02142016Sun
Last update: Sun, 14 Feb 2016 10am

Global Business & Economy

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China says EU should take steel dumping claims to WTO BEIJING: China's Ministry of Commerce said that claims it was dumping steel in Europe should be put to the World Trade Organization (WTO), responding to reports that the European Commission (EC) was preparing to impose duties on imported Chinese steel. WTO members should fulfill their treaty obligations and stop using "surrogate countries" to pursue anti-dumping claims, a Ministry of Commerce spokesman said, according to a statement released on the ministry's website on Saturday.The EC is set to impose provisional duties later this month of up to 16 percent on China, and of up to 26 percent on Russia, following its investigation into alleged dumping by the two countries.Reuters reported that provisional measures are due to be announced by Feb. 14 and definitive duties, if imposed at the conclusion of the investigation, by Aug. 12. Such duties would typically apply for five years.The Commission's investigation follows a complaint from Eurofer, the ...

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US trade deficit grows in 2015 as exports weaken WASHINGTON: The US trade deficit grew modestly in 2015 as exports declined amid a slowing global economy, government data showed Friday.For all of 2015, the trade gap in goods and services widened 4.6 percent from a year ago to $531.5 billion as the fall in exports outpaced the decline in imports, the Commerce Department said.The politically sensitive goods trade gap with China swelled to a new record last year at $365.7 billion as a strong ...

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Japan's economy likely contracted in Q4 on consumer weakness TOKYO: Japan's economy likely contracted in the final quarter of last year, a Reuters poll showed on Friday, having dodged recession in the previous quarter and dragged down by weakness in consumer spending and firms' capital expenditure. The economy is expected to have shrunk at an annualised rate of 1.2 percent in October-December, the poll of 19 analysts showed. That follows a 1.0 percent expansion in July-September and a 0.5 percent of contraction in April-June. ...

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Euro zone inflationary pressures fade LONDON: Inflationary pressures in the euro zone have eased, likely adding to pressure on the European Central Bank to ease monetary policy again, according to an indicator issued on Friday that is designed to predict cyclical trends. The Eurozone Future Inflation Gauge (EZFIG) fell to 98.5 in December from 99.6 the month before. The gauge is a measure of the outlook for inflation published by the Economic Cycle Research Institute (ECRI). "With the EZFIG slipping ...

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Cheap oil cuts 2015 French trade deficit to lowest since 2009 PARIS: France's trade deficit fell last year to the lowest since 2009 mainly because of cheaper oil imports, data from the customs office showed on Friday. With oil and other natural resource imports making up about 75 percent of France's deficit, the shortfall fell to 45.67 billion euros ($51.13 billion), down from 58.3 billion in 2014. Boosted by a weaker euro, exports grew by 4.3 percent with aircraft and car sales particularly strong, while imports ...

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Indonesian economy grows at slowest rate in six years JAKARTA: Indonesia's economy grew at its slowest pace for six years in 2015, data showed Friday, as it was hit by plunging commodity prices and falling exports to key markets including China.Southeast Asia's largest economy grew 4.79 percent last year, the first time it has fallen below five percent since 2009 at the height of the global financial crisis, and well short of the government's seven percent target. It grew 5.02 percent in 2014.However, a ...

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US factory orders fall 2.9pc in December WASHINGTON: New US factory orders slumped in December, fresh evidence of the weakness in the manufacturing sector hit by a strong dollar and slowing economies, official data showed Thursday.Initial orders for US manufactured goods, which have fallen in four of the last five months, dropped 2.9 percent last month, following a 0.7 percent decline in November, the Commerce Department reported.Orders were dragged lower in part by falling oil and natural gas prices that have led ...