Covid-19: widening the gap between rich and poor

Despite the coronavirus pandemic, in 2020, the world’s five wealthiest individuals saw their collective worth increase by more than $250bn. Financially, those on higher incomes have suffered less than low skilled, low-income workers and the young, who have been hit especially hard. Not only is the pandemic’s economic impact likely to linger, global inequality is worsening, with no obvious remedy in sight.

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Spacs: the blank-cheque blitz of 2020

Special purpose acquisition companies, or Spacs, have taken Wall Street by storm this year. Spacs are shell companies that raise money by listing on the stock exchange. They have no business plan other than to acquire a company that will eventually go public. Spacs have raised more than $55bn this year, but as the FT’s Ortenca Aliaj explains, they may not be the best return on investment.

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