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As if job cuts and and a tough bonus season weren't enough, Goldman Sachs bankers are now feeling the wrath of the penny-pinchers over their mobile phone bills. The company has issued a new global policy on reimbursing data and calling expenses, and some dealmakers aren't happy. The move follows a cost-cutting push last year that included limits to airfares, hotels and entertainment, shaving $900 million off Goldman's expenses bill. Every little bit helps.—Alex Millson and Kristine Servando
These are the world's most miserable economies. Venezuela's economic and political problems make it the most miserable economy on Bloomberg's Misery Index for the third year in a row. Thailand, meanwhile, will be happy to know it's the least miserable among 65 countries tracked in the rankings, which are based on inflation and unemployment outlooks. Making strides to become less miserable is a diverse cast of characters: Norway, Peru and even China.
Smoking hot profits. Marijuana lit up the world's top hedge fund last year. Bets on weed producers helped Tribeca Global Natural Resources Fund gain 145 percent to beat 10,000 rivals. Fund co-manager Ben Cleary thinks the U.S. legalized cannabis industry's revenue could grow from $6.7 billion last year, to $50 billion by 2026.
Asia's ugly ducking of the year is the Philippine peso. While other Asian currencies have strengthened against the dollar this year, the peso has hit a 10-year low. And things could get worse in the coming days, with the launch of a fresh inquiry into allegations that President Rodrigo Duterte was involved with extra-judicial killings in his former position as mayor of Davao.
Hong Kong office rents are now triple those in Singapore. The sharp divide between the rival financial hubs is boosting Singapore's appeal for companies looking to set up headquarters, according to Cushman & Wakefield. While Hong Kong's Central business district is squeezed by scarce supply, pushing rents higher, Singapore is flush with office space.
Beware the "Grim Reaper". South Korea's special prosecutor has earned the macabre nickname in the country's press for unwavering efforts in weeding out corrupt business leaders. Putting Samsung's Jay Y. Lee behind bars, even temporarily, is his biggest accomplishment so far.
China holds its big parliamentary meeting this weekend, providing a rare opportunity to glean insight into the Communist Party's thinking. Some 3,000 lawmakers will descend on Beijing for the National People’s Congress, the only time each year when some of the most powerful figures in the world’s second-largest economy face the press. Here's what to watch for.
Crude awakening. While two dozen nations are coordinating to cut oil production and rein in the global supply glut, U.S. producers are moving in the opposite direction. The number of oil and gas rigs drilling in the U.S. has almost doubled since bottoming out at the lowest level in more than 75 years. This infographic shows the collapse of America’s energy boom beginning in 2015—and its subsequent resurrection.
Looking for the world's best city for dining out? Just do the math. If you use the World’s 50 Best Restaurants as a guide, only New York, London, Mexico City and Lima have three restaurants in the top 50. If you average the rankings of city's best eateries, Lima comes out with the top score. Next time you're in the Peruvian capital, head to Central (No. 4 in the rankings), Maido (No. 13), or Astrid y Gastón (No. 30). If you're pressed for time, why not try all three in a day—they're within short cab rides of each other.
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