Business

President Trump wants to privatise air-traffic control

IN JUNE 1956 a TWA Constellation collided with a United Air Lines DC-7 over the Grand Canyon in Arizona, killing all 128 people on both aircraft. At the time it was the worst ever airline disaster. Struggling with outdated technology and a post-war boom in air travel, overworked air-traffic controllers failed to spot that the planes were on a collision ...

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Big business sees the promise of clean energy

PITY America’s big businesses. For years their efforts to reduce their carbon footprint were dismissed by environmentalists as “greenwashing”. Now, after months trying to persuade a supposedly pro-business new president, Donald Trump, of the merits of staying in the Paris climate accord, he practically laughed in their faces by withdrawing on June 1st. Executives fear the exit will do no ...

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General Electric picks a new boss

John, Jeff, after Jack JEFF IMMELT looks as if he was born to be a chief executive. Tall, affable and energetic, he was picked to run General Electric in 2001 after an interminable and mildly sadistic selection process run by GE’s then CEO, Jack Welch, at the time America’s most celebrated boss. On June 12th Mr Immelt said he would ...

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One year before the World Cup, FIFA is shunned by sponsors

AT THE World Football Museum in Zurich, run by FIFA, football’s global governing body, visitors take their photo with the World Cup trophy, try their hand at match commentary and gawk at artefacts ranging from the original handwritten set of the rules of the game to the yellow card famously shown to Paul Gascoigne, a lachrymose English footballer, in 1990. ...

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Forex Enigma

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Tanzania’s firebrand leader takes on its largest gold miner

“IF THEY accept that they stole from us and seek forgiveness in front of God and the angels and all Tanzanians and enter into negotiations, we are ready to do business.” As conciliatory gestures go, that one by John Magufuli, Tanzania’s president, to Acacia Mining, the country’s largest foreign investor, could hardly have been more fork-tongued. Nonetheless, two days later ...

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A Swedish activist speaks softly and carries a big stick

Gardell, smiling butcher “SCLEROTIC companies abound in Europe,” says Christer Gardell, co-founder and managing partner of Cevian Capital, an activist hedge fund based in Sweden. That is an uncommonly pugnacious statement for a firm that operates behind the scenes and uses public pressure as a last resort. Unlike its louder American peers, such as Bill Ackman’s Pershing Square, Paul Singer’s ...

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India’s huge buffalo-meat industry is in limbo

IN A corner of the state of Uttar Pradesh (UP) stands a gleaming building dedicated to animal slaughter on an industrial scale. Neatly mown lawns lead the way to a corral for hundreds of the curly-horned Murrah buffalo typical of the region. Nearby is a lorry-sized, stainless-steel machine in which the animals are killed. A Muslim cleric stands ready to ...

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General Motors is getting smaller but more profitable

THE headquarters of General Motors (GM) tower over the other skyscrapers in Detroit’s city centre, a reminder that the carmaker still rules the American market. Yet GM’s domestic might increasingly contrasts with its position elsewhere in the world. Although most other carmakers see becoming ever bigger everywhere as the answer to the industry’s multiple challenges, GM is in retreat. It, ...

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A trendy Asian lifestyle chain opens in North Korea

Shop till you pop WHEN Miniso said in January that its stores would “bring the happiness of stress-free shopping to the Koreans”, you would be forgiven for thinking they were referring to emporium-loving Seoulites. In fact, the home-goods store, co-founded by a Chinese entrepreneur and a Japanese designer, was announcing that it would be taking its capitalist trinkets into (ostensibly ...

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A hybrid startup offers AI services to business

Bengio, neutral agent? BOSSES are more likely to groan than feel giddy about advances in artificial intelligence (AI). They need a strategy, but few companies can hope to own a unit like Google’s DeepMind, whose algorithms not only beat the world’s best Go players but made a 40% improvement in the energy efficiency of its parent’s data centres. A Canadian ...

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Amazon’s big, fresh deal with Whole Foods

JEFF BEZOS does not like sitting still. In his annual letter to Amazon’s shareholders this year, he warned of “stasis. Followed by irrelevance. Followed by excruciating, painful decline. Followed by death.” Competitors are toiling to avoid the same fate but it is hard to keep up. On June 16th Amazon said it would pay $13.7bn for Whole Foods, an upscale ...

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Travis Kalanick steps down as chief executive of Uber

Scoot “WE HAVE a lot of attention as it is. I don’t even know how we could get more,” Travis Kalanick, the boss of Uber, said last year. The ride-hailing giant found a way. Mr Kalanick failed to manage the fallout from a series of high-profile blunders and scandals. On June 20th he resigned as chief executive officer of the ...

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Fidelity’s lessons for the asset-management business

SCHUMPETER got a surprise on a recent visit to Boston to meet people at Fidelity, a family-controlled firm that is the world’s fourth-largest asset manager and its industry’s best-known brand. The company is not dying, or even in decline; the opposite, in fact. That is a shock because the conventional money-management business is thought to face annihilation from technological advance, ...

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