Bloomberg The electric-car revolution is here and Chile is looking to ramp up production of the lithium the industry needs for batteries. Or it would be, but for a bitter dispute between the government and the former son-in-law of a military dictator. After Chile’s government moved to withdraw its license to exploit one of the world’s largest deposits, Soc. ...
Read More »US mogul Redstone ousts Viacom chief
New York /Â AFP Media mogul Sumner Redstone has ousted the head of Viacom from a trust with the power to take over his business interests, putting his daughter in position to control his $40 bn empire, a source close to the matter told AFP. Redstone, 92, is the controlling shareholder of Viacom and CBS whose failing health has set ...
Read More »Leaving Europe is a risk UK should avoid
The British electorate does not need Americans to tell them how to vote in the June 23 referendum, and I wouldn’t dare try. I have always had great admiration for the British people — and great respect for the country’s democratic traditions. But from across the Atlantic, we Yanks are watching the campaign closely — and many of us ...
Read More »Fed’s view on interest rates is faulty and scary
Ramesh Ponnuru Interest rates are on the way up, and policy makers at the Federal Reserve want to dispel any doubts you have about it. In the minutes from the Fed’s latest meeting, “most participants†said that raising rates in June “likely would be appropriate†if the economy continues to improve. Presidents of two of the regional Feds said ...
Read More »Vietnam’s lethal traffic takes toll
Vietnamese traffic: locals know it; everyone complains about it. Tourists photograph it and share their experiences back home. But for pedestrians, crossing the streets can be a daunting affair. Vietnam has made great strides economically. But amid the soaring economy and rise in tourism, roads and traffic policing have not kept pace with the increasing number of vehicles on ...
Read More »Collector poses tech threat to Nordic banks
Bloomberg Collector Bank AB plans to add 80 to 90 employees a year to accommodate growth as the Swedish financial services-provider rolls out new technical solutions and products to challenge the largest banks. Most of the recruitment will be at the IT unit, which currently accounts for 100 of Collector’s 350 full-time employees, Chief Executive Officer Stefan Alexandersson said ...
Read More »Tanzania’s CRDB Bank to trim non-performing loan ratio
Bloomberg CRDB Bank Plc, the largest bank in Tanzania, expects to reduce its non-performing loan ratio to meet a central bank threshold as it shifts its focus to the retail business, Managing Director Charles Kimei said. The lender’s ratio of non-performing loans will fall to 6 percent this year from 8.1 percent a year earlier, when tobacco marketing groups ...
Read More »Brazil’s Central Bank gets Goldfajn as its new chief
Bloomberg Brazil’s finance minister nominated Itau Unibanco Holding SA’s chief economist Ilan Goldfajn to head Brazil’s central bank and proposed a constitutional amendment to grant the top monetary authority operational autonomy. Finance Minister Henrique Meirelles also said that Goldfajn, who must still be confirmed by the Senate, would not form part of Acting President Michel Temer’s cabinet and that ...
Read More »Pekao SA drops to two-week low as UniCredit Bank mulls stake sale
Bloomberg Bank Pekao SA slumped to a two week low after 50.3-percent owner UniCredit SpA was said to be considering selling a stake in Poland’s second-largest lender among other measures to boost capital. The shares in Pekao fell as much as 3 percent and traded 2.1 percent lower at 148.4 zloty in Warsaw, making the bank the second-biggest loser ...
Read More »Trust Bank to turn to Islamic banking by year-end
JAKARTA / Reuters Suriname’s Trust Bank hopes to complete a conversion of its operations to Islamic banking by the end of this year, becoming the first full-fledged Islamic bank in South America, its chief executive said. Last week the bank received approval in principle from the central bank for the transition, as it aims to expand financing to small ...
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