May, 2016

• 19 May

  ECB to exceed inflation goal for some time

  

    Bloomberg The European Central Bank is likely to exceed its inflation goal for a while after a long period of near-stagnant prices, Governing Council member Erkki Liikanen said. “You can never have average inflation close to 2 percent if you are never above 2; it’s arithmetic,” Liikanen, the Bank of Finland governor, said in an interview in Helsinki on ...

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• 19 May

  Ruble falls in EMEA as oil adds to pressure

    Bloomberg The ruble declined the most among peers in Europe, the Middle East and Africa, succumbing to retreating oil and pressure on emerging markets from the prospect of a Federal Reserve interest-rate increase. The Russian currency weakened for a second day, falling 1 percent to 66.64 against the dollar by 12:35 p.m in Moscow. Brent crude, the benchmark for ...

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• 19 May

  Finland cheers Nokia’s uphill battle for smartphone comeback

  

    Bloomberg Finland, locked in a downward economic spiral since Nokia Oyj’s fall from atop the smartphone world, cheered the announcement that handsets bearing the company’s badge will reappear, and with them the possibility of much-needed jobs. The country, which eked out 0.5 percent growth in 2015 after three years of recession, took a massive hit when Espoo-based Nokia surrendered ...

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• 19 May

  Fed puts June rate increase on table provided economy says go

  

    New York / BLOOMBERG Federal Reserve officials want to raise interest rates in June. Now, it is up to the U.S. economy to confirm their view that slow growth in the first quarter was temporary. Minutes of the April 26-27 Federal Open Market Committee meeting released on Wednesday in Washington used the word “June” six times in a policy ...

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• 19 May

  ‘Tesla won’t come close to target, but still a buy anyway’

  Bloomberg Tesla Motors Inc. has set an unrealistic goal for itself and will probably miss 2018 production forecasts by a whopping 66 percent, according to a report by Goldman Sachs Group Inc. Should that dissuade you from buying the stock? Apparently not—the bank’s analysts upgraded their recommendation from “Neutral” to “Buy.” This is the sort of wild disconnect that Tesla ...

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• 19 May

  New Prez mulls privatizations to plug budget gap in Brazil

  

    Bloomberg Brazil’s Acting President Michel Temer is studying the sale of state assets to shore up public accounts, as well as an audit of the country’s largest savings bank, said a government official with direct knowledge of the matter. A government task force will consider selling stakes in companies such as power utility Furnas Centrais Eletricas SA and BR ...

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• 19 May

  Argentina auction seeks to spur $2 billion clean-power spending

  

    Bloomberg Argentina set rules for its first planned auction for renewable energy, an event that’s expected to spur as much as 1 gigawatt of new capacity led by wind and solar farms. The auction may drive as much as $2 billion in investments, the government said in an e-mailed statement. The deadline to submit proposals is Aug. 22 and ...

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• 19 May

  Electrobras suspended on NYSE as graft cost hazy

  

    Bloomberg The New York Stock Exchange suspended U.S. trading of Brazil’s state-owned utility Eletrobras on Wednesday and began delisting procedures after the company said it would miss a deadline to submit its 2014 financial results. Centrais Eletricas Brasileiras SA, as the utility is formally known, has already delayed the filing to the U.S. Securities and Exchange Commission three times ...

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• 19 May

  Indian state banks post upto $2.3bn losses on bad loans

  

    Bloomberg Delinquent loans at Indian state banks are rising unabated. Surging bad debt and higher provisions to cover for them caused 10 Indian state-owned lenders to report combined losses of Rs.153 billion ($2.3 billion) for the March quarter. The latest was Punjab National Bank, which reported a wider-than-estimated loss of Rs.53.7 billion this week. State Bank of India, the ...

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• 19 May

  IDB elects former Saudi haj minister as new president

    Reuters The Islamic Development Bank (IDB) governors agreed on Thursday to elect Saudi Arabia’s former haj minister as its new president starting at the beginning of the Islamic year, or in October. The nomination of Bandar Hajjar, whose candidacy was endorsed by the Saudi government and the outgoing IDB President Ahmad Mohamed Ali, was uncontested during an annual meeting ...

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