “We have a demagogue who’s a president”  

Speaking to the South China Morning Post on the sidelines of the China Institute Executive Summit in New York, the Nobel Prize-winning economist and Columbia University professor said: “We have a demagogue who’s a president.” Trump, for political reasons, is trying to reverse a 70-year process of international agreements that have created an industrial chain “where borders […]

Europe needs more than management from Germany

Germany’s aversion to political vision used to be a blessing. Now it’s becoming a curse. When I arrived in Berlin seven months ago, Angela Merkel was German chancellor, leading a CDU-SPD grand coalition government. Now that I am preparing to leave Berlin again, Angela Merkel has just been elected as chancellor, and her CDU-SPD cabinet […]

China’s Military Revolution: Smarter, Better, Faster, Smaller

Bottom Line: With the stated national goal of achieving ‘great power status,’ China’s military modernization efforts have contributed to rising tension in the Asia-Pacific region, as well as between China and the United States. China’s growing ability to project military force – buttressed by the opening of its first overseas naval base in Djibouti, its artificial islands […]

Italian election results add uncertainty to bank outlook, says Scope

With no easy path to government formation, repeat elections remain a possibility. A prolonged period of political uncertainty could harm Italian banks’ effort to dispose of bad assets and raise equity in the medium term if needed, says Scope Ratings. Equity and credit of listed Italian banks as well as benchmark Italian sovereign bonds were […]

Italy’s debt straitjacket will confine the country’s next leader

Italy’s debt straitjacket will confine the country’s next leader. The leading candidates in this Sunday’s election all promise to increase spending to various degrees. But the winner won’t have much wiggle room. The country’s public debt was just under 132 percent of GDP last year. Though this is a small decline from 2016 it remains […]

World Braces for More Rule-Bending by China’s Xi

Xi Jinping’s decision to cast aside China’s presidential term limits is stoking concern he also intends to shun international rules on trade and finance, even as he champions them on the world stage. The Communist Party’s bid to repeal the constitutional prohibition enacted after the turbulent Mao Zedong era — allowing Xi to stay on […]

Too big, too Leninist – a China crisis is a matter of time

Xi Jinping, recently granted the title of “core leader” of China, is a man with two missions. The first is to purge the Chinese Communist party of corruption. The second is to reform the economy. These goals will, however, prove incompatible if he continues to focus his main efforts on purifying and strengthening the corrupted […]

China’s Banks Are Hiding More Than $2 Trillion in Loans

In 2014, the Chinese city of Haimen on the mouth of the Yangtze River set out to build a large apartment complex and turned to Bank of Nanjing Co. for about $29 million in financing. The bank was happy to oblige but it didn’t call the money a loan, according to people familiar with the […]

UK approves Chinese-backed nuclear plant, sets tighter control

Britain gave the go-ahead for a $24 billion nuclear power plant on Thursday, ending weeks of uncertainty that had strained ties with China, which will help pay for it, and France, which will build it. Prime Minister Theresa May’s government signaled it would take a more cautious approach in future over foreign investment in big […]