Bloomberg Norway’s central bank left its benchmark rate unchanged at a record low amid signs the economy of western Europe’s biggest oil producer will narrowly avoid a recession thanks to record fiscal and monetary stimulus. The rate was left at 0.50 percent, as forecast by 14 of 15 analysts surveyed. The bank raised its outlook for rates looking ahead, ...

  Bloomberg Three of Australia’s largest banks face maximum potential penalties of A$231 million (US$173 million) if they lose civil suits related to alleged rigging of an interest rate benchmark, a fraction of their combined first-half profits of A$10 billion. The Australian securities regulator has filed separate legal actions against Australia & New Zealand Banking Group Ltd, National Australia Bank ...

  Bloomberg Tanzania’s central bank should rally to the defense of the shilling using means at its disposal, including stopping ‘dollarization’ of the economy, President John Magufuli said. The currency of the natural gas-producing country has weakened almost 2 percent against the dollar this year, extending depreciation of 19 percent in 2015. Tanzania held US$3.9 billion of gross international reserves ...

A panel of Asia experts recently conveyed to American audiences the alarm that Asian observers feel about U.S. withdrawal from the region. Gathering in New York on Monday for a panel hosted by NTT and Kinokuniya — a Japanese publishing company and book store, respectively – the experts discussed a wide range of divisive issues in Asia’s security landscape – ...

  It is a tough time for major automakers hit hard by scandals over concealing faults that cause pollution. These revelations have a negative impact on investors and consumers as executives try to contain mistrust through redressing these technical errors, but at a huge price. Volkswagen’s admission in September that it had illegally fitted special devices in 11 million diesel ...

  Luke Hunt SPECIAL TO EMIRATES BUSINESS While the police were counting the toll in Orlando left by Afghan-American Omar Mateen – who shot dead 49 people – the authorities in the southern Philippines were attempting to identify Canadian Robert Hall, who was kidnapped and this week killed by Abu Sayyaf militants. Mateen and the Abu Sayyaf were Islamic State ...

  Cal Wong SPECIAL TO EMIRATES BUSINESS The Indonesian Navy intercepted a Chinese vessel that was caught illegally fishing in Indonesian territory off the Natuna Islands on Saturday, June 18. Indonesian Navy spokesman First Admiral Edi Sucipto said the seven crew members of the Chinese vessel were detained. This is the third incident in the Natuna Islands involving Chinese vessels. ...

  Ritika Sharma / Emirates Business With smartphone penetrations mounting at startling pace and rapid proliferation of technological devices combined with increasing spendable income of residents, the UAE is vigorously embracing technological creations and moving towards a hyper-connected future. Testimony to the aforesaid statement is the fact that GfK Connected Consumer Index, which studied data of nearly 78 countries, has ...

  DUBAI / Emirates Business Arabian Center, the most-soughted community mall in the UAE is celebrating yet another successful season of its TreeofLife concept following the positive momentum it has received in the past few years. The TreeofLife is a symbolic representation of change that is bought about in the lives of the underpriveliged. To commemorate the spirit of giving ...

Abu Dhabi / Emirates Business It was a fun-filled morning for the children of Sheikh Khalifa Medical City’s Children’s Cancer Ward as they received a surprise visit from their all-time favourite cartoon character, Shaun the Sheep. The ward was quickly filled with the smiles and laughter of dozens of children as they watched Aardman’s famous animated character perform. A variety ...