Banks have paid more than $100bn in legal settlements with US regulators since the financial crisis, data compiled by FT reporters shows.
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After five years of historically low interest rates across the US, UK and eurozone, Wednesday’s vastly improved job forecast from the Bank of England raised the prospect of a return to more normal monetary policy.
A report out today from McKinsey attempts to quantify the impact of years of ultra lose monetary policy has been on the winners – and losers. Whilst there are few surprises in the report, it does attempt to put numbers on the winners and losers.
Unsurprisingly, it is governments that come out on top. The consultancy estimates that between 2007 and 2012 the US, UK and eurozone governments collectively benefited to the tune of $1.6tr from lower borrowing costs and the increased profits from central banks.
For consumers though it is a mixed bag. Read more
Gentrification and commercial developments are breaking up Chinatowns in US and British cities, squeezing Chinese communities out of the vibrant neighbourhoods that grew up around earlier generations of migrants.
The changing demographics of New York City further highlight this pattern, with Asian communities having sprung up in Flushing and Queens, where they were traditionally focused in Lower Manhattan.
The animated maps above show decadal changes in the spread of localised Chinese and Asian communities in London, New York and San Francisco, created using data from the 2001 and 2011 editions of the UK census and the US censuses of 2000 and 2010. Read more
The rise in US food prices accelerated in September and has continued into October, according to a detailed study of retail prices – though the US federal government shutdown has robbed financial markets of any official measures of the state of the economy.
These unofficial inflation figures, from a US start-up called Premise, highlight the growing use of massive data collection and analysis – known as “big data” – to supplement and in some cases replace official economic statistics.
By David Donald of the Center for Public Integrity and James Politi. Interactive graphic by Caroline Nevitt, Tom Pearson and Martin Stabe.
Automatic US government spending cuts that took effect in March are threatening local economies across the country.
Counties that benefited from high levels of federal spending in recent years and weathered the recession better than the rest of the country could be especially hard-hit, an analysis of so-called “sequestration” by the Financial Times and the Center for Public Integrity has found.
Update, 3 October: The New Mexico county that is home to the Los Alamos National Laboratory, faces the greatest per-capita impact of any county in the United States, at more than $6,000 per person. Areas with military bases, such as Christian county, Kentucky, are also particularly hard hit. Across the 388 counties in the US that have one or more military installation, the sequestration impact per capita is $312. That is nearly twice as high as in the 2,727 counties without a military installation, where the sequestration impact per capita is $171.
Use the interactive graphic below to see how the impact is distributed around the United States and how your county fares.
“No, I don’t mind working, but I do mind dying”, the Detroit blues singer Joe Lee Carter sang in 1965. The song exemplified the bustle – and tensions – of a burgeoning industrial city. Carter was working on the production line at Ford’s Rouge plant at the time.
Unfortunately for today’s inhabitants, there hasn’t been much opportunity to work in Detroit in recent years – and there has been all too much chance of dying. Read more
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