Bloomberg The European Central Bank may need to rely more on asset purchases for monetary stimulus as its negative interest rates approach the limit of their effectiveness, economists at the International Monetary Fund (IMF) said. While negative rates in the euro area have successfully eased financial conditions for banks and their customers — spurring a modest credit expansion that supports ...

  Bloomberg New Zealand’s dollar surged to the highest level since May 2015 after traders deemed the central bank’s decision to cut borrowing costs was insufficiently dovish amid the global ardor for yield that’s been spurred by unprecedented global monetary easing. The Aussie and kiwi dollars have gained at least 0.5 percent this month as their central banks reduced benchmark ...

  Mumbai / Bloomberg Bank of Baroda, India’s second largest state-run lender by assets, fell the most in almost three months after surging bad-loan provisions dragged first-quarter profit lower. Shares of Baroda fell 8.3 percent, the biggest intraday drop since May 16, to 147.15 rupees as of 12:20 p.m. local time. The stock has lost 6 percent this year, compared ...

  Bloomberg South Korea’s central bank held its key interest rate at a record low as board members deferred further policy action until they have a clearer picture of the economy’s path. The decision to keep the seven-day repurchase rate at 1.25 percent was forecast by all 19 economists surveyed by Bloomberg. All seven board members agreed on the decision, ...

  Bloomberg Turkey’s banks are taking their orders from the top. At least seven lenders in the country announced they’d slashed interest charges on mortgage loans after President Recep Tayyip Erdogan said resistance to lower borrowing costs could be ” treason.” The remarks were the harshest yet from Erdogan, who’s been pushing the nation’s central bank for several years to ...

  Regulatory reform was a big part of Donald Trump’s major economic address yesterday, which offered three proposals to reduce excessive regulation. The problem is serious. The proposals aren’t. First, Trump calls for a temporary moratorium on all federal regulations. For starters, that would be unlawful. Congress has required executive agencies to issue regulations involving air pollution, food safety, consumer ...

  Chris Bryant When Eon said almost two years ago it would split in two — separating its traditional business of generating power into a new company, to leave it with renewables and electricity grids — the embattled German utility seemed on the cusp of fresh start. The 3 billion-euro ($3.4 billion) first-half net loss Eon posted on Wednesday shows ...

  Dubai / Emirates Business Dubai Parks and Resorts announced on Thursday that the region’s largest theme park destination will open its gates to the public on October 31. This unique destination will be comprised of three theme parks – Bollywood Parksâ„¢ Dubai, MOTIONGATEâ„¢ Dubai, and LEGOLAND® Dubai, together with LEGOLAND® Water Park. The destination will also include Riverlandâ„¢ Dubai, ...

  Abu Dhabi / Emirates Business Abu Dhabi Tourism & Culture Authority (TCA Abu Dhabi) held a graduation ceremony on Thursday at the Park Rotana Hotel in Abu Dhabi for 30 Emirati students enrolled in the eighth Tourism Youth Summer Programme. Supporting this programme is consistent with the Authority’s strategic vision, which aims to provide Emirati students with professional development ...

  Dubai / Emirates Business Cars to be ordered in the next few years by selected Dubai government bodies maintaining huge transportation fleets will be 10% electric and hybrid vehicles in the next few years, as per the new Dubai Green Mobility Initiative Committee. Reporting to the Dubai Supreme Council of Energy, a Dubai Green Mobility Initiative Committee was formed ...