AP The Obama Foundation formally announced on Friday that Chicago’s Jackson Park will be home to Barack Obama’s presidential library. “Michelle and I are thrilled that the Obama Presidential Center will be developed in the heart of Chicago’s South Side, a community we call home and that means the world to us,” the president said in a statement. “With ...

  Bloomberg Indian Transport Minister Nitin Gadkari’s plan to expand the highway network in the world’s fastest-growing major economy could help revive struggling construction stocks. The nation will aim to add 41 kilometers (25 miles) of roads daily from March next year, up from 20 kilometers a day currently, Gadkari said in an interview. A project logjam had slowed the ...

  Reuters Britain’s vote to leave the European Union and the rise of US presidential nominee Donald Trump have paralysed efforts by Western governments to encourage already highly reluctant international banks to do business with Iran. Uncertainty is frustrating Tehran’s push for foreign investment to revive its struggling economy: over Britain’s political and economic future, over whether Trump – who ...

  Bloomberg The world’s oldest bank is also Europe’s riskiest. Italy’s Banca Monte dei Paschi di Siena SpA was the only one of 51 lenders tested by European regulators to have its capital wiped out in the exam’s toughest scenario. The bank, which has been bailed out twice by the government since 2009, said it plans to sell as much ...

  Bloomberg Saudi Arabia’s central bank offered lenders short-term loans in late June to help ease liquidity constraints, according to five people familiar with the matter. The Saudi Arabian Monetary Agency, or SAMA, as the central bank is known, offered about 15 billion riyals ($4 billion), two of the people said, asking not to be identified as the information is ...

  The Trans-Pacific Partnership, a multilateral trade deal involving the U.S. and many countries on the Pacific Rim, has become something of a bugaboo for those both on the left and the right. Republican nominee Donald Trump has denounced TPP, declaring it a sop to China, even though China isn’t included in the agreement. Bernie Sanders is against it as ...

  To say that Venezuela is in acute crisis would be an understatement. It is staring at a massive collapse that is getting harder to prevent by the day. The country’s economy is in a free-fall amid the financial and political commotion. In 2016, its GDP will contract 10% and inflation accelerate to around 700%. Its gold reserves are shrinking ...

  Joseph Bosco In its courageous and comprehensive decision on the South China Sea, the arbitration tribunal appointed by the Permanent Court of Arbitration has rendered an invaluable service to the region and the international community. It has established an international law overlay to China’s sweeping territorial and maritime claims and thereby provided important guidance for all six competing claimants. ...

  For the past 70 years, Japan has been a crucible of experimentation in economic policy. During its go-go years, Tokyo’s unusual practices to spur rapid growth became a model for much of the rest of Asia, while its unconventional attempts to revive its post-bubble economy have helped economists understand what should and could be done to recover from financial ...

  The Aug. 5 opening of the 2016 Summer Olympics is still a week away, but Rio de Janeiro mayor Eduardo Paes is already playing catch-up. A squad of blue overall-clad plumbers, electricians and custodians descended on the Athletes Village this week for emergency repairs. It turns out the brand new, $900 million complex of apartment buildings — “the best ...