Economy

• Thursday, June 14th 2018 - 21:49 UTC

  Morgan Stanley and Royal Bank of Canada fined in Brazil for rigging foreign exchange rates

  

  Brazil’s competition authority Cade has reached a settlement with Morgan Stanley and Royal Bank of Canada, fining them a combined 42.9 million reals (US$11.6 million) for forming a cartel manipulate FX markets.

• Thursday, June 14th 2018 - 08:54 UTC

  UK inflation steady at 2.4% in May, but fuel prices are climbing fast

  

  Inflation in the UK remained at 2.4% in May, according to the Office for National Statistics (ONS), after its fall was halted by a sharp rise in fuel costs. The ONS said that fuel prices increased by the biggest monthly amount since January 2011, rising by 3.8%.

• Thursday, June 14th 2018 - 08:13 UTC

  Fed raises basic rate to 2%; anticipates further increases amid strong economic growth

  

  The US Federal Reserve raised the benchmark lending rate on Wednesday, the second increase of the year, and signaled it will be more aggressive about rate increases this year and next amid “strong” economic growth. The unanimous vote brings the federal funds rate to a range of 1.75 to 2%, but the quarterly economic forecasts show central bankers now expect the rate to end the year at 2.4% rather than the 2.1% projected in March.

• Thursday, June 14th 2018 - 07:51 UTC

  New conflict brewing with Brazilian truckers

  

  Talks on new prices for truck freight in Brazil, following a nationwide truckers strike in May, have yet to be concluded and the lack of a deal is hurting goods transportation, Brazil’s Agriculture Minister Blairo Maggi said.

• Thursday, June 14th 2018 - 06:27 UTC

  Russia's World Cup opening ceremony will be seen by an audience of over 3 billion

  

  The FIFA World Cup, the biggest sporting carnival on the planet, is all set to kick-start on Thursday. As Russia gets dressed to host the much-awaited event, fans from all over the world are set to see their favorite superstars in action. Brazilian great Ronaldo and British pop star Robbie Williams will be present at the opening ceremony.

• Thursday, June 14th 2018 - 06:16 UTC

  Falklands has decided on a preferred operator for a second commercial flight

  

  The Falkland Islands Executive Council agreed on Wednesday to appoint a preferred airline operator to provide the second midweek flight between the Falkland Islands and South America.

• Thursday, June 14th 2018 - 06:00 UTC

  Argentina's unions announce a one-day general strike to protest spending cuts

  

  Argentina's leading labor federation announced plans to stage a one-day general strike on June 25 to protest against government economic policies, raising pressure on President Mauricio Macri as he moves to speed up spending cuts to balance the budget.

• Thursday, June 14th 2018 - 05:58 UTC

  US, Canada and Mexico hosts of 2016 Cup; a close race turned out to be an ample win for United

  

  United States Soccer Federation President Carlos Cordeiro said the United 2026 bid focused its efforts on shoring up votes from North and South America, before targeting Asian football federations. The US, Mexico, and Canada secured hosting rights for the 2026 World Cup in a landslide vote over Morocco at the 2018 FIFA Congress in Moscow.

• Wednesday, June 13th 2018 - 09:35 UTC

  FIH Group has seen pretax profit rise 74%

  

  Falklands-focused retail and logistics firm FIH Group PLC hiked its dividend on Tuesday after profit and revenue rose amid a much improved performance from its largest unit. For the year ended March, pretax profit widened 74% to GBP3.3 million from GBP1.9 million the year prior. This was after revenue rose 8.2% to GBP43.8 million from GBP40.5 million the year before.

• Wednesday, June 13th 2018 - 09:27 UTC

  Russian economy expecting US$ 1.6bn boost from the World Cup

  

  The Russian economy is expecting to get a significant financial boost from an increased tourist flow during the FIFA World Cup, the Russian Ministry of Economic Development said. “According to our estimates, foreigners will spend over 100 billion rubles (US$1.6 billion) during the World Cup in Russia,” Minister of Economic Development Maxim Oreshkin told Sovetsky Sport newspaper.