06292016Wed
Last update: Wed, 29 Jun 2016 09pm

Global Business & Economy

World - Global Business & Economy

South Korean says Brexit blow to integrated global economy BEIJING: South Korean Finance Minister Yoo Il-ho said on Saturday the world was stunned by Britain's vote to leave the European Union, and the global economy is faced with great volatility and uncertainty.Yoo, speaking in Beijing at a meeting of the China-led Asian Infrastructure Investment Bank, said Brexit is a big blow to believers that a more integrated global economy is beneficial.Copyright Reuters, 2016 ...

World - Global Business & Economy

Japan's Asakawa says markets trying to find new equilibrium TOKYO: Japan's top currency official, Masatsugu Asakawa, said on Saturday there will be "various moves" in financial markets in the wake of Brexit, trying to find a new equilibrium. The vice finance minister for international affairs was speaking to reporters after a meeting between senior officials from Bank of Japan and the Financial Services Agency to discuss financial markets after Brexit.He said the finance ministry, BOJ and the FSA shared views and preparedness on the ...

World - Global Business & Economy

US Fed awards $87.5bn in reverse repos NEW YORK: The Federal Reserve on Friday awarded $87.5 billion of three-day, fixed-rate reverse repurchase agreements to 38 bidders at an interest rate of 0.25 percent, the New York Fed said on its website. On Thursday, the Fed allotted $91.51 billion in one-day reverse repos to 38 bidders, including Wall Street dealers, money market mutual funds and mortgage finance agencies, also at an interest rate of 0.25 percent. The reverse repurchase agreement program is seen ...

World - Global Business & Economy

Brexit: IMF urges 'smooth transition' to a new economic relationship WASHINGTON: IMF chief Christine Lagarde called on Britain and Europe on Friday to work together to ensure that Britain's pullout from the European Union will take place smoothly."We urge the authorities in the UK and Europe to work collaboratively to ensure a smooth transition to a new economic relationship between the UK and the EU, including by clarifying the procedures and broad objectives that will guide the process," Lagarde said.In a statement after Britain's shock ...

World - Global Business & Economy

Exporters assembly says Brexit to have little impact on Turkey's exports ANKARA: Britain's vote to leave the European Union will have little impact on Turkey's exports in the short term, the Turkish Exporters' Assembly (TIM) said on Friday. "We expect limited impact from Brexit on our exports ... We have a two-year period ahead of negotiations between Britain and the bloc which will determine what impact this process will have," TIM chairman Mehmet Buyukeksi said in a statement. The United Kingdom was Turkey's second biggest export ...

World - Global Business & Economy

Russia to lower oil exports from Black Sea port of Novorossiisk in July MOSCOW: Russia is set to lower oil exports from the Black Sea port of Novorossiisk in July to 2.35 million tonnes from 2.7 million tonnes in June, trading sources told Reuters on Friday, citing a preliminary loading schedule. Exports from the Baltic Sea port of Primorsk are seen at 4 million tonnes next month versus 3.9 million tonnes in June, while shipments from nearby Ust-Luga - at 2.4 million tonnes versus 2.5 million tonnes in ...

World - Global Business & Economy

Portugal budget deficit narrows to 3.8pc/GDP in year to end-Q1 LISBON: Portugal's budget deficit narrowed to 3.8 percent of gross domestic product in the 12 months ended in March from 4.4 percent at the end of last year, the National Statistics Institute said on Friday. In the first quarter alone, the deficit fell to 3.2 percent from 5.5 percent a year earlier, it said. The Socialist government has vowed to cut the deficit to 2.2 percent this year, although the European Commission expects a higher ...