Business

Recent tax reforms in America will hurt charities

DESPITE its oft-professed pro-market orthodoxy, America has always had an unusually large non-profit sector. Americans gave $390bn to charity in 2016, with the bulk of contributions coming from individual donors. Historically, revenues at non-profits tend to track GDP growth. The recent tax reforms imply that despite strong economic growth, charitable contributions in America are poised to fall for the first ...

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Those Brexit clichés explained

EVER since February 2016, when David Cameron, the British prime minister, called a referendum on the UK leaving the EU, the debate has been clouded by catchphrases, similes and confusing metaphors. If you haven’t followed the debate religiously, or you are unfamiliar with British idioms, these may be mysterious. So as the negotiations reach a critical stage, here is your cut-out-and-keep ...

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How a brothel owner created the world’s biggest industrial park

Lance Gilman, tech-titan whisperer PAST the neon lights of Reno and the cookie-cutter homes of neighbouring Sparks, the I-80 highway winds through a thinly populated expanse of arid hills and lunar valleys in Storey County. On one side of the road flows the Truckee River; on the other bands of wild horses forage for parched grass. Signs of civilisation are ...

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Financial markets abhor an equilibrium

THE recent volatility in the stockmarket has come as a shock in part because equities have been performing well for an extended period. Share prices have been on a broadly upward trend ever since the spring of 2009. That follows the long bull market of 1982 to 2000. As the chart shows (on a log scale), there has been a ...

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