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McDonald’s Is Losing America

On Monday, McDonald’s reported global same-store sales that declined 2.2% month-on-month. This missed analysts’ expectations for a 1.7% decline. In the US, the story was even worse for the fast-food giant, as same-store sales fell 4.6%. To the right is the staggering chart showing the collapse in US same-store sales over …

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World Bank Predicts Russian Economy Will Shrink 0.7 Percent Next Year

The World Bank said Friday it expected the Russian economy to contract by 0.7 percent in 2015 in its new baseline scenario before growing by 0.3 percent in 2016. The new baseline, or most likely scenario, assumes an average oil price of $78 per barrel for 2015 and of $80 per barrel for 2016. “Investment is projected to contract for a third year in a row in 2015, …

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China No More

IN THIS week’s print edition we published a chart that looks at the world’s biggest economies over time. We timed it to coincide with the news that China, at least in purchasing-power parity terms, is now the world’s biggest economy. People tend to find this historical stuff rather interesting, so …

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Nigerian Billionaire Tony Elumelu Commits $100 Million To Create 10,000 African Entrepreneurs In 10 Years

Nigerian billionaire investor and philanthropist Tony Elumelu has committed $100 million to create 10,000 entrepreneurs across Africa over the next 10 years. Elumelu made the commitment on Monday during a press conference in Lagos to announce the launch of The Tony Elumelu Foundation Entrepreneurship Programme (TEEP). TEEP, a Pan-African entrepreneurship initiative …

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Crude Oil Is Crashing

Crude oil is crashing again. On Monday morning, the price of both Brent and WTI crude was at a five-year low, extending losses that started accelerating about two weeks ago after OPEC did not move to curb production. Many in the market expected OPEC to cut production in order to …

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Genetics show Viking women colonized new lands, too

Vikings may have been family men who traveled with their wives to new lands, according to a new study of ancient Viking DNA. Maternal DNA from ancient Norsemen closely matches that of modern-day people in the North Atlantic isles, particularly from the Orkney and Shetland Islands. The findings suggest that …

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Turkish Lira hits two-month low over record decline in industrial output

Turkish industrial output has posted its steepest decline in a year in October, official data has shown, sending the Turkish Lira to a two-month low against the U.S. dollar. The seasonally and calendar-adjusted industrial manufacturing index plunged by 1.8 percent on a monthly basis in October, exceeding forecasts that had …

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Putin welcomes billionaires back to Russia – but will they come?

President Putin’s surprise amnesty allowing Russians with cash stashed abroad to bring it back home with no penalty may be a windfall, but then maybe not. The US, Mexico, Italy, Kazakhstan, and many others have tried it with varied success. When financial crises hit, governments have tried to reel in …

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Why now is the time to invest in infrastructure

Infrastructure is the backbone of well-functioning economies. Unfortunately, that backbone is becoming increasingly brittle in a number of advanced economies. For example, there has been a decline in the overall quality of infrastructure in the United States and Germany (Figure 1; see the FT 2014 and ASCE 2013 for more on infrastructure in the …

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Dollar index hits highest level since March 2006

The ICE U.S. dollar index rose Wednesday to its highest level since March 2006 as the dollar rally gained momentum, spurred in part by a strong gauge of service-sector growth in the U.S. economy, ahead of a policy statement from the European Central Bank. The dollar index DXY, -0.36% which …

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