Oil prices might have propelled above $40 a barrel level in the past week as Iran was expected to join other producers to freeze its oil output. However, Iran wants to help its ailing economy, regardless of the oversupply.
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The Egyptian Central Bank Devalues Currency Against US Dollar, Mulls For Raising Benchmark Rates
Economists and analysts have repeatedly been suggesting for devaluation of local currency in a bid to ease pressure on foreign currency reserves. But the Egyptian central bank has refrained from doing so considering surge in inflation. The inflation has been recorded as the lowest in February during the last six months and the bank has devalued the currency on Monday.
US FDA to check Martin Shkreli's type of strategies to spiraling up drug prices
With an objective of not giving any such scope for price escalation as Martin Shkreli did for Daraprim generic drug, US Food and Drug Administration (US FDA) has turned very cautious on approvals to generic drugs. US FDA is now reviewing new applications for generic drugs, while ensuring no such lapses of price escalation.
US dollar may gain 10% further in 2016
The US dollar recorded a multi-year bull run and has still enough steam to gain 10 percent further this year. All eyes are on the two-day policy meeting of US Federal Reserve beginning from Tuesday as it will set the tone for US currency.
Michael Jackson’s Estate to Receive $750 Million From Sony for Music Catalog Share
Sony will pay $750 million to the Michael Jackson estate for its share in the music catalog. Once the deal is closed, the estate will be no longer in debt.
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A lawsuit filed on March 8 claimed that Sequoia Capital’s partner Michael Goguen has sexually, physically, and emotionally abused a woman for 12 years. Mr Goguen has been dismissed from the firm regarding the case and is seeking to file a cross complaint and prove he’s not guilty of the alleged crimes.
Through a surprise move, Bank of Japan has adopted negative interest rate aiming to force the banks in investment. Meanwhile, the negative economic outlook has compelled the commercial banks to squeeze their investment portfolios while diminishing the BOJ move. Analysts have forecast for unchanged monetary policy in Tuesday’s meeting while predicting for a major change in April.
George Osborne has over-shoot the borrowing forecast due to weak economic outlook and poor tax receipts. In order to achieve his self imposed goal, he has been left with only two options for his 2016 budget- cut public expenses or increase taxes. However, the UK chancellor has hinted opting for reducing public expenses while addressing the BBC’s Marr Show.
Sino-Philippine relationships have been witnessed to hit the bottom during the regime of existing president. Presidential candidates for the upcoming elections find difficulties in maintaining balance with national sovereignty and trade relations with neighboring China. However, all the candidates have committed to uphold sovereignty while maintaining better trade relations with China.
Global stocks rose further as increased investor confidence propelled buying support. Investor confidence has been strengthened after the announcement of European Central Bank's stimulus plans and encouraging US economic data.
China has been acquiring foreign assets desperately ahead of turbulent economic situations. It has acquired assets for around $84 billion during this year compared to last year’s $108 billion. Anbang has reached an agreement acquiring Strategic Hotels & Resorts for $6.5 billion from Blackstone Group LP which is the latest bout of China’s acquisition spree.
Scottish First Prime Minister Nicola Sturgeon said in an interview that the country’s economy remains strong even amid challenges that she acknowledges. She expects that the huge deficit would be manageable after separation.
Drug maker Valeant Pharmaceuticals International Inc is facing a variety of problems. Valeant has changed its aggressive investment strategy and turned keen on research and development. Valeant is also facing Federal investigation over its pricing strategies.
Japan's regional banks are enhancing unsecured retail lending as it offers high profit margins. Loans on mortgage and small firm borrowing are declining. Japan banks are suffering from ultra-low interest rate regime to increase revenues.
