Top News Stories –
Crash was economists’ ‘Michael Fish’ moment, says Andy Haldane –
The failure to predict the financial crisis was a “Michael Fish” moment for economists, the Bank of England’s chief economist has said. Andy Haldane compared financial forecasts to the famously inaccurate forecast by the BBC weatherman, ahead of the UK’s great storm of 1987. He said the profession was “to some degree in crisis” following the 2008-09 crash and the Brexit vote. The Bank denies claims it gave gloomy forecasts to support the Remain side. [BBC]
Andy Haldane
Other News Stories –
- Armed conflicts and attacks
- Kurdish–Turkish conflict
- A shootout in İzmir kills two gunmen while another one escapes. During the shootout a car bomb explodes, killing a police officer and court employee. (The Guardian)
- Business and economy
- Following a start-of-year hike to the price of gas, widespread riots and looting mostly targeting gas stations, supermarkets and department stores take place in several cities in Mexico. Over 250 people are said to have been arrested so far while blockades to PEMEX installations potentially lead to critical situations in some states. (Reuters)
- Sears Holdings announces that 108 Kmart and 42 Sears stores will close in the United States in 2017, affecting retailers in 40 states. The company also announced it is selling its trademark Craftsman tool brand to Stanley Black & Decker for $900 million. (USA Today), (Bloomberg)
- Politics and elections
- Obamacare repeal efforts
- Paul Ryan announces that the Republican party will, as part of its efforts to repeal Obamacare, seek to stop using federal money to fund Planned Parenthood. (CNN)
- Science and technology
- List of organs of the human body
- Scientists classify the mesentery as an organ, making it the 79th human organ. It connects the intestines to the abdominal cavity. (Science Alert), (The Huffington Post)
- Sports
- In ice hockey, the United States defeats Canada to win the gold medal at the 2017 World Junior Ice Hockey Championships. (The New York Times)
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