News

  Bloomberg The European Central Bank is likely to exceed its inflation goal for a while after a long period of near-stagnant prices, Governing Council member Erkki Liikanen said. “You can never have average inflation close to 2 percent if you are never above 2; it’s arithmetic,” Liikanen, the Bank of Finland governor, said in an interview in Helsinki on ...

  Bloomberg The ruble declined the most among peers in Europe, the Middle East and Africa, succumbing to retreating oil and pressure on emerging markets from the prospect of a Federal Reserve interest-rate increase. The Russian currency weakened for a second day, falling 1 percent to 66.64 against the dollar by 12:35 p.m in Moscow. Brent crude, the benchmark for ...

  Bloomberg Finland, locked in a downward economic spiral since Nokia Oyj’s fall from atop the smartphone world, cheered the announcement that handsets bearing the company’s badge will reappear, and with them the possibility of much-needed jobs. The country, which eked out 0.5 percent growth in 2015 after three years of recession, took a massive hit when Espoo-based Nokia surrendered ...

  New York / BLOOMBERG Federal Reserve officials want to raise interest rates in June. Now, it is up to the U.S. economy to confirm their view that slow growth in the first quarter was temporary. Minutes of the April 26-27 Federal Open Market Committee meeting released on Wednesday in Washington used the word “June” six times in a policy ...

Bloomberg Tesla Motors Inc. has set an unrealistic goal for itself and will probably miss 2018 production forecasts by a whopping 66 percent, according to a report by Goldman Sachs Group Inc. Should that dissuade you from buying the stock? Apparently not—the bank’s analysts upgraded their recommendation from “Neutral” to “Buy.” This is the sort of wild disconnect that Tesla ...

  Bloomberg Brazil’s Acting President Michel Temer is studying the sale of state assets to shore up public accounts, as well as an audit of the country’s largest savings bank, said a government official with direct knowledge of the matter. A government task force will consider selling stakes in companies such as power utility Furnas Centrais Eletricas SA and BR ...

  Bloomberg Argentina set rules for its first planned auction for renewable energy, an event that’s expected to spur as much as 1 gigawatt of new capacity led by wind and solar farms. The auction may drive as much as $2 billion in investments, the government said in an e-mailed statement. The deadline to submit proposals is Aug. 22 and ...

  Bloomberg The New York Stock Exchange suspended U.S. trading of Brazil’s state-owned utility Eletrobras on Wednesday and began delisting procedures after the company said it would miss a deadline to submit its 2014 financial results. Centrais Eletricas Brasileiras SA, as the utility is formally known, has already delayed the filing to the U.S. Securities and Exchange Commission three times ...

  ABU DHABI / WAM The Ministry of Human Resources and Emiratisation reinitiated the Midday Break Decree for the 12th consecutive year, preventing any sort of duty under direct sunlight between 12:30 – 15:00 for three months from June 15 to September 16. Saqr bin Ghubash Saeed Ghubash, Minister of Human Resources and Emiratisation, said that the Decree is based on ...

  Dubai / Emirates Business The Emirates National Oil Company (ENOC) received three prestigious awards during the annual Chartered Institute of Procurement & Supply (CIPS) Supply Management Awards held at The Address Dubai Marina recently. ENOC was recognised as the “Overall Winner” for 2016 in addition to two team categories called “Best People Development” and “Best Supplier Relationship Management”.