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Yellen says full US employment coming into view, slowly NEW YORK: Federal Reserve Chair Janet Yellen said on Wednesday the US economy appeared to be slowly moving toward full employment, but that it would need help from the central bank for some time to come.In her second public speech since taking the Fed's helm, Yellen said it was "quite plausible" the economy would be back to near full employment and a healthier level of inflation by the end of 2016."I do think we are seeing very meaningful progress, although clearly the goal has not been achieved at this point," she told the Economic Club of New York.Yellen used her speech to provide a monetary policy road map of sorts to one of the Fed's most important constituencies - Wall Street.How long rates will stay near zero, she said, will depend on how far the US economy remains from the central bank's employment and inflation goals, and how long it ...

US economic activity increased in most regions: Fed WASHINGTON: US economic activity picked up in recent weeks as a weather-related drag lifted, the Federal Reserve said on Wednesday.In its Beige Book report of anecdotal information on business activity collected from contacts nationwide, the US central bank said eight of its 12 districts characterized growth as "modest to moderate."Chicago reported that growth had picked up, while New York and Philadelphia said activity had rebounded from slowdowns related to severe weather earlier in the year."Reports ...
British unemployment plunges to 5-year low, pay grows LONDON: Britain's unemployment rate unexpectedly dropped in the three months to February, reviving speculation the Bank of England will start raising interest rates earlier than it has signalled.Wages also caught up with inflation for the first time in nearly four years, helping the government to ward off charges of a cost-of-living crisis before next year's national election.Sterling jumped and government debt prices fell after the Office for National Statistics reported on Wednesday that the jobless ...
China Q1 GDP at 18-month low, to cut reserve ratio for small banks BEIJING: China's economy expanded 7.4 percent between January and March, its slowest pace in 18 months, prompting authorities to act for the second time in as many weeks to shore up growth.Hours after the National Bureau of Statistics released the data, Premier Li Keqiang was quoted by state media as saying that China would reduce the amount of cash that some village banks hold at the central bank to help the farm sector.The relaxation of ...
Euro zone inflation sticks in 'danger zone', keeps ECB under pressure BRUSSELS: A drop in March euro zone inflation to its lowest level since November 2009 was confirmed on Wednesday, keeping pressure on the European Central Bank to intervene if prices do not rebound.The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March, down from 0.7 percent in February, the European Union's statistics office Eurostat said.It was the sixth straight month that inflation remained in what ECB President Mario Draghi ...
Britain's economy maintaining momentum as BoE holds steady LONDON: Britain's economy kept up its strong rate of growth at the start of 2014 and is expected to slow only marginally as the Bank of England leaves its main interest rate at rock bottom for another year, a Reuters poll found.The poll of 50 economists, taken in the past week, suggested Britain's gross domestic product expanded 0.7 percent in the first three months of 2014, matching the previous quarter and making it one of ...
Russian economy shrinks 0.5pc in Q1, minister says amid crisis MOSCOW: Russia's economy shrank by 0.5 percent in the first quarter of 2014 from output in the final quarter of 2013, a minister said on Wednesday highlighting the risk of a recession due to the standoff in Ukraine.Economy Minister Alexei Ulyukayev said that the economy grew just 0.8 percent in the first quarter of 2014 from activity in the same period last year.But it contracted 0.5 percent from activity in the fourth quarter after seasonal ...


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Foreign Debt $60.9bn
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