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The euro zone is growing twice as fast as the U.K., according to data released today that showed the 19-country bloc’s economy continued to expand in the second quarter. GDP grew 0.6 percent in the three months through June, in line with estimates, after increasing 0.5 percent in the first quarter. Yet core inflation in the euro zone — a prerequisite for the ECB to start raising interest rates — is still muted. — Andy Reinhardt
Bubble trouble. Equity bears hunting for excess in the stock market might be better off worrying about bond prices, warns former Federal Reserve chairman Alan Greenspan. That’s where the actual bubble is, and when it pops, it’ll be bad for everyone, he says. “We are experiencing a bubble, not in stock prices but in bond prices. This is not discounted in the marketplace.”
Money pools. The prospect of faster economic growth and less political risk is restoring confidence in European hedge funds, which attracted more capital for the second straight month in June. That followed a 12-month stretch which saw almost $16 billion pulled out. The revival is a relief for a region that saw more funds close than start up in recent years.
Tourism dreams. Saudi Arabia is planning a huge tourism project along its Red Sea coastline. The project will cover 34,000 square kilometers — an area bigger than Belgium — and boast 50 islands, sandy beaches and dormant volcanoes. But unless the kingdom eases its strict laws governing dress, the mixing of the genders, and the ban on alcohol, it remains to be seen whether it can turn the region into a global tourism destination.
Botched job. It was the great dirty-money caper that wasn’t. In March 2016, City of London police officers arrested a broker at the U.K. offices of Archer-Daniels Midland who authorities believed was laundering money for a Russian gang. But after a year-long ordeal of misread clues, unsubstantiated allegations and embarrassing reversals, the case was dropped. Read the twisted tale.
Don’t call it an SUV. In a bid to double profit by 2022, Ferrari may introduce a roomy four-seat “utility vehicle” as part of a major expansion push beyond its traditional supercar niche. But be careful what you call it: CEO Sergio Marchionne, who also runs Fiat Chrysler, once said “you have to shoot me first” before Ferrari would ever develop an SUV.
Salty, creamy, stinky — and delicious. You’re probably no stranger to stilton, manchego and camembert. So here are a few lesser-known suggestions to liven up your plate. Bloomberg asked top chefs from around the world to pick out their favorite under-the-radar cheeses. Their recommendations range from Peruvian paria to Indian bandel.
Compiled by Andy Reinhardt and Leila Taha