10022016Sun
Last update: Sun, 02 Oct 2016 03am

Global Business & Economy

World - Global Business & Economy

Moody's says no Brazil investment grade rating before 2018 BUENOS AIRES: Brazil will not obtain an investment-grade credit rating from Moody's Investors Services before the current president's term ends in 2018, a Moody's analyst told Reuters on Thursday, adding that planned reforms are crucial for earning a stable outlook. Mauro Leos, a senior vice president in charge of Latin American credit ratings, also said Mexico's spending cuts would ensure that the 2017 fiscal deficit is smaller than the current year's. Mexico's growth next year will be below 3 percent but higher than the 2 percent in 2016, Leos said in an interview. Moody's downgraded Brazil's debt to junk with a negative outlook in February as Latin America's largest economy sank deeper into recession amid impeachment proceedings against former President Dilma Rousseff. That political uncertainty contributed to the negative outlook, Leos said, but even though Rousseff is now out of office Brazil must pass reforms including a government spending cap ...

World - Global Business & Economy

IMF says more reforms needed to restore growth in Argentina BUENOS AIRES: Progress has been made in correcting imbalances in Argentina's economy but sustained and equitable growth would require more reforms, the International Monetary Fund (IMF) said on Thursday in a statement marking the end of its first mission to the country in 10 years. Roberto Cardarelli, division chief of the IMF's North America Division, said in the statement that improving governance and increasing the efficiency of public spending would help reduce the tax burden ...

World - Global Business & Economy

Brazil's federal tax revenues down 10pc in August BRASILIA: Brazil collected 91.808 billion reais ($28.45 billion) in federal taxes in August, down 10.12 percent from a year earlier when adjusted for inflation, government data showed on Thursday. The country collected 107.416 billion reais in federal taxes in July, according to Brazil's tax agency. Copyright Reuters, 2016 ...

World - Global Business & Economy

US economy less sluggish in 2nd qtr; companies investing more WASHINGTON: US economic growth was less sluggish than previously thought in the second quarter as exports grew more than imports and businesses raised their investments, hopeful signs for the economic outlook. Gross domestic product expanded at a 1.4 percent annual rate, the Commerce Department said on Thursday in its third estimate of GDP. That was up from the 1.1 percent rate it reported last month and higher than analysts' expectations. The revision incorporated data that ...

World - Global Business & Economy

US sharply upgrades 2nd quarter growth to 1.4pc WASHINGTON: The US economy grew faster than originally thought in the second quarter of this year, with Commerce Department figures released Thursday showing a 1.4 percent annual rate.The previous estimate had been a gloomier 1.1 percent. Thursday's figures surpassed an analyst consensus, which had called for a revision to 1.3 percent.In releasing the new numbers, which are derived from a fuller set of data than that used in prior estimates, the Commerce Department said the ...

World - Global Business & Economy

Kenyan exports to keep duty-free access to EU market NAIROBI: Kenya will keep duty-free access to European Union markets for its products, the Kenyan trade minister said on Thursday, reassuring exporters who feared a foundering deal between the EU and the East African Community could lead to tariffs. "Come next week Kenyan exports will still have access to the EU market without paying any duties as it was before," Adan Mohamed, the Kenyan minister for trade and industrialisation, told Reuters. Copyright Reuters, 2016 ...

World - Global Business & Economy

Brazil's Meirelles says wants spending cap approved this year SAO PAULO: Brazil's government expects to approve a federal spending cap this year with few if any changes from its original proposal, Finance Minister Henrique Meirelles said on Thursday. Meirelles added that tax revenues are likely to recover as the economy lifts off from a severe recession, without the need for tax increases this year. Data on Thursday showed tax revenues fell 10 percent in August from a year before.Copyright Reuters, 2016 ...