Bloomberg Rosneft OJSC, Russia’s largest oil producer, said profit slumped 75 percent in the first quarter as crude prices hit their lowest point in over a decade. Net income dropped to 14 billion rubles in the first three months of the year compared to 56 billion rubles in the same period a year earlier, according to a statement on ...

  Bloomberg Bank of England Governor Mark Carney told hometown university graduates they are entering a more volatile job market where the potential gains from creating new products are greater and many other industries will be wiped out. Much of the tumult comes from the trauma of the 2008 global financial crisis that has shaken past drivers of economic growth, ...

  Bloomberg Daimler AG’s trucks division, seeking to recover from a profit warning last month, aims to boost future earnings with a plan to cut costs by sharing engines, axles and other components across units in North America, Europe and Asia. Once truck markets return to “a more normal level,” the unit will reach its target of an average 8 ...

  Washington / AFP Whether or not Britons vote this month to quit the European Union, fellow voters across the continent are increasingly sceptical of the benefits of staying in the bloc. A Pew Research Center survey published on Tuesday suggests the June 23 Brexit referendum will be close, with 48 percent of British voters polled unfavorable to Europe and ...

  Securing long-term economic viability remains a challenge for the Melanesian states, with geographic isolation, climate change, natural disasters, and aid dependency presenting significant problems for these relatively young countries. Vanuatu has a population of 270,000 and a GDP of $771 million. Designing an economy that is capable of supporting some 83 islands who mainly practice subsistence farming is a ...

  Greece, that hotbed of worst economic practices, has provided a perfect illustration of one of the biggest problems facing governments: In a world that’s increasingly unified by technology, the fiscal systems are still designed for 20th-century business models. The Sharing Economy A series of tax hikes went into effect on June 1 in Greece, including a one percentage point ...

  Dmitry Filippov SPECIAL TO EMIRATES BUSINESS Japanese Prime Minister Shinzo Abe’s meeting with Russian President Vladimir Putin in Sochi on May 6 was met with positive reactions from both countries and gave grounds for cautious optimism regarding going forward with the peace treaty negotiations and making progress on the Northern Territories dispute. As I wrote of Abe’s visit: [T]he ...

  Bloomberg One of the biggest winners from an Indonesian tax amnesty may turn out to be the shares of real-estate developers, as funds get channeled into investments in the nation’s houses and apartments. Bank Indonesia estimates about 560 trillion rupiah ($42 billion) of undeclared income will be repatriated as a result of the reprieve. In a country where less ...

  BLOOMBERG Vancouver’s mayor is considering a tax on empty homes to help boost supply and damp prices in North America’s hottest residential market. Owners need to be prodded to live in the properties they buy or rent them out as the city faces an acute housing shortage, Vancouver Mayor Gregor Robertson said in an interview. “We’re looking at new ...

  Bloomberg BentleyForbes once owned such renowned properties as the Watergate office complex in Washington and Bank of America Plaza, Atlanta’s tallest skyscraper. Now the company is on the verge of vanishing. C. Frederick Wehba, who co-founded the Los Angeles-based real estate firm in 1993 and was chairman until 2012, said he will announce his official separation as an adviser ...