Mikhail Gutseriev won big when he locked in high oil prices with a smart hedge and now hopes to expand his budding business empire with an initial public offering of his Russneft, Russia’s seventh-largest oil firm.
Central banks’ efforts to revive economic growth and inflation suffered another blow with Britain’s vote to leave the European Union. The vote has unleashed anxiety and uncertainty that will dampen investment, hiring, wages and prices. In the long run, though, Brexit could prove inflationary, Greg Ip writes.
The music industry is locked in an epic battle with YouTube, the most popular on-demand service, over the declining royalty rates the site pays and the difficulty in detecting copyright material from the mass of videos uploaded on the site.