01222017Sun
Last update: Sun, 22 Jan 2017 03pm

Global Business & Economy

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Germany's Jan-Nov oil import bill down 22.9pc, volume up FRANKFURT: Germany spent 23.3 billion euros ($24.7 billion) on crude oil imports in the first 11 months of 2016, 22.9 percent less than a year earlier due to lower prices, while volumes rose slightly, BAFA foreign trade office data showed on Tuesday.Russia was top supplier, shipping 39.0 percent of the total, up from 35.3 percent a year earlier despite calls from the European Commission for EU members to diversify away from Russian energy supplies.The British and Norwegian North Sea supplied 23.2 percent of the total while 14.8 percent came from OPEC members, BAFA said in a statement.Germany imported oil from 33 specified countries in the period under review.Copyright Reuters, 2017 ...

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US wholesale inventories post biggest rise in two years WASHINGTON: US wholesale inventories in November rose slightly more than previously reported, posting their largest gain in two years and suggesting inventory investment would again support economic growth in the fourth quarter. The Commerce Department said on Tuesday wholesale inventories rose 1.0 percent after slipping 0.1 percent in October. That was the largest increase since November 2014. The department reported last month that wholesale inventories rose 0.9 percent in November. The component of wholesale inventories ...

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Algeria says fund to cover budget deficits declining ALGIERS: Resources for the state fund intended to cover Algeria's budget deficits had declined by 59.5 percent at the end of 2016 from the previous year because of falling oil prices, Finance Minister Hadji Baba Ammi said. State finances were already under pressure in Algeria, where the government had forecast foreign exchange reserves would reach $114 billion by the end of last year, from $144 billion in 2015 and $178 billion the previous year. Oil ...

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Egypt's core inflation jumps to 25.86pc yr/yr in Dec CAIRO: Egypt's annual core inflation jumped to 25.86 percent in December from 20.73 percent in November, the central bank said on Tuesday. The jump is the second in as many months since the central bank ditched its peg of 8.8 Egyptian pounds to the dollar on Nov.3, floating the currency and allowing it to roughly halve in value. Annual urban consumer price inflation also jumped for the second month since the float to 23.3 percent ...

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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 ...

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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 ...