08272016Sat
Last update: Sat, 27 Aug 2016 09pm

Global Business & Economy

World - Global Business & Economy

South Sudan wants big budget despite economy in ruins JUBA: The government of South Sudan, whose economy has been ravaged by years of war, has adopted an ambitious budget for 2016-2017 of around one billion dollars, three times as big as the previous year's."The purpose of this budget is to implement the peace agreement," Information Minister Michael Makuei told AFP on Friday, referring to a deal signed in August 2015.The budget proposal has yet to be approved by parliament, but it will likely be accepted as most of the world's newest nation's lawmakers are loyal to President Salva Kiir's government.Adopted on Thursday by the government, the 30 billion South Sudanese pound ($1 billion, 0.9 billion euro) draft was delayed earlier this summer by a spike in violence, the latest upsurge in two-and-a-half years of war.It is not yet clear however where South Sudan will find the funds it would need to finance the budget, as fighting continues in parts ...

World - Global Business & Economy

Traders stick to same Fed rate-hike view after Yellen speech NEW YORK: US short-term interest rates futures were higher on Friday, falling briefly following a highly anticipated speech from Federal Reserve Chair Janet Yellen who said the case for higher rates has strengthened. Federal funds futures implied traders saw about a 50 percent chance the Fed would hike rates at its Dec. 13-14 policy meeting, compared with a 52 percent chance late on Thursday, according to CME Group's FedWatch program. Copyright Reuters, 2016 ...

World - Global Business & Economy

Moody's seen keeping Poland's rating and outlook unchanged in Sept WARSAW: Rating agency Moody's will probably keep Poland's rating and negative outlook unchanged at a scheduled review in early September, a Reuters poll suggested on Friday.The findings come a day after Moody's said in a note that a constitutional crisis in Poland has escalated, threatening its relationship with the European Union and investors. But 15 of the 20 analysts polled on Friday said Moody's would still keep its rating on Poland unchanged at A2 and ...

World - Global Business & Economy

Mexico factory exports, consumer imports climb in July MEXICO CITY: Mexico's factory-made exports and non-oil consumer imports rose in July, data showed on Friday, suggesting a possible renewal in economic growth after the gross domestic product contracted in the second quarter.Manufactured exports rose 0.47 percent in July from June in seasonally adjusted terms, the national statistics agency INEGI said, helped by a 2.8 percent rise in auto exports. Non-auto exports slid 0.65 percent.Mexico exports mostly manufactured goods like televisions and cars to the ...

World - Global Business & Economy

UK consumers powered growth in Q2 despite approach of Brexit vote LONDON: Britain's consumers and businesses showed no sign of reining in their spending ahead of the country's Brexit vote in June, official data showed on Friday, adding to signs that the economy went into the referendum in strong shape.Households increased their spending by the most since before the financial crisis in the second quarter, the Office for National Statistics said.The data also showed investment by businesses unexpectedly rose between April and June - a period ...

World - Global Business & Economy

German economy set fair on growth path despite Brexit risk BERLIN: Germany's domestic economy is set fair for further growth, with robust household and government spending propelling a self-reinforcing cycle of activity, though Britain's Brexit vote has unnerved German companies trading abroad.Data and surveys released this week showed domestic demand cementing its role as the main driver of Europe's biggest economy, more than compensating for a sluggish export sector that is facing waning demand.A robust labour market, rising wages and ultra-low borrowing costs suggest the ...

World - Global Business & Economy

South Korea Aug consumer sentiment reaches 8-month high SEOUL: South Korea's key measure of consumer sentiment rose to an eight-month high in August, a central bank survey showed on Friday. The Bank of Korea said its composite consumer sentiment index (CCSI) rose to 102 for August, up from July's 101 and the highest level since December 2015. A reading above 100 shows that consumers who expect living conditions to improve in the coming month outnumber those expecting them to deteriorate. The central bank ...