How the Rich Corbyn-Proof Their Wealth Venezuela: Guaidó V Maduro Fusion Power from the Private Sector North Korea by Night
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https://t.me/finera How the rich Corbyn-proof their wealth Venezuela: Guaidó v Maduro Fusion power from the private sector North Korea by night MAY 4TH–10TH 2019 Tech’s raid on the banks Financial Era Advisory Group Contents The Economist May 4th 2019 7 The world this week Britain 10 A round-up of political 25 The rich Corbyn-proof and business news their wealth 26 A mole hunt gets its man Leaders 28 New carbon targets 13 Financial services 28 The end of fracking? Tech’s raid on the banks 29 Funding social care 14 Venezuela How to get rid of Maduro 29 Brexit paralysis 30 Food and globalisation 14 India’s election Orange peril 31 Bagehot The followership problem 15 Crisis in the Sahel The West’s forgotten war Europe On the cover 16 Drug resistance Netflix and pills 32 Spain’s general election The smartphone is disrupting 33 Merkel’s long goodbye banking at last: leader, page 13. Letters 34 Russian spy whales Young people and their On Notre Dame, South mobiles are shaking up the 18 34 Poland’s “LGBT Africa, diplomacy, private industry, see our special dictatorship” education, YIMBYs report, after page 44. Facebook 35 Charlemagne Abolishing has a plan to overpower its France’s most elite college opponents, page 60 Briefing 21 YouTube United States • How the rich Corbyn-proof Now playing, everywhere their wealth The top 1% are 36 Fringe ideas in foreign preparing for the day when policy Labour takes power, page 25 Special report: Banking 37 Richard Lugar A bank in your pocket 38 Congressional subpoenas • Venezuela: Guaidó v Maduro After page 44 An attempt to depose the 38 All the president’s banks dictator appears to have failed. 39 Conviction-review units It is time to try again: leader, Trouble at the NRA page 14. What went wrong, 39 page 42 40 Chicago and Liberia 41 Lexington No sex please, • Fusion power from the we’re millennials private sector After decades spent within the purview of governments, fusion energy is The Americas attracting the interest of 42 Venezuela’s failed uprising business, page 75. A government- 43 Grammar schools in Chile funded reactor may yet supply 44 Feminist funk (music) in fusion—in 2045, page 77 Brazil • North Korea by night Satellite data shed new light on the Kim empire’s opaque economy, page 85 Bagehot Britain suffers Middle East & Africa not just from a lack of 45 The West’s war in Africa leadership, but also from 46 Militias in the Sahel a poisoned followership, page 31 47 Clerics against clerical rule 48 Eurovision in Israel 1 Contents continues overleaf https://t.me/finera 8 Contents The Economist May 4th 2019 Asia Finance & economics 49 Elections in India 66 The boom in compliance 50 Banyan Kim Jong Un’s 68 Buttonwood Berkshire options Hathaway 51 Democracy in Australia 69 Turkey’s central bank 51 Indonesia’s capital in flux 69 No sign of recession in 52 The Solomon Islands America 53 Japan and Shinto 70 A cryptocurrency crackdown China 70 FX trading goes digital 54 A century of dissent 71 America’s best young economist 55 Space-themed tourism Free exchange Parenting 56 Chaguan Hollywood’s 72 rivals in China like a dismal scientist Science & technology 75 Has fusion’s time come? International 77 Fusion’s biggest reactor 57 The rise in meat-eating Books & arts 78 When contemporary art Business went global 60 Facebook’s WeChat 80 Millennials in China moment 80 A geriatric crime caper 61 American tech earnings 81 Ethics and evolution 61 Trouble in Deutschland AG 62 Bartleby Struggling with Economic & financial indicators style 84 Statistics on 42 economies 63 Fast times at PSA Group Ailing antibiotics-makers 63 Graphic detail A billion-yuan bet 64 85 Lights at night reveal a deep recession in North Korea 65 Schumpeter Revving up Unilever Obituary 86 Lyra McKee, uncoverer of Northern Ireland’s secrets Subscription service For our full range of subscription offers, including digital only or print and digital combined, visit: Volume 431Number 9141 Economist.com/offers Published since September 1843 to take part in “a severe contest between You can also subscribe by post, telephone or email: One-year print-only subscription (51 issues): Please intelligence, which presses forward, and an unworthy, timid ignorance Post: The Economist Subscription UK..........................................................................................£179 obstructing our progress.” Services, PO Box 471, Haywards Heath, RH16 3GY, UK Editorial offices in London and also: PEFC certified Amsterdam, Beijing, Berlin, Brussels, Cairo, Telephone: 0333 230 9200 or This copy of The Economist Chicago, Johannesburg, Madrid, Mexico City, 0207 576 8448 is printed on paper sourced Moscow, Mumbai, New Delhi, New York, Paris, from sustainably managed San Francisco, São Paulo, Seoul, Shanghai, Email: customerservices forests certified by PEFC Singapore, Tokyo, Washington DC @subscriptions.economist.com PEFC/16-33-582 www.pefc.org Registered as a newspaper. © 2019 The Economist Newspaper Limited. All rights reserved. Neither this publication nor any part of it may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of The Economist Newspaper Limited. Published every week, except for a year-end double issue, by The Economist Newspaper Limited. The Economist is a registered trademark of The Economist Newspaper Limited. Printed by Walstead Peterborough Limited. Financial Era Advisory Group 10 The world this week Politics The Economist May 4th 2019 Baghdadi notes his group’s population of 30m, is congest- been drawn by the state legisla- defeat at Baghuz, its last ed and polluted. Although a ture to favour Republicans and stronghold in Syria, but vows new location has not yet been ordered that they be redrawn in to fight on. chosen, Palangkaraya, a city of time for the 2020 election. 260,000 in the Indonesian part Several courts have ruled that The White House said it was of Borneo, is being considered. partisan gerrymandering can working towards designating be unconstitutional. the Muslim Brotherhood as a Riots engulfed Honiara, the terrorist organisation. The capital of the Solomon decision would bring sanc- Islands, after parliament That elusive winning line tions on what was once the picked Manasseh Sogavare to Spain’s ruling Socialist Party world’s pre-eminent Islamist serve a fourth non-consecutive won the most seats in a general Juan Guaidó, who is recognised movement. Egypt’s president, term as prime minister. An election, though it is still well as interim president of Abdel-Fattah al-Sisi, who opponent had secured a court short of a majority. Pedro Venezuela by many democ- toppled a Brotherhood-led order delaying the vote, but the Sánchez, the prime minister, racies, appeared outside an government in 2013, reportedly governor-general ignored it. may try to continue in office as air-force base in Caracas and requested the move. head of a minority govern- urged the armed forces to ment, or cobble together a overthrow the socialist dic- The imf said Iran’s gdp would Done, but not dusted coalition. There are obstacles tatorship of Nicolás Maduro. contract by 6% this year, William Barr, America’s to reaching a deal with either Leopoldo López, an opposition caused in large part by Ameri- attorney-general, was grilled in Podemos or Ciudadanos, two figure kept under house arrest can sanctions on Iranian oil Congress over his handling of possible partners. Vox, a by the regime, appeared with exports. Annual inflation the publication of the Mueller nationalist party, entered Mr Guaidó after being freed by could reach 37%, the fund report. Mr Barr issued a sum- parliament for the first time. security personnel. America warned. The crisis is fuelling mary of the report before its reiterated its support for Mr popular discontent with the full publication, but two letters The president of France, Guaidó. Backed by Russia and government and ruling clerics. emerged this week from Robert Emmanuel Macron, made new Cuba, Mr Maduro said he had Mueller criticising that sum- promises after long talks with defeated an attempted coup. The African Union extended a mary for its lack of context. voters. They included tax cuts, Amid more protests, Mr deadline imposed on coup tax exemptions for bonuses Guaidó called for strikes to leaders in Sudan to hand pow- A gunman opened fire at a and a commitment to close the topple the government. er to a civilian administration. synagogue near San Diego, elite civil-service college, ena. The military junta was initially killing a woman. The 19-year- The gilets jaunes protesters Unions staged a national strike given15 days. This has been old suspect had posted an seemed unmollified. More in Argentina to protest against extended by another 60 days. anti-Semitic diatribe online than 200 arrests were made in the austerity policies of Maur- shortly beforehand. The Anti- Paris during riots on May Day. icio Macri, the president. Mr Defamation League recorded a Macri’s popularity has taken a The limits to friendship big increase in the harassment Julian Assange was sentenced dive of late, and he is up for China dropped its objection to of, and assaults on, Jews in by a British court to 50 weeks re-election in October. Cristina a proposal in the un to list America last year. in prison for jumping bail in Fernández de Kirchner, a Masood Azhar, the leader of a 2012, when he took refuge in spendthrift populist ex-presi- Pakistani jihadist group, as a the Ecuadorean embassy in dent, could unseat him, a terrorist. This allowed the un London. Mr Assange still faces prospect that scares investors.