Update on markets lists eight leading countries, including US, China and UK, as vulnerableLow interest rates are encouraging companies to take on a level of debt that risks becoming a $19tn (£15tn) timebomb in the event of another global recession, the…
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‘Work or go to jail’: how LA courts force thousands to do unpaid labor
Exclusive: study finds county relies on laborers – largely people of color – threatened with debts and jail to do work that would otherwise be paidLos Angeles courts force roughly 100,000 people to do weeks and even months of “community service” each y…
Read moreGoldman Sachs announces $80m loss on WeWork investment
Loss contributes to 26% drop in profits from a year agoWeWork faces cash crunch and 2,000 workers face sackGoldman Sachs has so far lost $80m on its investment in WeWork, the troubled office rentals group, the bank said on Tuesday. The loss contributed…
Read moreIMF warns there is ‘limited ammunition’ to fight recession
Fund cuts world growth forecast as central banks battle impact of protectionism•The Tories have got IMF cover for their plan to borrow and spendThe world’s central banks are wasting scarce ammunition in an attempt to compensate for policy blunders that…
Read moreWeWork set to sack 2,000 staff as anger towards founder Adam Neumann grows
Troubled office rental company to lay off 13% of its workforce to try to staunch massive losses – and few believe the cuts will stop thereWeWork is expected to sack at least 2,000 people as soon as this week, as angry staff at the troubled office renta…
Read moreCalifornia legalized public banks. But can they work?
Public banks could allow government agencies access to low-interest loans for infrastructure or affordable housingSan Francisco and Los Angeles are moving forward with plans to create their own public banks following the passage of historic legislation…
Read moreCancer-causing chemical found in WeWork phone booths
In latest headache for cash-strapped company, WeWork says it has closed about 2,300 phone booths amid formaldehyde scareWeWork, the cash-strapped office-sharing company, has a new problem that may prove costly. It has closed about 2,300 phone booths at…
Read moreLibra: will Facebook’s new currency be stopped in its tracks?
Visa, Mastercard, PayPal and eBay have withdrawn as sponsors – and it may face regulatory problemsPlans for Facebook’s proposed “stablecoin,” Libra, appear to be unravelling with the withdrawal of PayPal, Visa, Mastercard, Stripe, eBay and Mercado Pago…
Read moreNobel Prize in Economics won by Banerjee, Duflo and Kremer for fighting poverty – live updates
Esther Duflo becomes second women to win the Sveriges Riksbank Prize in Economic Sciences, with Abhijit Banerjee and Michael Kremer also recognised for their research alleviating poverty Duflo: Women in economics need more respectBreaking: Banerjee, Du…
Read moreFinancial leaders must prepare for risks such as Brexit, says regulator
Financial Stability Board says countries should be prepared for global economic downturnGlobal authorities gathering in Washington this week must stand ready to address emerging risks including a global economic downturn and Brexit, the leading body fo…
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