Bloomberg Laurentian Bank of Canada, claiming traditional banking is becoming “obsolete,” will merge 50 branches and eliminate about 300 positions in the next 18 months as part of a restructuring. Laurentian must evolve to meet the changing needs of customers, who have reduced branch visits, the Montreal-based lender said Wednesday in a statement. Increased economic and regulatory hurdles, along ...

  Bloomberg Credit Suisse Group AG is seeking to secure a key banking license in Saudi Arabia as part of plans to expand in the kingdom. The Zurich-based bank, which has a securities and equities business in the country, is in talks with the central bank for an onshore license, Iqbal Khan, head of the bank’s international wealth-management business, said ...

  Brussels / AFP The IMF raised its growth forecast for the eurozone on Tuesday, but warned of uncertainty due to the still unknown consequences of Brexit and damage caused by low inflation. The IMF edged up the growth forecast for the 19 nation currency bloc to 1.7 percent in 2016, from an earlier 1.6 percent, citing low oil prices ...

  Bloomberg Ericsson AB plans to cut 3,000 jobs in Sweden, a fifth of the workforce in its home country, as it curbs production to cope with shifting technology and stagnant demand for wireless-network equipment. The company will reduce manufacturing in the towns of Boraas and Kumla — a move it signaled last month— as it turns its focus to ...

  Strasbourg / AFP The European Parliament will vote on its “negotiating lines” for Britain’s exit from the EU after London triggers the divorce process next year, its Brexit pointman said on Tuesday. Former Belgian premier Guy Verhofstadt welcomed Prime Minister Theresa May’s announcement at the weekend that Britain will start negotiations by the end of March but said there ...

  Rio de Janeiro / AFP The sweeping victory of centrist and right-wing parties in municipal elections on Sunday will give Brazil’s new President Michel Temer at least a temporary boost as he pushes through austerity reforms, analysts said. The once-dominant leftist Workers’ Party was routed in the nationwide polls, confirming Brazil’s shift to the right in the wake of ...

  Ottawa / AFP Canada will impose a national minimum carbon price in 2018 in order to meet its Paris accord commitment to slash greenhouse gas emissions, Prime Minister Justin Trudeau said. “All Canadian jurisdictions will put a price on carbon pollution by 2018… To get there, the government will set a floor price for carbon pollution,” he said in ...

  Bloomberg It’s Italy’s turn to worry the bond market. Two months before a referendum on reducing the power of the Senate, the country now pays the most to borrow compared with Spain since 2014 based on government bond yields. Prime Minister Matteo Renzi said previously he would quit if he lost the vote, making it effectively a judgment on ...

  Dubai / Emirates Business NATRANS Expo will raise the curtain on its 2nd edition at the Abu Dhabi National Exhibition Centre on October 25 and 26. The event is held under the patronage of His Excellency Dr. Abdullah Belhaif Al Nuaimi, Minister of Infrastructure Development, and Chairman of the Federal Transport Authority – Land and Maritime. The two-day event ...

    Sharjah / Emirates Business Sharjah Book Authority (SBA) has concluded its participation at the 29th edition of the Moscow International Book Fair (MIBF), held recently in the Russian capital of Moscow – an event that garnered the participation of nearly 500 publishing houses from 40 countries from all around the world. SBA utilised their presence at the book ...