February 17, 2017
The regulator closed almost 100 banks in 2016, and in a cleanup with few precedents, Nabiullina has shut almost 300 over the past three years. This may be only the beginning. There are about 600 banks left across the world’s largest country, but Fitch Ratings analyst Alexander Danilov, adjusting for population, calculates that as an emerging market Russia would be fine with about 1 in 10 of those. ... she runs what in Russia is called a “megaregulator.” When it comes to the economics behind Putin’s overarching goal of restoring Russia’s place in the world, there’s no one more influential. ... As central bank governor, she’s in charge of a banking system whose weak links are an economic burden, driving up the cost of financing so badly needed in the face of stagnant growth. She’s also the chief guardian of Russia’s foreign currency reserves. Those holdings are more than just a tool of monetary policy; according to several senior officials, Putin views them as a vital safeguard of the country’s sovereignty. ... The full picture only becomes clear when they’re shut down and regulators have to track the assets. In those cases, only about 40 percent of what the banks claimed was on their books actually existed
This is the Tata long familiar to Indians and business watchers around the world: a group that tied itself to the principles of public service and humane treatment of workers and communities, a century before “corporate social responsibility” became a buzzword. ... Since Jamsetji set up his small trading company in 1868, it has expanded into a major name in global business, with annual turnover exceeding $100bn. Even amid this huge growth, it retained a name for stable leadership: in the first 144 years after it was founded in Mumbai, the group had only five leaders, all drawn from Jamsetji’s descendants. ... But this carefully guarded reputation for ethics and stability, a source of pride for Tata’s 660,000 employees and India itself, is now threatened by an unprecedented crisis. The upheaval began in October last year when Cyrus Mistry, the first chairman drawn from outside the founding family, was suddenly dismissed without explanation, exposing seething tensions between him and his predecessor Ratan Tata.
Like oil and coal, kitchen scraps can be converted into energy. But unlike oil and coal, which are expensive to dig out of the ground, food waste is something that cities will actually pay someone to haul away. Many innovative municipalities, in an effort to keep organic material out of dumps — where it generates methane, a greenhouse gas — already separate food from garbage and send it to old-fashioned compost facilities. There, workers pile the waste in linear heaps called windrows, mix it with leaves and grass clippings and let oxygen-dependent microbes transform the gunk into lovely dark fertilizer. But the more material you compost, the more space (and gas-guzzling bulldozers and windrow turners) you need to process it. It can get a little smelly, too, which is yet another reason New York City, which generates about one million tons of organic waste a year, will probably never host giant compost farms. ... But anaerobic digestion, in which food is broken down by microbes inside tall, airtight silos, has a real shot at scaling near densely populated areas. The footprint of such plants is relatively small, and their odors are mechanically contained, if they are operated properly. Digesters do cost more to build and run than compost sites, but they more than make up for that by generating two separate revenue streams: fertilizer and biogas, which is chemically similar to natural gas and can be burned to make heat and electricity. ... The nation’s industrialized compost operations bring in roughly $3 billion annually; American farmers bought $21.2 billion of conventional fertilizers in 2016.
Aching, throbbing, searing, excruciating – pain is difficult to describe and impossible to see. So how can doctors measure it? ... During that period of convalescence, as I watched her grimace and clench her teeth and let slip little cries of anguish until a long regimen of combined ibuprofen and codeine finally conquered the pain, several questions came into my head. Chief among them was: Can anyone in the medical profession talk about pain with any authority? From the family doctor to the surgeon, their remarks and suggestions seemed tentative, generalised, unknowing – and potentially dangerous: Was it right for the doctor to tell my wife that her level of pain didn’t sound like appendicitis when the doctor didn’t know whether she had a high or low pain threshold? Should he have advised her to stay in bed and risk her appendix exploding into peritonitis? How could surgeons predict that patients would feel only ‘discomfort’ after such an operation when she felt agony – an agony that was aggravated by fear that the operation had been a failure? ... There seemed to be a chasm of understanding in human discussions of pain. I wanted to find out how the medical profession apprehends pain – the language it uses for something that’s invisible to the naked eye, that can’t be measured except by asking for the sufferer’s subjective description, and that can be treated only by the use of opium derivatives that go back to the Middle Ages.
Maps are for humans, but how do animals, which began navigating millions of years before parchment was invented, manage to find their way around? Do animal (and human) brains contain a map, and if so does it have islands and capes, North Poles and Equators, reference lines and so on? And if they do, where is it, and how does it work? How could a jelly-like blob of protoplasm contain anything as structured as a map? ... These questions have intrigued biologists for many decades, particularly because animals can perform astonishing feats such as navigating their way from the North Pole to the South and back again, like the Arctic tern; or returning home after being transported hundreds of miles away, like the homing pigeon. How animals (both human and non-human) work out their location is just beginning to be understood by brain scientists. There are maps in the brain, as it happens. The properties of these maps, which neuroscientists call ‘cognitive maps’, have turned out to be highly intriguing, and are helping us to understand not just how animals navigate, but also more general principles about how the brain forms, stores and retrieves knowledge.