Finanzas

Ficosa, Cirsa y Grupo Sesé no tributaron por los beneficios obtenidos al comprar las fábricas por un euro

THIRD time lucky. In each of the past two years, the Federal Reserve has predicted multiple interest-rate rises, only to be thrown off-course by events. On March 15th the central bank raised its benchmark Federal Funds rate for the third time since the financial crisis, to a range of 0.75-1%. This was, if anything, ahead of its forecast, which it reaffirmed, that rates would rise three times in 2017. “Lift-off” is at last an apt metaphor for monetary policy. But as Janet Yellen, the Fed’s chairwoman, picks up speed in terms of policy, she must navigate a cloudy political outlook. The next year will define her legacy.

Ms Yellen took office in February 2014 after dithering by the Obama administration over a choice between her and Larry Summers, a former treasury secretary. Left-wingers preferred Ms Yellen, in part because she seemed more likely to give jobs priority over stable prices. Indeed, Republicans in Congress worried that she would be too soft on inflation. The Economist called her the “first acknowledged dove” to lead the central bank.

Today Ms Yellen looks more hawkish—certainly than Mr Summers, who regularly urges the Fed to…Continue reading

El fondo estatal de rescate de la banca considera que es la mejor forma de recuperar las ayudas públicas inyectadas en ambas entidades

THE licensed-taxi system can be a racket. Many cities suppress the number of permits they hand out, guaranteeing that the system favours drivers, not their poor passengers. For proof that demand can be deliberately kept well short of supply, consider New York City. In 2014, the badges that are required to operate a yellow taxi there were selling for over $1m each. Anyone trying in vain to find a taxi on a rainy morning in Manhattan could easily tell you the market was loaded against the customer.

In much of the world, that model has been disrupted. New firms such as Uber are successful because they are determinedly on the side of the customer. Hailing a car on a ride-sharing app is cheap, convenient and reliable. Which is why taxi drivers hate it.

Big cities across the world, from London to Hong Kong, have witnessed protests by cabbies, often backed by their powerful unions, trying to protect their cosy cartel. Luckily for passengers they have mostly failed. Since Uber has made inroads in cities like New York, the premium on taxi badges has plummeted (as has…Continue reading

El fondo estatal de rescate de la banca considera que es la mejor forma de recuperar las ayudas públicas inyectadas en ambas entidades

Mientras la Reserva Federal prosigue su repliegue de estímulos, el BCE mantiene la munición

El 9 de mayo de 2011 enviaron un informe a la cúpula del Banco de España y al Ministerio de Economía, según documentos entregados ahora a la causa

THESE are high times for America’s marijuana-industrial complex. More than half the country’s states have legalised medical cannabis, often rather loosely defined. Eight have voted to legalise the drug for recreational purposes. The industry was worth about $6bn last year, a figure that is likely to rise sharply in 2018 when recreational sales begin in California.

Yet in Washington, DC, the mellow mood has been harshed. Donald Trump may have said in 1990 that “You have to legalise drugs to win that war.” But after entering politics he became more conservative. While campaigning for the presidency he called Colorado’s legal cannabis market a “real problem”. Last month his press secretary, Sean Spicer, said he expected to see “greater enforcement” of the laws that still ban cannabis at the federal level.

That worries pot peddlers. The fact that they are in breach of federal law means that in theory their profits are criminal proceeds, subject to forfeiture. In 2013 the deputy attorney-general of the day, James Cole, published a memo reassuring states that had legalised cannabis that federal agents would not interfere…Continue reading

THESE are high times for America’s marijuana industrial complex. More than half the country’s states have legalised medical cannabis, often rather loosely defined. Eight have voted to legalise the drug for recreational purposes. The industry was worth about $6bn last year, a figure that is likely to rise sharply in 2018 when recreational sales begin in California.

Yet in Washington, DC, the mellow mood has soured. Donald Trump said in 1990 that “You have to legalise drugs to win that war”, but in politics he became more conservative. Campaigning for the presidency he called Colorado’s legal cannabis market a “real problem”. His press secretary, Sean Spicer, recently said he expected to see “greater enforcement” of the laws that still ban cannabis at the federal level.

That worries pot-pedlars. The fact that they are in breach of federal law means that in theory their profits are criminal proceeds, subject to forfeiture. In 2013 the deputy attorney-general of the day, James Cole, published a memo reassuring states that had legalised cannabis that federal agents would not interfere unless the states allowed the industry…Continue reading

Microsoft has reinvented itself under its new CEO Satya Nadella with a move to the cloud. Is its friendlier approach to program developers likely to pay off? Also: as the Netherlands goes to the polls, our Europe editor Matt Steinglass examines how each party’s financial manifestos were put to the test. And: many people are fed up with their banks. Now help is at a hand from Europe’s banking regulators. Simon Long hosts.