Bloomberg Norway’s economy contracted as expected at the beginning of the year, while a rebound after removal of virus-related measures bolstered the outlook for quarterly interest rate hikes by Norges Bank. Mainland gross domestic product, which adjusts for the nation’s offshore industry, shrank 0.6 percent in the first quarter from the previous three months, dented by the last pandemic ...

  Bloomberg Shares in Venezuela’s state-owned telecommunications company soared this week in Caracas as the government announced plans to offer stakes in public companies, boosting expectations for a revival in the local market. Cia. Anonima Nacional Telefonos de Venezuela SA, or CANTV, surged 41% in two days, according to Caracas Stock Exchange data, after President Nicolas Maduro said his government ...

  Bloomberg The euro is on the verge of US dollar parity for the first time in two decades. Europe’s common currency has already slumped to a five-year low near $1.03, buckling from a rush into the greenback as a haven from market turmoil and on the war in Ukraine. That’s led the likes of HSBC Holdings Plc and RBC ...

  Bloomberg China’s central bank refrained from cutting interest rates despite mounting evidence of a sharp slowdown in economic growth, suggesting policy makers may be concerned about the currency’s depreciation and capital outflows. The People’s Bank of China (PBOC) kept the rate on its one-year medium-term lending facility at 2.85% on Monday. Economists had been split on the decision, with ...

  Bloomberg Goldman Sachs Group Inc will allow senior staff to take an unlimited number of vacation days, the latest move by a Wall Street bank to retain talent in a heated job market. Partners and managing directors at the New York investment bank can take time off when needed “without a fixed vacation day entitlement,” according to a company ...

  Bloomberg Nigeria released new rules for digital assets, offering more clarity on trading in the cryptocurrencies in Africa’s most populous nation. The Securities and Exchange Commission published “rules on issuance, offering platforms and custody of digital assets” for virtual technologies, it said. It classifies the assets as securities regulated by the SEC. The rules may help boost trading by ...

  Bloomberg Central banks in five of eight major African nations will likely hold interest rates in the next two weeks to shore up their sickly economies, even as the inflation pressures build. Surging food and fuel prices from the war in Ukraine, renewed virus lockdowns in China and the US unwinding coronavirus stimulus have clouded the outlook for the ...

Abu Dhabi / WAM Since its founding in 1971, the Abu Dhabi Fund for Development (ADFD) has received special attention from the late Sheikh Khalifa bin Zayed Al Nahyan, who carried the legacy of the Founding Father, the late Sheikh Zayed, in promoting the UAE globally as a unique model of tolerance and giving. His unlimited support had a considerable ...

  Bloomberg Saudi Aramco posted its highest profit since its record stock-market listing, after oil prices surged in the wake of Russia’s invasion of Ukraine. Aramco, which last week surpassed Apple to become world’s most valuable company, followed Big Oil rivals such as Shell Plc and BP Plc in reporting bumper earnings for the first quarter. Like them, the Saudi ...

  Bloomberg The soaring dollar is propelling the global economy deeper into a synchronised slowdown by driving up borrowing costs and stoking financial-market volatility — and there’s little respite on the horizon. A closely watched gauge of the greenback rises 7% since January to a two-year high as the Federal Reserve embarks on an aggressive series of interest-rate increases to ...