The European Commission takes a €13 billion bite out of Apple

MARGRETHE VESTAGER, the European Union’s competition commissioner, likes to knit elephants in her spare time, because, she once said, “they bear no grudge, but they remember well”. It is hard to imagine executives at one of the big beasts of the tech world forgetting August 30th 2016 in a hurry: that is when Ms Vestager… Continue reading The European Commission takes a €13 billion bite out of Apple

Discarded airline bosses are walking away with eye-watering payouts

AS PRESIDENT of US Airways, Scott Kirby (pictured) cut costs by eliminating free non-alcoholic drinks for coach passengers. This week, he was probably popping the cork on something fizzy. On Tuesday, American Airlines, which took over US Airways in 2013, announced that Mr Kirby is out of his job—and filings show that he is walking… Continue reading Discarded airline bosses are walking away with eye-watering payouts

The Fed has yet to take monetary reform seriously

LARRY SUMMERS is right; this year’s Fed symposium in Jackson Hole was triply disappointing. In the weeks before the gathering, members of the Federal Open Market Committee (FOMC) publicly discussed their worries that the current monetary framework might leave the Fed unable to deal adequately with future slowdowns. They got our hopes up: enough that… Continue reading The Fed has yet to take monetary reform seriously

How to get poor countries out of low-trust ruts

THE headline on this piece overpromises. I don’t know how exactly to flip a low-trust society to a high-trust state. No one does, sadly. The question is one of the most important in economics, however. Poor societies are mostly poor because of a lack of trust. The laws and institutions that facilitate market transactions and… Continue reading How to get poor countries out of low-trust ruts

Why China’s lane-straddling super-bus won’t get off the ground

IT STARTED with a fanfare, albeit with a bemused tone. “China’s bonkers elevated bus is real and already on the road,” announced Wired on August 3rd. It was not only Wired. Headlines and half-page photos quickly filled the world’s newspapers and webpages, trumpeting the Transit Elevated Bus (TEB, pictured), a magnificent-looking contraption that, it was… Continue reading Why China’s lane-straddling super-bus won’t get off the ground