Bloomberg The European Central Bank didn’t overstep its mandate by setting up a quantitative-easing program to stave off deflation, judges at the European Union’s top court ruled. The ECB’s bond purchasing program is in line with the law, the EU Court of Justice said, dismissing the latest in a series of challenges from critics who argue the tool deployed by ...

Bloomberg Morgan Stanley is optimistic on emerging-market bonds looking ahead to 2019. Some of its clients less so. “We’ve spent the last two weeks discussing our year-ahead outlook with investors. We received pushback on our constructive view on EM fixed income,” Morgan Stanley strategists including James Lord wrote in a note. “Chief among concerns is the global growth outlook and ...

Bloomberg Urjit Patel’s shock exit as governor of the Reserve Bank of India has roiled financial markets. The rupee dropped as much as 1.6 percent against the dollar in early trading on Tuesday, reacting to Patel’s decision to quit nine months before the end of his three-year term for “personal reasons.” Patel’s RBI had been at loggerheads with the government ...

Bloomberg Jerome Powell is ramping up Federal Reserve communication to build public trust and help insulate it from political attack. In recent weeks, the Fed has announced a series of initiatives, including a monetary-policy review roadshow, a semi-annual assessment of financial stability, and its inaugural Supervision and Regulation Report. These follow Powell’s early promise of “plain-English’’ explanations and a doubling ...

Bloomberg As market odds increase that the Federal Reserve will pause its rate-hike path, Goldman Sachs says its prediction for a weaker dollar could come sooner rather than later. Over the past week, worsening US economic data — including a tepid jobs report — have led some to consider the chance of a Fed pause in 2019. Goldman Sachs joined ...

Bloomberg For many years, FreshDirect has ruled the online grocery business in New York. In a city where most people don’t own cars, the company prospered by delivering a broad selection of fresh food to New Yorkers’ stoops and front lobbies. Families from Brooklyn to the Upper West Side came to rely on FreshDirect’s prepared meals, which were a snap ...

Bloomberg Sears Holdings Corp. is shopping around its stores, looking to gauge what they’re worth in the open market while it weighs Chairman Eddie Lampert’s $4.6 billion bid to buy the entire chain and keep it open. The firm has hired real estate firm Jones Lang LaSalle Inc. to market its portfolio of about 500 US stores and so far ...

Bloomberg Bombardier Inc., the debt-laden manufacturer in the middle of a turnaround plan, expects to be able to refinance bonds next year even if high-yield markets remain skittish. The company’s next major debt maturity is $850 million due in March 2020, with more than $2 billion coming the year after that, according to company filings. As the 2021 maturities come ...

Bloomberg Delta Air Lines Inc. is barring emotional-support and service animals that are less than four months old, while banning all support animals from flights longer than eight hours. The changes will take effect for tickets issued on or after December 18, the carrier said. Passengers who bought tickets before then and who already requested to travel with an emotional ...

Bloomberg Coca-Cola Co. has hired Cushman & Wakefield to sell a midtown Manhattan tower known as the Coca-Cola Building. The 18-story property, on the southeast corner of 5th Avenue and 55th Street, was inherited by Coca-Cola in 1983, through its purchase of Columbia Pictures. The beverage company “has determined that it does not need to retain its investment in the ...