Your Evening Briefing
India’s top banks are getting ready to roll out a system that gives consumers control over much of their financial data. Backed by the Reserve Bank of India, it’s an ambitious approach that combines privacy protection with credit reporting. If it works, it could unlock the credit market for millions of Indians. Each of the nation’s 560 million internet users will have control over their own financial records, with the ability to choose what to share, with whom and for how long.
Here are today’s top stories
Compensation will be the last battle in technology’s conquest of the financial industry. The end of bonus culture as we know it is coming.
The White House said it plans to lift its designation of China as a currency manipulator, removing an obstacle to a deal that will partially end the trade war begun by President Donald Trump.
A perfect storm of demographic shifts, benefit cuts and outdated social structures is driving Japan’s women, especially the elderly, toward financial ruin. In a few decades, half of older single women may live in poverty.
The Trump administration said it’s “concerned” about a report that Russia may be trying a repeat of 2016, this time undermining the presidential campaign of former U.S. Vice President Joe Biden.
Since the Netherlands decriminalized marijuana in 1976, Amsterdam’s “coffee shops” have become a destination for weed lovers from around the globe. But pot has never been fully legalized in the country, which is now proving to be a handicap for the Dutch marijuana industry as full legalization speeds ahead elsewhere.
What’s Cormac Mullen thinking about? The Bloomberg cross-asset reporter said last week’s European bond market showed signs of both the strength and fragility of global investor sentiment. With over $100 billion of new debt sales, the region saw its biggest week ever. Issuers, however, hurried to get their deals done as events in the Middle East threatened to spark global market turmoil.
What you’ll need to know tomorrow
- How UPS, FedEx and Amazon dodged a holiday disaster.
- Behavioral economics’ latest bias is seeing bias wherever it looks.
- Tesla surged above $500, leaving analysts (and shorts) in ashes.
- Wall Street’s biggest oil hedge was declared a state secret.
- Cory Booker dropped out of the Democratic presidential race.
- Misery peaks at age 47.
- Women were nearly absent from top Oscar awards categories.
What you’ll want to see in Bloomberg Photos
Dozens of towns and cities are covered in ash, flights have been grounded and a mass evacuation is underway following the eruption of the Taal Volcano, just 40 miles south of the Philippine capital Manila. There may be much worse to come, according to the Philippine Institute of Volcanology and Seismology, with a “hazardous explosive eruption” possible within hours or days.
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