Business review from the Economist
Carney stays longer at BOE to help Brexit
Mark Carney, the governor of the Bank of England, agreed to extend his term until January 2020. Philip Hammond, Britain's Chancellor of the Exchequer, requested the seven-month extension to Carney's planned leaving date to "support a smooth exit" for Britain from the European Union, saying the summer of 2019 "could be quite a turbulent period."
Jack Ma announced that he would step down as chairman of Alibaba in September 2019. Ma founded the Chinese e-commerce company 19 years ago and has been involved in running it ever since. The English-language teacher-turned-billionaire wants to focus on his work in education and philanthropy. His successor will be Daniel Zhang, Alibaba's chief executive.
Les Moonves resigned with immediate effect as the chief executive and chairman of CBS, after a spate of sexual-harassment allegations dating from the 1980s to the 2000s. The broadcaster has employed lawyers to investigate the claims, which Moonves denies; if they find there is cause to dismiss him, he will forgo some or all of his severance package. Moonves, one of the media industry's most powerful executives, had been embroiled in a battle with the Redstone family, the controlling shareholders in CBS, to dilute its voting power. With his departure, CBS shook up the board, bringing in new directors allied with the Redstones.
Scott Gottlieb, the U.S. Food and Drug Administration chief, said the use of e-cigarettes among teenagers had "reached an epidemic proportion." Retailers and manufacturers were warned to "substantially reverse these trends" or face fines and the possibility of having the products removed from the shelves.
Debenhams reassured investors about its financial performance after its share price swooned in response to reports that it is considering a restructuring. The British chain of department stores has issued three profit warnings this year. Its close rival, House of Fraser, was saved from liquidation last month.
The pace of growth in the average hourly earnings of U.S. workers quickened in August, rising by 2.9 percent from the same month last year. The unemployment rate held steady at 3.9 percent. It has been hovering just below or above 4 percent all year so far; the last time that happened was in 2000. All of which gives the Federal Reserve plenty to digest when it considers lifting interest rates later this month.
Tesla's investors absorbed news of the departure of both its chief accountant after less than a month in the position and its human resources director, who is not returning to her job following a leave of absence. Tesla's stock has fallen by almost 20 percent in the past month.
The problems at Tesla weighed on NIO, a Chinese maker of electric cars, when it launched its IPO in New York. NIO priced the offering of its U.S. depositary shares at $6.26 a share, the bottom of its target price range. They rose 5 percent on the first day of trading.
Global politics from the economist
Sweden's new government up in the air
In Sweden's general election, the anti-immigrant Sweden Democrats did less well than many had feared, ending up in third place with 17.5 percent of the vote. But forming a new government could now be difficult, as the center-right and center-left alliances are both well short of a majority. Another election may have to be called.
The European Parliament voted to condemn Hungary for abusing democratic norms. This starts a process that could theoretically see Hungary stripped of its voting rights. Sanctions are certain to be blocked by Poland and perhaps others.
Vladimir Putin said that Britain's allegation that two members of Russia's military intelligence poisoned a former spy in Salisbury earlier this year is wrong. The Russian president claimed that the two men were civilians and would explain "everything themselves."
The U.S. recalled its top diplomats from the Dominican Republic, El Salvador and Panama for consultations after the countries decided to cut ties with Taiwan and recognize China instead. Only 17 nations still recognize Taiwan.
Malaysia canceled three pipeline projects backed by China, the most conspicuous push yet by the new government led by Mahathir Mohamad against the flood of Chinese money swashing around infrastructure projects.
Ethiopia and Eritrea reopened their border crossings for the first time since the start of a war in 1998. There has been a rapid improvement in relations with Eritrea after Ethiopia's prime minister, Abiy Ahmed, agreed to withdraw from disputed territory.