07282016Thu
Last update: Thu, 28 Jul 2016 09pm

Global Business & Economy

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Japan in first half-year trade surplus since Fukushima TOKYO: Japan on Monday posted its first half-year trade surplus since the 2011 Fukushima nuclear disaster, after the accident sent energy import bills soaring and led to a string of deficits.The world's third largest economy logged a January-June surplus of 1.8 trillion yen ($17 billion), against a 1.69 trillion yen deficit in the same period last year, the finance ministry said.A sharp drop in oil and gas prices took pressure off Japan's trade balance, but exports still struggled to make headway with a sharp rise in the yen weighing on profits among some of Japan's biggest firms.The six-month surplus was the first since the July-December 2010 period, trade ministry data showed.The Japanese economy, which was already struggling at that time, was hammered by the quake-tsunami disaster that sparked the accident at Fukushima.The atomic disaster, the worst since Chernobyl in 1986, forced the shutdown of reactors in resource-poor Japan, which turned ...

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Spain sees 2016 growth verging on 3pc MADRID: Spain will post growth of 2.9 percent for 2016, Finance Minister Luis de Guindos said Sunday, revising an earlier forecast of 2.7 percent as the country's recovery gathers momentum."Our observations indicate stronger growth for 2016, close on 3.0 percent, coming in at 2.9 percent," De Guindos said on the sidelines of a meeting of G20 finance ministers and central bank governors in Chengdu, China.De Guindos told Spanish RNE radio he saw a relative slowdown ...

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Clouds gather for Turkey economy after attempted coup ANKARA: A six percent loss in value of its currency, a plunge on the stock market and a downgrade by a key ratings agency.The last week alone has shown that life is not going to be easy for Turkey's economy after the coup aimed at unseating President Recep Tayyip Erdogan from power.But economists say a sharply lower economic performance including a recession is not inevitable and avoiding doom-laden scenarios largely rests on the choices Erdogan ...

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IMF grants two-year $3.5 billion credit line to Morocco RABAT: The International Monetary Fund (IMF) has granted Morocco a two-year $3.5 billion credit line for structural reforms to prompt more rapid and inclusive economic growth, Rabat's finance ministry said on Saturday.The Precautionary Liquidity Line (PLL) is meant for countries with relatively good economic policies that face balance of payments needs because of issues beyond their control. So far, only Morocco has used this type of program.The line provides reassurance about Morocco's economic policies to ...

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Extra spending, firmer exports to underpin South Korea economy CHENGDU: South Korea's economy is likely to grow about 2.8 percent this year as it will get a boost from extra government spending and stronger exports, Finance Minister Yoo Il-ho said on Saturday. "I believe we can achieve 2.8 percent growth rate this year, particularly after we planned to introduce the supplementary budget," Yoo told Reuters on the sidelines of a meeting of Group of 20 finance ministers and central bankers.The Bank of Korea has ...

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Italy's economy minister says hopes for clarification on timing and process of Brexit CHENGDU: Italy's Economy Minister Pier Carlo Padoan told Reuters he hopes for clarification on the timing and process of the UK's exit from the European Union. "Brexit has already had an impact," he said, speaking on the sidelines of the G20 conference in Chengdu, China on Saturday."All international organisations and governments are revising downwards their growth projections due to Brexit-related uncertainty and impact on demand. So this is already a problem. I hope that there ...

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Fiscal policy to play bigger role post-Brexit CHENGDU: Fiscal policy will play a growing role in driving economic growth in the wake of Britain's decision to leave the European Union, but countries will decide for themselves what tools to use, an Asian financial official said on Saturday. "I think fiscal policy will play a bigger role in the wake of Brexit even though it's up to individual countries to decide which of the three-pronged policy tools should be utilised," said the official.The ...