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What the Millennial Prime Minister of Nepal Teaches Us About Inequality

Last week, citizens in Nepal headed to the polls for the first time since last September's youth-led protests toppled the government. Balendra Shah, the former Kathmandu mayor who rose to prominence as a face of the Gen Z movement, is projected to win in a landslide victory. Shah's electoral victory signals a shifting political order in Nepal, a result that could upend a bureaucratic system long dominated by three parties. To understand this historic election, we look back at a movement that started with a few social media posts and changed the course of a nation.

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Bloomberg

How the Private Credit Crunch Is Raising New Questions About Risk

Private credit has exploded in recent years, drawing in major institutions and alternative asset giants, and even featuring more heavily in retail portfolios. But as cracks emerge in parts of the private credit space, we take a look at how the benefits of non-bank lending could be turning into vulnerabilities. Apollo's Marc Rowan points to the broad appeal of private lending to institutions, while former Goldman Sachs CEO Lloyd Blankfein and former Federal Reserve Board Governor Daniel Tarullo worry about the harm it could cause for retail investors.

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