The shape of a consumer recovery matters more than its size
Headline figures can rise while the composition underneath shifts, with services and experiences taking a steadily larger share.
Business
Macro trends, industry shifts and company watching, with an eye on the structure behind the numbers.
Small firms struggle to borrow because of information, not capital
Funding supply is not the scarce input. What is scarce is credible information that lets a lender price the risk.
From building to managing, property developers need different skills
As new construction falls back, the industry's core capability moves from development and sales toward long-term operation and asset management.