In the great financial crisis of 2007-2008, finance came too close to wrecking the global economy. The presence of rogue behaviour in finance, Nesvetallova and Palan turns to the economist Thorstein Veblen (1857-1929) who observed that businessmen were proficient at making profit by interfering in markets, and wrote “ something in the nature of…
The modern liberalism since 1843, The Economist has been the single most devoted and influential champion of liberalism anywhere in the world. Today, neither economic crisis at home nor permanent warfare abroad, has dimmed the Economist’s belief in unfettered markets, limited government and a free hand for the West. The history of liberalism is on…
Indian stocks wobbled on their record hype after the New York based credit rating agency, Moody’s lowered its outlook for the country to negative, citing concern over a deepening economic slowdown and insufficient government action. According to Moody “ the government’s inability to manage the slowdown, which has seen growth in gross domestic product fall…
The Punjab and Maharashtra Co-operative Bank branch was taken control by the Reserve Bank Of India and announced withdrawals would be limited to Rs 1000 per account for the next six months. The limit first to Rs 10, 000 and then to Rs25, 000, which RBI says will allow about 70 per cent of PMC’s…
Sir John Kingman (50) is being lined up to be chairman of Tesco Bank, that could rule him out as a candidate to run the Bank of England and will not succeed Mark Carney. Kingsman is chairman of FTSE100 insurer Legal & General, with a £490, 000 and was previously second permanent secretary to the…
RBS, Nationwide and Tesco have been hit by an information technology failure at US payments company TSYS that left customers left unable to pay their credit card bills or access their accounts. The disruption highlight a challenging time for banks which are under pressure to improve their resilience to IT problems but often rely on…
Metro Bank said it would seek a new chairman to replace its co-founder Vernon Hill as it revealed that it customers had pulled £2bn in the first half after a misreporting scandal. Mr Hill, a brash American who was in the year above Donald Trump at Wharton Business School in the US, said Metro Bank’s…
Facebook’s dreams of launching a new virtual currency have hit the buffers as two more financial regulators including International Financial Stability Board and the UK’s Financial Conduct Authority said yesterday they were paying close attention to the social media company’s plans. The regulators would not allow the world’s largest social network to launch its planned…
Rajan a former governor of Reserve Bank of India, is an expert of world of economics, economic policymaking and public debate. In his latest book he argues that the balance between the market economy and the state has been disrupted. The solution is to empower a third pillar: the local community. He also recommends reforms…
Facebook to launch digital coin for 2.4billion online users Facebook said it would launch its own digital coin next year, allowing it 2.4 billion users to make payments over the network. Facebook will allow users to change dollars, pounds and other international currencies into crytocurrency called Libra. Facebook says the coins can then be used…