The finance-guru bubble
Saving on lattes will not make you rich
AMERICANS are fascinated by financial advice, but the counsel they receive is often deeply flawed, says Helaine Olen, author of "Pound Foolish"
AMERICANS are fascinated by financial advice, but the counsel they receive is often deeply flawed, says Helaine Olen, author of "Pound Foolish"
SINCE the beginning of the new year, tourists in Rome who want to visit the Sistine Chapel and see the papal art collections have had to put up with some unholy complications. At the end of a tedious hike from Saint Peter's square and often lengthy queuing alongside the Vatican's walls, they are being told that they cannot pay with credit or debit cards.
DAVID WILLETTS, Britain's minister for science and universities, explains a new project to rejuvenate the Conservative Party
DESPITE pleas from international agencies to keep the fighting between combatants, Syria’s war continues to inflict a staggeringly high toll on civilians. On January 15th two explosions at Aleppo University killed at least 82 people, mainly students, and left scores more wounded. Video footage from the scene showed damaged university buildings, including a dormitory, with belongings scattered on the ground.
Aleppo, Syria’s most populous city and former commercial hub, has been ravaged by war since July, when rebels fighting President Bashar Assad’s regime moved into the city.
TODAY'S recommended economics writing:
• Recovery in US saving 8 million underwater homeowners (Bloomberg)
• Hong Kong's real-estate boom conjures a scary development (WSJ)
• On the Geithner legacy (Mike Konczal)
• The foreclosure fiasco (Joe Nocera)
• Iron awe (FT Alphaville)
• Mario Draghi has saved the rich, now he must save the poor (Ambrose Evans-Pritchard)
• Notes on visiting an Herbalife nutrition club in Queens (John Hempton)
THE world’s growth continued to slow in the third quarter of last year, according to The Economist's measure of global GDP, based on 52 countries. Global growth fell by 0.4 percentage points from the previous quarter to 2.4%, its lowest level since the end of 2009. Emerging economies accounted for four-fifths of global GDP growth. Developed countries, weighed down by a slow recovery in America and the ongoing euro crisis, contributed little. The coming year is expected to be much the same. The three economies forecast to contract the most in 2013 are all euro members (Greece, Portugal and Spain), while the fastest growers (Macau, Mongolia and Libya) are all emerging economies.
HO HUM:
While Mr Tsipras was away from Athens a dozen home-made bombs exploded outside bank branches, local offices of ND, and the homes of several Athens journalists. A hooded man armed with a Kalashnikov sprayed bullets into the ND headquarters in the early hours of January 14th. One landed in the former office of the party leader Antonis Samaras, now ensconced in the prime minister’s mansion. Meanwhile, police continued a campaign to expel scores of leftwing squatters from derelict houses in the city centre, a move that some observers believe could have triggered the extremists’ response.
IN 1958 a priest named Gerardo Flórez, then 70 years old, was blessed with the world's first artificial pacemaker. The device kept his heart ticking in good order for another 18 years. It connected to the heart externally, weighed 45kg and was powered by a 12-volt battery that had to be lugged around on a cart and recharged every 72 hours. Pacemakers, which use electrical impulse to regulate the beating of a heart, have since shrunk substantially, as have the power packs. But scientists would dearly love to get rid of the batteries altogether. Even the best modern ones run out every 7-10 years and patients need to undergo surgery to have replacements installed.
IT TOOK four months, but last week men from a militant group in Syria’s north-western Idleb province avenged the killing of their leader last year. On January 9th Thaer al-Waqqas, the local commander of the northern Farouq brigade, was killed in Sarmada, his hometown. Locals say he was shot by a Tunisian fighter. Mr Waqqas was involved in the killing in September of Firas al-Absi, aka Abu Mohammed, a Saudi-born Syrian jihadi who had teamed up with foreign fighter friends from Libya to Afghanistan.
Rebels in Sarmada say further clashes between the two groups are unlikely; the blood debt has now been paid. They are conscious of the bad press such rivalries incur.
The world's biggest gatherings
SEVERAL of the world's largest gatherings of people take place this month. The Shia Arbaeen festival, attended by 16m people, was held in Iraq on January 3rd. The annual procession of the Black Nazarene in the Philippines took place on January 9th-10th, attracting around 9m people, and the first phase of the Bishwa Ijtema, an annual Muslim festival held in Bangladesh, began on January 11th and was attended by around 3m people. But the biggest of them all began on January 14th.
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