Business

A purge of Russia’s banks is not finished yet

Elvira’s mad again WHEN Elvira Nabiullina took over the governorship of the Russian Central Bank (CBR) in 2013, she faced a bloated and leaky finance sector with over 900 banks. Since then, more than 340 have lost their licences. Another 35 have been rescued, including, in recent months, Otkritie, once the country’s biggest private lender by assets, and B&N Bank, ...

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ABP, a Dutch pension giant, is more admired abroad than at home

EUROPE’S largest pension fund, a scheme for Dutch public-sector workers called ABP, is much feted abroad for its efforts in “sustainable” investing. At home, however, where it provides pensions to one in six families and manages nearly one-third of pension wealth, it is suffering a crisis of confidence. By international standards, Dutch pensions are extremely generous overall, offering 96% of ...

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What annual reports say, or do not, about competition

What explains the remarkable strength of corporate profits and the sluggish growth of real wages in recent years? One explanation is that industries are getting less competitive. Work by The Economist found that two-thirds of American industries were more concentrated in the hands of a few firms in 2012 than in 1997. Research by AXA Investment Managers Rosenberg Equities into ...

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The case for reforming airport-slot allocation

GULLIVER is back from the 141st Slot Conference in Madrid, a meeting of airlines and airport co-ordinators run by the International Air Transport Association (IATA), an airline lobby group. In this week’s issue, he opened the lid on how landing and take-off slots are allocated at congested airports around the world: Instead of letting airports decide who would use their ...

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America’s culture wars are spreading to hotels

CHOOSING a hotel for a trip is generally seen as an apolitical decision. In contrast, restaurants and cafes have sometimes taken on an ideological tinge, with conservatives mocking liberals for their latte coffees, and liberals ribbing conservatives for their deep-fried everything and well-done steaks. But for most hotel users, location and good wi-fi matter more than the ideology of the ...

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