Fears of excessive euro zone inflation are overstated "at the moment" but policymakers must recognise there is considerable uncertainty about the persistence of price pressures, European Central Bank governing council member Gabriel Makhlouf said. Euro zone inflation has been rising more than expected recently and hit a 10-year high of 3.0% in August, data confirmed on Friday, challenging the ECB's benign view on price growth and commitment to look past what it deems a temporary increase beyond its 2% target. Makhlouf, Ireland's central bank chief, said he expected the current pick-up in inflation to be transitory, and that there was a lot of evidence to back that up.
Canadian National Railway Co said on Friday it would resume a previously approved share buyback, days after walking away from its $29.6-billion deal for U.S. railroad operator Kansas City Southern. The largest Canadian railroad expects to complete the remaining C$1.1 billion ($869.02 million) of share repurchases by the end of January next year, it said in a statement. The company, under fire from some investors for its failed bid to buy Kansas City Southern, said it was targeting C$700 million of operating income improvements in 2022 by increasing labor productivity and reviewing its non-rail businesses.
The U.S. Department of Justice is reviewing the Trump-era policy of housing transgender inmates using "biological sex as the initial determination."