Bloomberg UBS Global Wealth Management predicts the Federal Reserve will raise interest rates twice this year despite markets pricing in little chance of that happening. An expanding US economy and low recession risk may provide opportunities for the Fed to keep ratcheting up borrowing costs, said Min Lan Tan, head of the chief investment officer for Asia Pacific in Singapore. …

Bloomberg Banca Monte dei Paschi di Siena SpA dropped in Milan trading after the European Central Bank highlighted weaknesses in the Italian lender’s capital and profitability. The ECB told the bank that its inability to issue the second tranche of a junior bond issue last year hurt its capital position, Monte Paschi said in a statement. The Italian bank plans …

Bloomberg Luxury cosmetics firm L’Occitane International SA agreed to buy beauty and skincare brand Elemis for about $900 million, its biggest deal on record as the maker of organic lotions looks to expand in the US and UK. The Hong Kong-listed L’Occitane agreed to buy the privately-held Elemis from Steiner Leisure Limited, according to a statement from the companies. Steiner …