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Comcast announces a surprise offer for the British television firm

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HAVING failed to get Rupert Murdoch’s attention before, Brian Roberts, chief executive of Comcast, certainly has it now. On February 27th the American pay-television giant said it would make a £22.1bn ($30.7bn) offer for Sky, the European satellite broadcaster, potentially disrupting Disney’s agreed $66bn purchase of much of 21st Century Fox.The surprise announcement comes as Fox, which owns 39% of Sky, is trying to get regulatory approval in Britain for its own purchase of the remaining 61% of the satellite broadcaster, which it would then hand over to Disney after shareholders and regulators approve that deal (perhaps by the end of this year). By putting himself in the middle of that complex transaction, with an all-cash offer 16% richer than that of Fox, Mr Roberts is causing people to

Some airport terminals are learning from the luxury-hotel business

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Harder to expenseTHE private-jet industry advertises itself as the height of luxury for the rich. But travelling through the ramshackle, ugly buildings it used to use as terminals was rather like going commercial. No longer. At one of Dubai’s newest facilities for private jets—built by Jetex, a fast-growing chain—passengers strum guitars on hammock-shaped sofas around a coffee table dressed up as a campfire, before being whisked away to their planes in limousines. Others amuse themselves playing table football or having elaborate spa treatments.It is unsurprising that such a facility has emerged in Dubai. But the boom in luxurious terminals that look more like playpens for adults than somewhere to fly from is spreading. Jetex has opened 39 of them in more than 20 countries since 2005. Adel

Automation will drive interest rates higher, a new report concludes

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REAL interest rates in the developed world have been low ever since the financial crisis of 2008-09 (see chart). The global economy might have struggled to recover had that not been the case; higher rates would have caused many more companies and homeowners to default.Central banks are now starting to push rates slightly higher. And according to a new paper* from Bain, a management consultancy, the trend towards robotics will push them higher still—at least for a decade. That could be a shock for the financial markets.Bain estimates that by 2030 American companies will have invested as much as $8trn in automation. As companies scramble to borrow money in order to buy machinery and robots, the resulting investment boom will drive up rates.Automation will boost productivity, which has grown

Capital is on its way to America, but for bad reasons

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ACCORDING to President Donald Trump, money is pouring into America from abroad. The tax reform he signed into law in December means American firms can no longer defer paying taxes on profits left sitting in foreign subsidiaries. The change has led to some uplifting headlines. Apple said that it would make a one-off tax payment of $38bn relating to its past accumulation of $252bn in foreign earnings. Presumably, it will now start to bring this cash home. “Huge win for American workers and the USA!” tweeted Mr Trump. Yet despite the prospect of large-scale profit repatriations, the dollar has been strangely weak of late. Since the start of November, when tax reform began looking likely to pass, the greenback has fallen by about 3%. What is going on?Start with the fact that repatriations are

A new boss for McKinsey

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THE Jesuits, the US Marines and the Freemasons: McKinsey has been compared to them all, at one time or other. The firm prides itself on being the most prestigious management consultancy, sending out its bright, young footsoldiers to advise executives and policymakers on tricky strategic issues. It is everywhere, counselling 90 of the top 100 firms (as ranked by Forbes magazine). Among its many government assignments it is helping Britain to leave the EU, Lebanon to fix its economy and the Saudis to wean themselves off oil.Occasionally the company needs new leadership itself. On February 25th the result of a long election process was made public. Kevin Sneader, the Scottish chairman of McKinsey’s Asia unit, will replace Dominic Barton as managing partner—the top job. He inherits a thriving

New research suggests the dollar’s level drives world trade

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AGUS SACCHAL sells sheets and blankets from a warehouse in Buenos Aires, for which he is paid in Argentine pesos. While the pesos go into his wallet, two other banknotes are stuck to his office window. One is a ten-yuan note from a visit to China, where he went in search of cheap textiles. The other is a $5 bill, pinned next to an invoice, also in dollars. Though he does not trade with America directly, when importing he uses the greenback.Argentina’s rocky financial history makes the dollar’s dominance there unsurprising. Still, it is an extreme case of a wider phenomenon. After gathering data on 91% of the world’s imports, by value, Gita Gopinath of Harvard University found that America accounts for nearly 10%. But its currency is used in over 40% of invoicing.Recent research suggests th

Narendra Modi wants to boost formalisation. How is he faring?

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WATCHING money drain from your bank account has never been so much fun. On WhatsApp, a messaging service ubiquitous in India, sending rupees is now as easy as posting a selfie. Set-up is a breeze, because all Indian banks have been corralled onto a common payment platform on which anyone, from Google and Samsung to local payment firms and banks themselves, can build their own user interface. Money zips instantly from one bank account to the other, without any need to set up a pesky digital wallet or download some new app. At least outside China, there is no simpler way to shift money today.WhatsApp’s offering is being rolled out gradually. The number of transactions routed through the United Payments Interface (UPI), the system on which WhatsApp and the rest are riding, has soared from alm

Hong Kong and Singapore succumb to the lure of dual-class shares

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FOR Charles Li, Alibaba was the one that got away. The head of the Hong Kong stock exchange (HKEX) courted the Chinese e-commerce giant when it sought a venue for its listing five years ago, but he could not push through rule changes wanted by Alibaba to keep control of the company in its leaders’ hands. It opted instead for an initial public offering (IPO) in New York. “Losing one or two listing candidates is not a big deal for Hong Kong,” he wrote at the time. “But losing a generation of companies from China’s new economy is.” Since then he has been determined to make the next big catch.It is finally within his grasp. After a debate that has trundled on for several years HKEX is, in the coming weeks, poised to allow companies to issue shares with different voting rights. Known as dual-cl