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Bloomberg Philippine central bank Governor Nestor Espenilla faces mounting challenges as he begins his second year in office. The 59-year-old central banker is set to miss his inflation target, the peso is wallowing near a 12-year low, and he is facing criticism he took too long to raise interest rates. He ends the first year of his six-year term in ...

Bloomberg US financials are still nursing their June hangover. The Financial Select Sector SPDR exchange-traded fund is trading to the downside yet again in early trading, weighed down by Citigroup and Bank of America. The drop follows the KBW Bank Index’s dramatic day that delivered the biggest intraday reversal — from up as much as 2.1 percent to ending in ...

Bloomberg Australia left its key interest rate unchanged at a record low on Tuesday as the currency’s recent decline aids the economy by offering exporters some insulation against global trade ructions. Reserve Bank Governor Philip Lowe kept the cash rate at 1.5 percent, as expected by all economists and where it’s stood since August 2016. The Australian dollar this week ...

Bloomberg Travellers are about to get cheaper flights in Argentina as President Mauricio Macri curbs price floors that have propped up domestic airfares. In an effort to boost tourism, the government will allow airlines to drop prices as low as they want for domestic service as of August 15. The rule change only applies to round trips, and customers must ...

Bloomberg Senators have chided the Pentagon’s F-35 program office for claiming $1.2 billion in purported savings from buying parts and equipment for Lockheed Martin Corp.’s fighter jet in bulk after an independent analysis found the benefit is likely to be half that. Program office officials sought and won congressional approval last year to spend $661 million as a down payment ...

Bloomberg Macy’s Inc., pleased so far with the performance of Bluemercury, is pushing for more. The cosmetics brand, acquired by Macy’s for $210 million in 2015, will open about 60 new standalone stores through 2019 — maintaining the chain’s pace of expansion. More will open inside existing Macy’s locations, underscoring how Bluemercury has become a key part of the department ...

Bloomberg Kids across the country are feeling the absence of Toys ‘R’ Us Retail landlords, too. The amount of occupied retail real estate in 77 major US metropolitan areas dropped by 3.8 million square feet (350,000 square metres) in the second quarter, the largest decline since 2009, according to data from real estate researcher Reis Inc. released. Shuttered stores once ...

Bloomberg US airports are breaking records on construction spending to cash in on a surge in travel while the industry is flush from years of low fuel prices. Airports spent a seasonally adjusted $5.42 billion on construction in May, according to a preliminary estimate released by the US Census Bureau, a 75 percent increase from a revised estimate of $3.1 ...

Bloomberg Tennis great Roger Federer, long all but synonymous with Nike Inc., has parted ways with the swoosh to join Japanese casual clothing brand Uniqlo. The eight-time Wimbledon champion surprised many fans when he walked onto Centre Court for his first-round match in an outfit by Fast Retailing Co.’s Uniqlo. The Swiss star’s apparel contract with the Beaverton, Oregon-based athletic-wear ...

ABU DHABI / WAM Al Yasat Company for Petroleum Operations (Al Yasat), a subsidiary of the Abu Dhabi National Oil Company (Adnoc) has awarded the Engineering, Procurement and Construction (EPC) contract, for the full development of the offshore Bu Haseer field, to Abu Dhabi’s National Petroleum Construction Company (NPCC). The agreement covers engineering, procurement, construction, and commissioning activities for offshore ...