Bloomberg Venmo’s app succeeded in becoming a ubiquitous way for young people to send money back and forth. It has been less successful at creating a sustainable business. Dan Schulman, chief executive officer of Venmo parent company PayPal Holdings Inc., said that while it hasn’t happened yet, the app will make money someday. “I have full confidence that we will ...

Bloomberg Ford Motor Co. is taking its driverless delivery trials to South Beach to continue testing consumer response to receiving pizzas and packages from the back of a robot ride. The automaker is deploying a handful of delivery vehicles on the clogged byways of Miami and Miami Beach to serve up Domino’s pizza, groceries and other cargo. They’ll be dressed ...

Bloomberg Russia is sending more natural gas to Europe than ever before as a blast of Arctic air lifted demand for heat and electricity, underlining the region’s dependence on its eastern neighbour. The freeze severely tested Europe’s energy network over the past week. Spot gas prices tripled to a record, drawing in more Russian supplies by pipeline and prompting a ...

TOKYO / Reuters ExxonMobil Corp has declared force majeure on exports from its Papua New Guinea liquefied natural gas (LNG) project, which has been shut since a powerful earthquake, an industry source familiar with the matter said. At least 31 people were killed by the 7.5 magnitude quake, and Prime Minister Peter O’Neill has declared a state of emergency across ...

Bloomberg For all his influence on the wider European economy, Mario Draghi is finding out that he has little sway in fixing a much more local problem. Almost two weeks after a member of his Governing Council was briefly detained for bribery and extortion, the European Central Bank president still has few options available to address a lingering crisis that ...

SYDNEY / Reuters A first sale of green Islamic bonds by Indonesia could help open the door for more crossover deals across Asia, as religious and environmentally-minded investors find a middle ground in the sukuk funding format. Last week, Indonesia became the first Asian sovereign to sell green sukuk, raising $1.25 billion via a five-year deal, alongside a $1.75 billion ...

Islamabad / Reuters Pakistan’s capital market regulator has drafted governance rules that cover sharia-compliant companies and securities, the latest government initiative aimed at develo- ping the country’s Islamic finance industry. The move by the Securities and Exchange Commission of Pakistan (SECP) marks the first time a regulator has defined comprehensive requirements for companies that deem themselves to be compliant with ...

Bloomberg The swings are getting bigger in stocks, and the divide is getting wider among people whose job is to forecast them. Bank of America (BofA) strategists led by Michael Hartnett say they see another correction coming, similar to the one in early February when about $6 trillion was erased globally. This year’s turbulence is part of a topping process ...

Bloomberg Norway lowered the central bank’s inflation target after policy makers struggled to meet the goal, going against the grain in a global debate where many have called for levels to be raised to allow more room to support economies. The government reduced the target to 2 percent from 2.5 percent, bringing it in line with other central banks such ...

Bloomberg American Airlines Group Inc. is crying foul over a planned $8.5 billion renovation of Chicago’s O’Hare International Airport, claiming a “secret provision” awards additional gates to United Continental Holdings Inc. in a terminal slated to be torn down. The arrangement favouring Chicago-based United was “inserted at the last minute,” American said. United called the claim “disingenuous,” denied there was ...