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(MENAFN - AFP) Luxury car company Ferrari is to be spun off as an independent business with 10 percent floated on the stock exchange, parent group Fiat Chrysler Automobiles said on Wednesday, reporting firm profits.

The rest of the new Ferrari shares will be distributed to group shareholders.

"I am delighted to have taken this additional step in the development of FCA," ...

(MENAFN - AFP) World oil prices rallied on Wednesday, while OPEC secretary-general Abdullah El-Badri said that market conditions did not justify sharp falls for crude futures and signalled that OPEC would maintain output through next year.

Addressing the Oil & Money Conference -- a key annual event in the energy sector calendar -- El-Badri said that rising supplies did ...

(MENAFN - AFP) After six years of pump-priming a weak economy, the Federal Reserve is expected to take a big step back toward "normal" monetary policy Wednesday by ending its asset-purchase operations.

But with the global economy frail and low inflation a danger, the Fed is hardly about to tighten the flood of cheap dollars that has propped up growth after the Great Recession.

The ...

(MENAFN - AFP) Britain announced a criminal investigation on Wednesday into accounting practices at the country's biggest retailer, Tesco, after the supermarket group overstated its profits by £263 million ($424 million, 333 million euros).

Tesco said it was "cooperating fully" with the inquiry by the Serious Fraud Office (SFO), the government department responsible for ...

(MENAFN - AFP) Ukraine and Russia were set on Wednesday to resume crunch EU-mediated gas talks aimed at ending a months-long supply cut that threatens to hit swathes of Europe this winter.

The latest negotiations in Brussels come a day after Russia stirred tensions with its war-torn neighbour still further by announcing plans to recognise disputed leadership polls pro-Kremlin ...

(MENAFN - AFP) Japanese videogame giant Nintendo said Wednesday its first-half net profit soared to $132 million as a sharply weaker yen boosted its bottom line and offset slowing sales.

The Kyoto-based company earned 14.3 billion yen between April and September, way up from 600 million yen a year ago, despite sales falling 12.8 percent to 171.4 billion yen on lacklustre ...

(MENAFN - AFP) European stock markets rose on Wednesday as investors looked to the Federal Reserve for an update on the outlook for US interest rates against a background of global economic strains.

Dealers also pored over another batch of company earnings, while shares in Sanofi slumped after the French drugs giant fired its chief executive.

London's benchmark FTSE ...

(MENAFN - AFP) World oil prices rallied on Wednesday, while OPEC secretary-general Abdullah El-Badri insisted that recent sharp falls for crude futures were not justified in terms of demand and supply.

Addressing the Oil & Money Conference -- a key annual event in the energy sector calendar -- El-Badri said that rising supplies did not justify the extent to which prices ...

(MENAFN - AFP) German exports to Russia plunged by nearly 17 percent in the first eight months of this year, against the backdrop of European sanctions against Moscow, official data showed on Wednesday.

"Between January and August, German exports to Russian fell by 16.6 percent to 20.3 billion euros" ($25.8 billion), the federal statistics office Destatis said in a statement.

Machinery ...

(MENAFN - AFP) Europe's battered financial sector is showing further signs of healing as conditions for bank loans ease and demand for loans picks up, a key ECB survey showed on Wednesday.

Just a few days after the European Central Bank gave most eurozone banks a clean bill of health, its quarterly bank lending survey showed that banks are easing credit standards for customers ...

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