June, 2016

• 22 June

  Singapore to include Chinese investments in foreign reserves

  

    Singapore / AP Singapore’s central bank said Wednesday it will make financial investments in the Chinese yuan as part of its official foreign reserves from June, reflecting the currency’s increasing international acceptance. The Monetary Authority of Singapore (MAS) said its decision “recognises the steady and calibrated liberalisation of China’s financial markets, and the growing acceptance of (yuan) assets in the ...

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• 22 June

  Apple free to take bite out of India after rule change

  

    New Delhi / AFP The gleaming glass atriums and blue-clad “geniuses” that herald the arrival of an Apple store could soon be landing in India, after the government cleared the way for it to open in the rapidly growing smartphone market. Before now, the Silicon Valley giant has been just a bit-player in the country of 1.2 billion, selling ...

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• 22 June

  Canada OKs expansion of pension plan

  

    Bloomberg Canadian provinces have reached an agreement with the federal government to expand the Canada Pension Plan, adding new payroll taxes to boost benefits while fulfilling a key pledge made by Prime Minister Justin Trudeau in the 2015 election campaign. The expanded CPP is aimed at countering dwindling workplace pension access for younger generations pinched by a weak economy ...

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• 22 June

  Brazilian Real drops as US Fed caution offsets state debt deal

  

  Bloomberg The real dropped after Federal Reserve Chair Janet Yellen signaled renewed doubts about the strength of the world’s largest economy, offsetting local optimism that Brazil’s government is making inroads toward cleaning up its fiscal house. The currency dropped 0.4 percent to 3.4083 per dollar at 5:10 p.m. in Sao Paulo, after earlier advancing as much as 1.2 percent following ...

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• 22 June

  Rio’s revamp hints at potential $9 billion BHP-style spinoff

    Bloomberg Rio Tinto Group looks like it’s putting about $9 billion of unwanted assets from coal and uranium to Canadian iron ore into a single basket ready to spin off, according to Sanford C. Bernstein. Incoming Chief Executive Officer Jean-Sebastien Jacques on Tuesday revamped the four key divisions of the world’s second-biggest mine operator. The new Energy and Minerals ...

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• 22 June

  Exxon struggles to run California plant long enough to dump it

    Bloomberg All Exxon Mobil Corp. had to do was run its Los Angeles-area refinery for 15 days before handing the keys to new owner PBF Energy Inc. That’s turning into a struggle. More than a month after Exxon restarted a key gasoline-making unit that was damaged in a blast last year, PBF still hasn’t taken control of the Torrance ...

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• 22 June

  FedEx forecasts profit in line with estimates

    Bloomberg FedEx Corp. forecast an annual profit in line with analysts’ projections, excluding any effect from its recently completed purchase of Dutch shipper TNT Express for $4.8 billion. Earnings for the fiscal year ending next May will be $11.75 to $12.25 a share, the operator of the world’s largest cargo airline said in a statement. The company said it ...

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• 22 June

  Trumponomics is scarier when you actually study it

  

    Hillary Clinton is trying to scare the heck out of voters who think Donald Trump’s business record qualifies him to be president. He has no real economic strategy beyond over-the-top promises, she said on Tuesday, and the few ideas he offers would cause millions of Americans to lose their jobs. “Just like he shouldn’t have his finger on the ...

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• 22 June

  A change of address for Mongolia

    Peter Bittner SPECIAL TO EMIRATES BUSINESS The Mongol Post, the newly-privatized national Mongolian mail carrier, plans to adopt a new and wildly innovative address system this summer in partnership with what3words, a U.K.-based tech company. Each address will be denoted by a three-word phrase representing a specific 9-square-meter GPS coordinate. Effective on August 1, the Mongol Post’s new nomenclature ...

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• 22 June

  VW is in too much of a hurry to move on

    Leonid Bershidsky Volkswagen made every effort to leave its diesel emissions scandal behind this week. It planned to announce a $10 billion deal with U.S. car owners and a fix for their cars, hold a general shareholders’ meeting on Wednesday and settle down to implement its new strategy, announced on June 16. VW’s management and top shareholders haven’t, however, ...

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