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The Libor benchmark, used to set interest rates for millions of loans, will be phased out in 2021. The indicator underpins more than $350 trillion in financial products, from mortgages to credit cards, but it has been tarred with scandal. Traders were caught manipulating Libor, resulting in $9 billion in fines and the conviction of several bankers. — Leila Taha
Better late than never? Theresa May’s government has commissioned a report assessing the impact of European Union workers on the British economy. The independent Migration Advisory Committee will assess the economic role of EU nationals as plans are developed to control migration from Europe after Brexit. Some wonder why this wasn’t done sooner.
Difficult neighbors. It’s been more than a decade since French footballer Zinedine Zidane infamously headbutted an Italian opponent in the World Cup final. Now resentments between the two countries are resurfacing. France plans to nationalize the STX shipyard in Saint-Nazaire after President Emmanuel Macron disapproved of a bid from Italy’s Fincantieri, citing national security. Italy has recently seen a period of economic decline, while France has acquired several Italian companies.
Cyber-security. Swedish Prime Minister Stefan Lofven is hanging on to power despite speculation he would resign amid a cyber-security scandal. Three of Lofven’s cabinet ministers are being targeted after their botched response to a data breach that could have resulted in classified information getting into the hands of foreign powers. Elections aren’t due for another year, but Lofven may not last that long.
The cost of clean air. Could a handful of the world’s richest people giving away their wealth make a real impact on climate change? Bloomberg’s Robin Hood Index looks how much billionaires would need to contribute to offset the greenhouse gas emissions in their home countries for a year. Separately, Amazon founder Jeff Bezos today became the world’s richest person. He overtakes Microsoft founder Bill Gates, who has held the top slot on the Bloomberg Billionaires Index since May 2013.
Hijacked at sea. The Brillante Virtuoso, an oil tanker carrying $100 million in cargo, was hijacked in the Gulf of Aden in 2011. Six years later, the twisted legal, financial and criminal tale has yet to be untangled. And it may never be.
Saving elephants. In Africa, where poaching is the greatest danger facing elephants, travel has actually proved a strong engine for their conservation. In Asia the bigger threat is indentured servitude. Find out how the emerging concept of sustainable elephant tourism is helping save these endangered giants.
Compiled by Andy Reinhardt and Leila Taha