News

  Bloomberg Canadian provinces have reached an agreement with the federal government to expand the Canada Pension Plan, adding new payroll taxes to boost benefits while fulfilling a key pledge made by Prime Minister Justin Trudeau in the 2015 election campaign. The expanded CPP is aimed at countering dwindling workplace pension access for younger generations pinched by a weak economy ...

Bloomberg The real dropped after Federal Reserve Chair Janet Yellen signaled renewed doubts about the strength of the world’s largest economy, offsetting local optimism that Brazil’s government is making inroads toward cleaning up its fiscal house. The currency dropped 0.4 percent to 3.4083 per dollar at 5:10 p.m. in Sao Paulo, after earlier advancing as much as 1.2 percent following ...

  Bloomberg Rio Tinto Group looks like it’s putting about $9 billion of unwanted assets from coal and uranium to Canadian iron ore into a single basket ready to spin off, according to Sanford C. Bernstein. Incoming Chief Executive Officer Jean-Sebastien Jacques on Tuesday revamped the four key divisions of the world’s second-biggest mine operator. The new Energy and Minerals ...

  Bloomberg All Exxon Mobil Corp. had to do was run its Los Angeles-area refinery for 15 days before handing the keys to new owner PBF Energy Inc. That’s turning into a struggle. More than a month after Exxon restarted a key gasoline-making unit that was damaged in a blast last year, PBF still hasn’t taken control of the Torrance ...

  Bloomberg FedEx Corp. forecast an annual profit in line with analysts’ projections, excluding any effect from its recently completed purchase of Dutch shipper TNT Express for $4.8 billion. Earnings for the fiscal year ending next May will be $11.75 to $12.25 a share, the operator of the world’s largest cargo airline said in a statement. The company said it ...

  CAIRO / Reuters Egypt’s efforts to relieve a crippling dollar shortage are pushing it towards a sickly combination of rising prices and lower growth, undermining hopes for economic revival after years of political upheaval. Prices have soared since Egypt devalued its currency by 13 percent in mid-March to end speculation against the pound and ease a dollar shortage that ...

  Dubai / WAM The UAE Water Aid Foundation (Suqia), under the umbrella of the Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI), organised a campaign to promote the Mohammed bin Rashid Al Maktoum Global Water Award (MBR Global Water Award) at universities across the UAE. The campaign was held at the American University in Dubai, United Arab Emirates University, ...

  Dubai / EMIRATES BUSINESS The Tejar Dubai entrepreneurship development programme, a Dubai Chamber of Commerce and Industry initiative, launched its 20th commercial project, Familia Emirati clothes store on Dubai-Oman Highway in Hatta recently. The new commercial project which is the 4th launched by Tejar Dubai this year has come as part of the entrepreneurship development programme’s efforts to support ...

  Dubai / EMIRATES BUSINESS Finance comparison site compareit4me.com reported impressive surges in the number of UAE residents researching the finer details of credit cards and personal loans in the first quarter of 2016, compared with the same period last year. The number of enquiries into mortgages that don’t require salary transfer were up by 450 percent, showing that people ...

  Dubai / Emirates Business GE (NYSE: GE) on Tuesday unveiled the UAE results of its 2016 Global Innovation Barometer, which explores how business leaders and members of the public perceive the opportunities for and barriers to innovation in a changing complex global environment. Now in its fifth year, the research surveyed 2,748 senior business executives and 1,346 informed publics ...