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How inequality has helped keep the stock market boom alive.

Stocks have gone up over the years because corporate earnings continue to grow. That part is straightforward. But in addition to rising stock prices, we’ve also seen rising stock market valuations. For years, investors have talked about stocks being unreasonably priced, and yet they haven’t reverted to historical norms. But perhaps there’s a good explanation for this, beyond just animal spirits. Jonathan Heathcote is an economist at the Minneapolis Federal Reserve Bank, who recently co-authored

The African Development Bank says water investments on the continent have increased over the past decade — from upstream preparation of projects to desalination efforts, service delivery and wastewater treatment plants. But Mtchera Chirwa, the AfDB’s water and sanitation department director, says gaps within the sector won’t just be resolved with more capital injection. (Source: Bloomberg)

Keir Starmer has resolved to hike Britain’s defense spending faster than current plans propose, hoping that a focus on security at a time of escalating conflict can fend off the prospect of a leadership challenge next month.

Global funds are dumping Indian equities at a record clip as an energy shock from the US-Iran war threatens to derail the outlook of the world’s fastest-growing major economy.

IOI Properties Group Bhd. plans to establish a real estate investment trust holding its retail, hotel, and office assets, followed by a listing that could raise about 1.98 billion ringgit ($500 million) for the Malaysian developer.

Kalshi Inc. won a temporary reprieve from criminal prosecution in Arizona when a judge suspended the case at the behest of a federal regulator.

“Right now, we only see our kids (ages 5 and 2) awake for about 90 minutes a day.”

This week, Richard Haass of Centerview Partners on what to expect out of US-Iran peace talks. Plus, why Gulf states are begging Trump not to end the Iran war early and how the conflict could hit consumers, from gas prices to interest rates. And, former Canadian Finance Minister Chrystia Freeland warns of stagflation, a food crisis, and the growing strain on the US-led global order as finance leaders gather in Washington at the annual World Bank-IMF meetings. Later, how China quietly built a monopoly on the minerals that power modern life, and why American innovators think they can still leapfrog Beijing. (Source: Bloomberg)