Your Evening Briefing
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Good afternoon and happy New Year! If today's top-read stories are any indication, readers are feeling a little restless. They're eyeing the countries where expatriates earn the most, while Paris tries to lure jobs from London. –Emily Banks
Expats living in Switzerland are the world's highest-paid. Expats in the home of UBS, Novartis and Glencore earn an average salary of $188,275 a year. That’s the highest in the world and almost twice the global average, according to data published Monday.
Paul Ryan was formally re-elected House speaker, as he intensifies efforts to move past his differences with Trump. Marring Ryan's victory though, the president-elect expressed his displeasure with the House GOP's last-minute effort to weaken the independent congressional ethics office, which was ultimately reversed.
Ford is scrapping plans to build a $1.6 billion plant in Mexico, after criticism from Trump for shifting some production south of the border. Earlier Tuesday, Trump had tweeted that Ford competitor GM should make the Cruze in the U.S. or pay up. Every Cruze sedan is built in Ohio and most of GM’s Mexican-made hatchbacks are exported to global markets, said a company spokesman.
The most popular investor picks for emerging markets in 2017: All things Russian and Indian are popular, as are Brazilian corporate bonds and Mexico’s cheap peso. The top calls for this year are centered on markets where the political climate is improving and assets are less vulnerable to external shocks.
Solar could beat coal to become the cheapest power on Earth in less than a decade. Since 2009, solar prices are down 62 percent, with every part of the supply chain trimming costs. That has helped cut risk premiums on bank loans and pushed manufacturing capacity to record levels.
Paris is making a play for London bankers. The French capital could lure as many as 20,000 workers from Britain’s finance industry, with the exodus potentially starting within weeks as the U.K. begins its withdrawal from the EU, according to Europlace, a French lobby group.
America's new landlord, Wall Street, kicks tenants to the curb. Hedge funds, large investment firms and private equity companies helped the U.S. housing market recover after the crash in 2008 by turning empty foreclosures from Atlanta to Las Vegas into occupied rentals. Now among America’s biggest landlords, some of these companies are leaving tenants in the cold.