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Last update: Thu, 05 May 2016 01pm

Global Business & Economy

World - Global Business & Economy

US trade gap shrinks in March as imports fall WASHINGTON: The US trade deficit narrowed sharply in March as imports fell and the gap with China diminished, the Commerce Department reported Wednesday. The deficit shrank nearly 14 percent from February to $40.4 billion, its lowest level in a year.The decline, following two consecutive months of a widening gap, signals a positive direction for US economic growth.Imports fell 3.6 percent to $217.1 billion while exports fell a much smaller 0.9 percent, to $176.6 billion."The US trade deficit contracted significantly in March, but the details show little cause for optimism," said Emily Mandel of Moody's Analytics.The foreign trade deficit narrowed by $6.5 billion to $40.4 billion in March.The trade data reflected sluggish US growth in the first quarter and weak demand in the slowing global economy.March imports of goods fell to their lowest level since December 2010, while imports of industrial supplies and materials were at their lowest since April 2004.Weighed ...

World - Global Business & Economy

Canada hits record $3.4bn trade deficit OTTAWA: Canada's trade deficit expanded sharply in March to a record gap, largely due to a tumble in exports to the United States, official figures showed on Wednesday.Statistics Canada said the trade shortfall was CAN$3.4 billion, up from CAN$2.5 billion in February.March exports fell 4.8 percent to CAN$41.0 billion as exports to the US, a main trading partner, dropped 6.3 percent.Imports, meanwhile, also declined, but less dramatically, falling 2.4 percent to CAN$44.4 billion.Imports were markedly ...

World - Global Business & Economy

IMF warns Denmark of risk for exports if Britain quits EU COPENHAGEN: Denmark's exports to the UK would probably suffer if the British vote to leave the European Union at referendum in June, the International Monetary Fund said on Wednesday.Great Britain is Denmark's third-largest market after Germany and Sweden, with exporters such as dairy group Arla, insulin maker Novo Nordisk and toymaker Lego."If a Brexit would happen that would likely affect trade flows, which are important for Denmark, and it would have significantly effect in international ...

World - Global Business & Economy

Strong US services sector data buoys economic outlook WASHINGTON: The US services sector expanded in April as new orders and employment accelerated, bolstering views that economic growth would rebound after almost stalling in the first quarter.The growth outlook was, however, dimmed by another report on Wednesday showing private employers hired the fewest number of workers in three years in April.Economists say strong services industry activity together with a rebound in automobile sales in April reported on Tuesday, underscore the economy's firm fundamentals that ...

World - Global Business & Economy

IMF sees Liberia's GDP growth at 2.5pc in 2016 DAKAR: Higher gold production and a rebound in services and construction will help Liberia's economy grow by 2.5 percent in 2016 compared to an estimated 0.3 percent last year, the International Monetary Fund said on Wednesday.In a statement released at the end of a visit by a mission to Liberia, which was battered by a three-year Ebola outbreak, the IMF said that economic growth was projected to stabilise at around 6 percent over the medium ...

World - Global Business & Economy

Iran's NIOC official says oil exports above 2mn bpd: IRNA DUBAI: Iran's oil exports have risen above 2 million barrels a day, the official news agency IRNA reported on Wednesday, citing Mohsen Ghamsari, director for international affairs at National Iranian Oil Company (NIOC). In March, NIOC said exports had reached 1.8 million bpd. Iran pledged to increase its oil production after sanctions were lifted in January and it has steadily increased its oil exports too.According to IRNA, Iran's production is now running at 3.8 million ...

World - Global Business & Economy

US trade deficit shrinks as goods imports hit five-year low WASHINGTON: The US trade deficit fell more than expected in March as imports of goods tumbled to their lowest level since 2010, a potential boost to first-quarter economic growth estimates that also hints at sluggish domestic demand. The Commerce Department said on Tuesday the trade gap fell 13.9 percent to $40.4 billion, the smallest since February 2015, also as exports fell. February's trade deficit was revised slightly down to $46.96 billion from the previously reported ...