It’s happened to all of us: you’re in a part of town you haven’t visited before, and as you walk along the road the storefronts become gradually more decrepit, increasingly interspersed by corrugated shutters.
You ask yourself: why is this bit of town so strangely quiet? What makes this area economically unsuccessful? Read more
A recent earthquake reduced large parts of central Italy to a pile of rubble and killed almost 270 people. Though shallow, the tremor was felt in buildings as far as Rome and Florence. At 6.2 magnitude, it was the second strongest in 35 years on the peninsula.
Italy’s position close to the boundary of two tectonic plates makes it more prone to devastating quakes than any other European country. Not only do barely perceptible minor tremors occur frequently, but Italy has regularly suffered from major quakes that take lives. Here, we look at how the death toll from earthquakes in Italy compare to other Southern European regions over the last century.
Poland expects its unemployment rate to hit the lowest level in the country’s post-communist history as youth employment picks up. The unofficial estimate by the Ministry of Family, Labour and Social Policy puts it at 8.6 per cent, lower that at any point since Poland shed the legacy of over-employment under communist rule and became a market economy in 1990.
Donald Trump’s hopes of being elected to the White House are crumbling, according to statistic-driven website FiveThirtyEight whose forecast factors in economic and historic data as well as polls. Trump’s campaign has been in trouble ever since he criticised the parents of an American Muslim soldier killed on duty. According to the New York Times, “no modern candidate who has trailed by this much a few weeks after the conventions has gone on to win the presidency.”
Since its transfer to Broadway, Hamilton has grossed more than $95 million, not counting the millions it has lost every week to ticket resellers. The show’s high profile and financial success has brought more attention to Broadway and theater, but that hasn’t translated to necessarily better outcomes for the other musicals on Broadway. Read more
European banks have been shrinking since the financial crisis, dwindling both in terms of their market value, number of branches and staff. Their fortunes have suffered and profits fallen as a result of stricter regulations, general economic weakness and low interest rates.
It’s unlikely that they will ever be the same again. All the more so as the decline in Europe’s over-reliance on banks could present new opportunities for the region to develop much-needed alternative financing channels. Read more
UK real wages have fell by -10.4 per cent between 2007 and the end of 2015, the most severe fall in the OECD along with Greece, according to TUC analysis. Apart from Portugal, all other OECD countries saw real wages increase. The UK is the only country in this grouping to have seen wages go down couples with a strong performance in employment. The UK’s employment rate is indeed at a record levels, some 5 percentage points above the OECD average.
Russia is the only country of the G20 major economies where people would rather Donald Trump was the next President of the US than Hillary Clinton, according to a survey of 20,000 people in every G20 country.
The fate of EU migrants in the UK hangs in the balance, but the UK government has stated that those who have lived “continuously and lawfully” in the country for at least five years will automatically have a permanent right to reside.
The five years will start to count once Britain has officially left the European Union, which will most likely happen two years after Article 50 is triggered thereby starting the ‘divorce’ proceedings. Read more
Italy’s unemployment rate rose to 11.6 per cent in June. Although this is a marginal rise, it is worrying for a country that is struggling to recover after multiple recessions and weak growth.
Yet there are reasons to remain optimistic. Read more
Turkey experienced a period of exceptional growth and institutional transformation in the run-up to the global financial crisis. The country invested in infrastructure, education and health in addition to adopting a number of market-oriented reforms. Data shows that in the years prior to 2008, Turkey grew at a pace similar to that of China.
When Margaret Thatcher became the first female UK premier in 1979 only 3 per cent of MPs were women. The share is 10 times higher now. But the number of female MPs since 1918 – at 452- is lower than the number of men in parliament today.
Going in to the race, Froome’s imperial guard of Mikel Landa, Mikel Nieve, Wout Poels, Sergio Henao and Geraint Thomas had four mountain stage wins and seven top-ten general classification finishes in grand tours, as well as more than a dozen other victories in road cycling’s second tier of races. In almost any other team, any of these riders would be a team leader. Read more
Seven years after the financial crisis, Italy’s property market has still not recovered. House prices in the country fell 1.2 per cent year-on-year in the first quarter of 2016, the only drop among major EU countries. In contrast, house prices in the region expanded at an average of 4 per cent over the same period.
By Richard Dobbs and Anu Madgavkar (McKinsey & Company)
Since the end of World War II, people in advanced economies could rightly assume that they and their children would grow up to be better off than their parents and grandparents. With the exception of the stagflation period in the 1970s, almost all households experienced rising incomes, both before and after taxes and transfers, thanks to strong GDP and employment growth. Read more
Britain’s House of Commons has voted resoundingly in favour of renewing the country’s nuclear deterrent, the Trident submarine programme, to the bitter disappointment of the 177 MPs who voted against it and the delight of the 472 in favour.
But internal politics aside, the vote should hardly come as a surprise: no nuclear weapon-possessing country is preparing to give up its nuclear arsenal for the foreseeable future. Read more
Black Lives Matter has organised protests in the US at the deaths of African-Americans from police actions. A survey from Pew Research shows broad support (43 per cent with 22 per cent opposing), but with significant differences between whites and blacks and, among whites, between Democrats and Republicans
Austerity – reducing public spending – was the defining policy of the UK government from 2010.
Spending fell by six percentage points of GDP, with many departmental budgets cut by a quarter. Read more
Lin-Manuel Miranda’s hit Broadway musical “Hamilton” has been arguably the hottest tickets to ever hit Broadway. According to its producers, Hamilton broke records for pre-sales before its Broadway debut last summer, and recently, producers raised the price of 200 premium tickets from $475 to $849, making it the most expensive premium ticket on the Great White Way.
So it’s no surprise that prices on the secondary market have been similarly off the charts. While tickets going for more than $300 may have seemed expensive when it first opened, prices that cheap have been difficult to find in recent months.
Ticket prices reached a high point last Saturday for Miranda’s last performance as title character Alexander Hamilton. Tickets on StubHub were listed (not necessarily sold) for as high as $60,000 and $30,000 after fees. But in the few hours before the performance, ticket prices across the board began dropping. Read more
The winners of the women’s and men’s singles tournaments at Wimbledon this year each receive £2m, making this the tenth successive year of equal prize money for the champions of each sex.
But although it might look like women’s and men’s tennis players now compete on a level financial playing field, true parity is still a long way off. In 2015 the top 100 men — as ranked by prize money — earned a total of $124.7m from singles tournaments, compared to $94.7m across the top 100 women.
So why the disparity? Read more