Immigration

U.S. private prisons set investors easy ESG test

27 Jun 2019

Bank of America is the latest lender to quit the sector amid an outcry over immigrant detentions. Vanguard, BlackRock and State Street own 30% of GEO Group and CoreCivic, which run migrant facilities and jails. If indexers can’t escape, they can at least agitate for change.

Canada adds startup-like optimism to tech turf war

22 May 2019

The country has simpler immigration, livable cities and lower valuations than its southern neighbor. Capitalizing on U.S. dysfunction in a bid to become a tech magnet is smart. But if Silicon Valley is any guide Prime Minister Justin Trudeau should be careful what he wishes for.

Japan’s foreign invaders could use domestic allies

11 Feb 2019

From sumo rings to convenience stores to boardrooms, immigrants are changing the way the world’s third-largest economy works. Their presence is politically awkward, but demographically essential. Policies that internationalise Japanese citizens would help ease the transition.

Trump’s crisis powers are a Pandora’s box

9 Jan 2019

The U.S. president may yet try to bypass Congress to build a border wall by declaring a national emergency. In theory, similar authority could enable him to close CNN or block Facebook. Such scenarios would be tested in court. But there’s leeway, and only lawmakers can reduce it.

Cannabis stocks have whiff of 2006

14 Sep 2018

A weed ETF has doubled in price in just over a year, while a Canadian producer has been targeted by an activist because its stock “only” trades at eight times EBITDA. Demand is real and legalization is coming. But online gaming’s sharp correction 12 years ago offers a warning.

Brexit is confronted with its own contradictions

12 Jul 2018

Theresa May’s exit plan involves the UK sticking to EU goods rules in return for symbolic but uncertain benefits on immigration and trade. Even if Brussels accepts the convoluted customs arrangement, Britain’s parliament may not. A dangerous standoff looms later this year.

May’s Brexit plan faces battle on three fronts

9 Jul 2018

The resignation of two cabinet ministers emboldens hardliners who say PM Theresa May’s proposal to quit the EU is too soft. But opposition parties think it’s too hard, while Brussels will demand more concessions. That increases the chances Brexit will be chaotic – or be delayed.

Brexit dividend will be cashed in euros

6 Jul 2018

Nine months before Britain is due to leave the European Union its departure terms remain unclear. Prime Minister Theresa May’s latest plan cannot provide the certainty businesses seek: hence the shifting of investment and people elsewhere. Banks look set to lose whatever happens.

EU immigration deal papers over two big problems

29 Jun 2018

A fudge on migration whipped up by leaders satisfies Italy’s new government and gives German Chancellor Angela Merkel something that may placate her Bavarian allies. But the former’s confrontational stance and the domestic weakness of the latter remain worrying fault lines.

Migrants may offer for-profit prisons a reprieve

26 Jun 2018

The prospect of detaining immigrant families for months or longer could mean big bucks for incarceration factories CoreCivic and GEO Group. It’s one way these listed U.S. companies can hope to offset an aging population and reduced drug sentences threatening their businesses.

Bad economics worsen cruel U.S. immigration push

19 Jun 2018

Separating children from parents illegally entering the country isn’t just immoral, it’s expensive. Detention costs could hit up to $100 mln for one month, eating into a $3.2 bln deportation budget. Given immigrants are good for the economy, it’s a double whammy of dumb policy.

DIY approach weakens Europe’s migration defences

19 Jun 2018

Fewer people are coming from Africa, but managing immigration is the EU’s main political issue. A unified push to screen refugees in third countries could help prevent a full-blown crisis. By contrast, piecemeal solutions in Germany and Italy would be costly and ineffective.

Review: America’s founding was all about the money

13 Apr 2018

“New World, Inc.” explores the role of British merchant adventurers in laying the groundwork for the colonial settlements in Virginia and Plymouth. The book is a prequel of sorts to the Pilgrim creation myth that suggests Mammon, not religious freedom, drove America's creation.

Trade and immigration loom over U.S. jobs outlook

6 Apr 2018

Payroll gains in March were disappointing, but the monthly average for the first quarter was a strong 202,000. Corporate tax cuts are supposed to boost economic growth from last year’s 2.3 pct. Saber-rattling on tariffs is a headwind, though – and fewer immigrants could be, too.

Viewsroom: Trump slaps tariff fear on markets

8 Mar 2018

Imposing levies on steel and aluminum has lost the president his economic adviser, ex-Goldman No. 2 Gary Cohn. That has shocked investors out of complacency. Also: Italy’s elections leave fringe parties in charge. And big deals may be back on the agenda for the mining industry.

Trump’s immigration aims undermine economic goals

5 Mar 2018

Court rulings are preventing the deportation of people who entered the U.S. illegally as minors even as protections were due to expire. Yet many remain in legal limbo, and the White House wants to reduce new arrivals. Faster growth, which depends on migrants, will be a casualty.

Tax cuts are looking like rare Trump win

19 Jan 2018

The U.S. president’s first anniversary coincides with a possible federal funding hiatus. Slashing corporate taxes last month was a GOP success and the administration now wants infrastructure investment. But the shutdown wrangling is indicative of the partisan deadlock to come.

Hadas: Malthus, Condorcet and “shithole” economics

17 Jan 2018

The English curate was totally wrong about permanent poverty, but the legacy of his grim expectations still clouds judgments. His lesser-known French rival was a better guide. Condorcet would have expected the recent progress in countries the U.S. president seems to despise.

Review: Why Brexit will ultimately please nobody

15 Dec 2017

Britons voted to leave the EU for myriad and conflicting reasons, according to “Brexit and British Politics”. It’s hard to see a settlement that addresses them all. The risk is that voters see Brexit as another betrayal by politicians, fuelling the disaffection that caused it.

Europe poorly placed for Austria’s rightward drift

16 Oct 2017

The far-right Freedom Party scored well in the country’s election and may enter government. It has been in power before. However, its presence could make Europe’s immigration problem harder to manage, and further integration harder to agree. Centrifugal forces have not gone away.