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  Bloomberg The earthquake that struck New Zealand this week could cost the insurance industry as much as NZ$5.3 billion ($3.7 billion), according to catastrophe modeler AIR Worldwide. The insured losses will be at least NZ$1.15 billion, the unit of Verisk Analytics Inc. said in a statement on its website. Most damage to residences will be covered by the Earthquake ...

  Colombo / AFP Sri Lanka’s economy has begun to stabilise after securing a $1.5 billion bailout earlier this year, but the island needs to build its dwindling foreign reserves, the IMF said on Saturday. The Washington-based International Monetary Fund said it had just concluded its first review of Sri Lanka’s economy after announcing the bailout in June and labelled ...

  Bloomberg Turkey’s top policy board chaired by Prime Minister Binali Yildirim said after a surprise meeting that the central bank will take any measures necessary to keep inflation under control. Economy Coordination Board met in Ankara to discuss how to insulate the economy from the recent volatility in financial markets, which policy makers decided were mostly due to global ...

  New York / AFP Ford announced it will keep producing an SUV model in Kentucky, rather than move it to Mexico, in a decision overplayed by President-elect Donald Trump who claimed he had saved an entire plant from closure. Trump repeatedly took aim at Ford and other groups during the White House campaign for moving production overseas in search ...

  Paris / AFP An original drawing from “Explorers on the Moon”, widely regarded as one of the two best Tintin adventures, sold for a record 1.55 million euros at a Paris auction on Saturday, auction house Artcurial announced. The 50 cm X 35 cm drawing in Chinese ink by the Belgian cartoonist known as Herge shows the boy reporter, ...

  San Francisco / AFP Facebook’s board of directors authorized spending as much as $6 billion to buy back shares in the leading social network. The stock repurchase program would go into effect at the start of next year, potentially allowing Facebook to take advantage of a price dip triggered early this month by word that revenue growth will slow ...

  Bloomberg UK Prime Minister Theresa May has enlisted her husband, who has worked in finance for more than 30 years, to help her charm business leaders as she prepares to take the country out of the European Union. The Mays are hosting chief executives of some of the UK’s biggest companies at a series of dinners in No. 10 ...

  Bloomberg Brazil’s government has decided to push for a new chief executive for iron-ore giant Vale SA when the current boss’s contract expires next year, according to people with knowledge of the matter. President Michel Temer ceded to months of lobbying from members of his own Democratic Movement Party to seek a replacement for Murilo Ferreira, who was appointed ...

  Dubai / WAM The Roads and Transport Authority (RTA) Dubai, has signed an agreement with the German Deutsche Bahn AG for the establishment of a specialised mobility & transport centre, and sharing expertise in the rail and transport sectors. Mattar Al Tayer, Director-General and Chairman of the Board of Executive Directors of the RTA, signed the agreement on behalf of ...

  Abu Dhabi / WAM His Highness Lt. General Sheikh Saif bin Zayed Al Nahyan, Deputy Prime Minister, Minister of the Interior and Chairman of the Federal Demographic Structure Council (FDSC), on Saturday chaired a meeting of the Council with the directors of emirates municipalities. The meeting was held to follow up progress of work on the Smart Buildability Index, which ...