News

  Bloomberg Volkswagen AG responded to criticism from activist investor Chris Hohn with promises to improve profitability and review management pay, seeking to avoid a confrontation as criticism mounts in the wake of the emissions-cheating scandal. The German carmaker agrees with much of the investor’s analysis and is working on a strategy, including financial targets, that will be presented this ...

  Bloomberg Brexit campaigners crying out for Mark Carney to stop talking should get their wish granted next week. With just nine days until a pre-European Union referendum purdah period begins, the Bank of England governor has a few hurdles to jump in the fraught political race that’s dominated his agenda. After his most recent comments dragged him further into ...

  Bloomberg Petroleo Brasileiro SA, the state-run oil producer at the center of Brazil’s biggest ever corruption scandal, offered record-high interest rates to entice investors to its first international bond sale in a year. Petrobras sold $5 billion five-year notes to yield 8.625 percent and $1.75 billion of 10-year notes to yield 9 percent, according to a person familiar with ...

  Bloomberg Brazil’s ethanol producers may get a boost as the government is said to be mulling a higher gasoline tax as it looks to reduce the nation’s widening fiscal deficit. Finance Minister Henrique Meirelles is considering raising the so-called Cide tax on gasoline prices as an alternative to reinstating taxes on financial transactions, Brazilian newspaper Folha de S. Paulo ...

  Bloomberg Chile’s central bank kept borrowing costs unchanged for the fifth consecutive month as inflation slowed toward the target range, while maintaining its tightening bias. Policy makers, led by central bank President Rodrigo Vergara, left the key rate at 3.5 percent on Tuesday, as forecast by all 20 economists surveyed by Bloomberg. The pause in rates comes after two ...

  Bloomberg Venezuela is offering oil at the biggest discounts in seven years as the third-largest supplier to U.S. refineries fights to defend its market share from Canadian and Middle Eastern grades. The basket of Venezuelan oil is now more than $12 a barrel cheaper than the benchmark West Texas Intermediate and has averaged a discount of $8.44 this year. ...

  CAIRO / WAM The Arab League commended measures taken by the United Arab Emirates (UAE) in response to the impact of the decline in world oil prices. “There are promising signs emerging from the project implemented by the UAE to diversify sources of national income,” Arab League’s Secretary-General Dr Nabil Al Araby said in a keynote address at the ...

  DUBAI / WAM The Barjeel Geojit Securities Company (BGS), in Dubai, is to organise on Wednesday the Indian-Emirati Financial Summit, ‘Strength of Past for a More Solid Future’, under the patronage of the Consulate-General of the Republic of India in the country. The summit’s discussions will shed light primarily on the finance industry with a focus on business areas.

  DUBAI / WAM A Memorandum of Understanding(MoU) between Dubai Government Human Resources department (DGHR) and the Chartered Institute of Personnel and Development, CIPD, based in London, has been signed during the 16th edition of the UAE Career Exhibition. The MoU concerns cooperation in developing the human resources function, working together in specific areas such as research projects related to ...

  DUBAI / WAM Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of Roads and Transport Authority (RTA), held a meeting with Hussain Nasser Lootah, Director General of Dubai Municipality, during which they discussed means of streamlining cooperation on their future projects.