By nearly any measure, Facebook Inc. is an extraordinary success. Its market capitalization exceeds $500 billion. Its user base outnumbers all but one continent. Mark Zuckerberg, its chief executive officer, is one of the world’s wealthiest people. No one should begrudge Facebook (or Zuckerberg) this success. Yet as it begins to play a more central role in American media and ...

For most Indians, the festival of Diwali is well worth the wait. Houses are brightly lit, boxes of sweets are exchanged—and accounts for the year are closed. The Hindu festival of lights also heralds the beginning of winter, the few months when the baked northern plains of the subcontinent become marginally more liveable. Except in India’s giant capital. Here in ...

President Donald Trump is about to select a new Federal Reserve chair. Whether it’s Jerome Powell, Kevin Warsh, or even current head Janet Yellen, the choice will mark a shift in Trump’s tenure leading the world’s biggest economy. That’s because the president, who railed against Yellen during his 2016 campaign, will now be assuming ownership of this credit cycle and ...

Since talks on the UK’s exit from the European Union kicked off in June, there have been five negotiating rounds backed by speeches, press conferences and shuttle diplomacy. And yet the UK and Europe are no closer to agreeing about what their future relationship should be, or even settling the divorce bill. Now the question is whether there will be ...

Bloomberg The euro weakened as investors watched and waited for the next big development in Spain, where Catalan separatists are planning their response after Prime Minister Mariano Rajoy moved to stamp his authority on the region. Candidates for the Fed chief and the odds of US tax reform remain in focus as the dollar rose a second day. The common ...

Reuters National Commercial Bank and telecom stocks dragged down Saudi Arabia’s main index while Emaar Properties weighed on Dubai’s stock market for the second day in a row. The Saudi index fell 1.3 percent to 6,886 points on the back of the banking and insurance sectors, as NCB reported an 8.4 percent rise in third-quarter net profit, or around 5 ...

Bloomberg The European Central Bank (ECB) will halve monthly bond purchases to €30 billion ($35 billion) next year, stretching out the programme’s remaining capacity as it waits for inflation to pick up, a Bloomberg survey of economists shows. Policy makers will keep buying for about nine months to take the programme to just over €2.5 trillion, respondents said before the ...

Bloomberg HSBC Holdings Plc named Jayant Rikhye as chief executive officer of its India unit, to replace Stuart Milne. Rikhye, currently the bank’s head of International for the Asia-Pacific region, will start his new role on December 1, according to an emailed statement from the London-based lender. Milne, who has been India CEO for five years, will take a three-month ...

Bloomberg Bank of America Corp.’s Merrill Lynch was fined 34.5 million pounds ($45.5 million) for failing to report two years’ worth of exchange traded derivative transactions, in what UK regulators said was the first penalty under the European Markets Infrastructure Regulation (EMIR). The Financial Conduct Authority said Merrill failed to report 68.5mn transactions between February 2014 and 2016. The bank ...

Bloomberg Australia & New Zealand Banking Group Ltd. reached a last-minute settlement with the nation’s securities regulator over allegations it rigged a benchmark interest rate. The in-principle agreement was announced on the first day of a court hearing over allegations ANZ Bank, Westpac Banking Corp. and National Australia Bank Ltd. traders sought to manipulate the benchmark bank bill swap rate ...