Finance & economics
Free exchange
Is America approaching peak tip?
The country’s gratuity madness may soon calm, so long as Donald Trump does not get his way
Sweet gains, bro
America’s rich never sell their assets. How should they be taxed?
It is tempting to tax them during their lives. It is wiser to do so after their deaths
Leviathan bound
Indian state capitalism looks to be in trouble
A weakened Narendra Modi is bad news for investors in government-controlled firms
Gridlock
Europe faces an unusual problem: ultra-cheap energy
The continent is failing to adapt to a renewables boom
Buttonwood
Think Nvidia looks dear? American shares could get pricier still
Investors are willing to follow whichever narrative paints the rosiest picture
Bardella’s potential burden
How bad could things get in France?
The country’s next prime minister faces a brutal fiscal crunch
The great escape
Why house prices are surging once again
In America, Australia and parts of Europe, property markets have shrugged off higher interest rates
Dropping anchor
China’s currency is not as influential as once imagined
Its share of international reserves has stalled
The missing million
The cracks in America’s ultra-strong labour market
With a big discrepancy in jobs data, the economy may be weaker than it seems
The art of the deal
Rumours of the trade deal’s death are greatly exaggerated
Plenty of countries are in a dealmaking rush
Free exchange
Does motherhood hurt women’s pay?
Two new studies suggest not—at least in the long run, and in Scandinavia
Buttonwood
Has private credit’s golden age already ended?
A more competitive market is a less profitable one