01172017Tue
Last update: Tue, 17 Jan 2017 11am

Global Business & Economy

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Portugal net borrowing to reach 12.4bn euros in 2017 LISBON: Portugal's IGCP debt agency said on Tuesday it would issue between 14 and 16 billion euros of treasury bonds in 2017 and the country's net borrowing needs would reach 12.4 billion euros ($13.11 billion). In the country's financing programme for 2017, IGCP said the figure for net borrowing this year includes the 2.7 billion euros the government has already pre-funded to capitalise state-owned bank Caixa Geral de Depositos this year. "The financing strategy for 2017 will be focused on the Portuguese government bonds curve with regular issuance of government bonds to promote liquidity and the efficient functioning of the primary and secondary market," the agency said."Opportunities to perform bond exchanges and buyback will be further explored," it added. Portuguese bond yields have risen sharply in the past few weeks, partly on concerns the European Central Bank may soon reach the limit it can purchase of Portuguese debt under its ...

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Fiat Chrysler announces creation of 2,000 US jobs WASHINGTON: Fiat Chrysler on Sunday announced it was creating 2,000 jobs in the United States, coming as President-elect Donald Trump has been publicly scolding automakers for investing in Mexico.The American-Italian firm will invest $1 billion by 2020 in two of its factories in the Midwestern states of Michigan and Ohio, where the new jobs will be based, the company said in a statement coming on the eve of the Detroit auto show."FCA US is further ...

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China is confident economy grew 6.7pc in 2016 SHANGHAI: China is confident to have reached an economic growth of 6.7 percent in 2016, within a targeted range set earlier in the year, Vice Finance Minister Zhu Guangyao said on Sunday.China's economy expanded at a steady 6.7 percent in the first three quarters last year, and Zhu said he was confident the growth rate would have reached the same level or more in the fourth quarter of 2016. Zhu's remarks were made at a ...

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Fiat avoids Trump wrath, but Mexico imports coming soon DETROIT: Fiat Chrysler so far has escaped the wrath of President-elect Donald Trump's Twitter feed, but the automaker is due to start importing models from Mexico as soon as this month.Fiat Chrysler shifted production of the new Jeep Compass to Mexico so it could build another vehicle in the Illinois plant outside of Chicago, where the Compass was produced until last month.The move was part of the overall effort to boost production for its popular ...

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Inflation drop, weak growth pave way for Chile rate cut SANTIAGO: Inflation in Chile continued to quickly subside in December, which combined with weak economic growth data should pave the way for the central bank to cut its benchmark interest rate for the first time in over two years on Jan. 19. The consumer price index fell 0.2 percent in December as prices for food and non-alcoholic beverages as well as recreation and cultural activities decreased, the government's INE statistics agency said on Friday. That ...

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Japan seen posting 29th straight monthly current account surplus in Nov TOKYO: Japan is expected to show a 29th straight current account surplus in November as exports recovered and on income from overseas investment, a Reuters poll showed on Friday. The current surplus was seen at around 1.5 trillion yen ($12.94 billion) in November after a 1.7 trillion yen surplus in October, the poll of 17 analysts found."Overseas economies are recovering which helps Japan's exports," said Yoshiki Shinke, chief economist at Dai-ichi Life Research Insurance."Also, the ...

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Euro zone revival carries sting in tail LONDON: The euro zone's belated economic revival could carry a sting in the tail. Signs of a pickup in business activity and slightly rising prices are welcome for the single currency area. The risk is that a sustained pickup exposes the bloc's multi-speed recovery. Europe's low-key upturn has been overshadowed by political turmoil in Italy and investors' excitement about a possible economic boom in the United States under President-elect Donald Trump. Nevertheless, the European Central ...