02122016Fri
Last update: Fri, 12 Feb 2016 02pm

Global Business & Economy

World - Global Business & Economy

Brazil inflation set to start downward trend in January BRASILIA: Brazil's annual inflation rate probably fell slightly in January from a 12-year high, a Reuters poll showed on Friday, fueling hopes that price rises will finally start to ease after massive interest rate hikes and a deepening recession.Inflation as measured by the benchmark IPCA price index likely stood at 10.52 percent in the 12 months through January, down from 10.67 percent at the end of 2015, according to the median of 24 forecasts in the survey.Statistics agency IBGE publishes the January inflation figures on Friday at 9 a.m. local time (1100 GMT). Estimates ranged from 10.20 to 10.61 percent.Brazil's inflation soared last year after President Dilma Rousseff raised taxes and electricity rates to plug a growing budget deficit. A steep drop in the exchange rate has also raised prices in recent months, as investors fret over a deepening political crisis and recent credit downgrades.High inflation has been particularly painful ...

World - Global Business & Economy

IMF's Lagarde says China's economy can avoid ‘hard landing’ WASHINGTON: China's economy can avoid a "hard landing" and shift to a lower, more sustainable growth rate if Beijing pursues reforms to state enterprises and sticks to a more market-driven and well-communicated exchange rate policy, the International Monetary Fund's chief said on Thursday."China is going through that massive, multi-faceted transition and we do not expect a hard landing of China as has been talked about for many years," IMF Managing Director Christine Lagarde said in ...

World - Global Business & Economy

White House hopeful Syria peace talks will resume by the end of February WASHINGTON: The White House said on Thursday it was hopeful that Syria peace talks suspended by the United Nations in Geneva would be back on track by the end of the month."The U.N. representative ... did announce that the talks had been paused. He's used that terminology primarily because he expects the talks to resume before the end of the month," White House spokesman Josh Earnest said at a news briefing. "We're obviously hopeful that ...

World - Global Business & Economy

Greek GDP to fall in 2016, but by less than expected BRUSSELS: Greece's economy will be the only one in the European Union to shrink this year, the EU Commission said on Thursday, but the fall is much smaller than previously estimated. Greek gross domestic product will drop 0.7 percent in 2016, while the euro zone is expected to grow 1.7 percent and the 28-country EU bloc will expand by 1.9 percent, the EU executive said in its winter economic forecasts. The Commission has however significantly ...

World - Global Business & Economy

Portugal's growth outlook under pressure, risks rise: ECB, EU FRANKFURT: Portugal's economic growth will be held back this year by the need to reduce private sector debt and a negative contribution from net exports, the European Commission and the European Central Bank said on Thursday. "Looking ahead, economic activity is expected to expand at a moderate pace, held back by persistent deleveraging pressures in the private sector," the institutions said following a post-programme review. "Risks to the outlook are tilted towards the downside and ...

World - Global Business & Economy

Spain has to cut deficit in 2016 BRUSSELS: Spain has to reduce its deficit this year to comply with European Union budgetary rules, the EU's Economics Commissioner Pierre Moscovici said on Thursday. Asked about the Spanish budget, Moscovici said that in order to stay in line with the rules, the deadline had to be respected. Spain was required to bring its deficit below 3 percent of its gross domestic product (GDP) in 2016, but the Commission's latest forecasts released on Thursday show ...

World - Global Business & Economy

Mexico's Cemex reports surprise fourth-quarter profit MEXICO CITY: Mexico's Cemex, one of the world's largest cement companies, on Thursday said it made a surprise profit in the fourth quarter, helped by lower financial expenses. The company reported a profit of $144 million compared to a loss of $178 million in the year-earlier quarter. Analysts had expected the company to report a loss of $111 million. Cemex, which reports its results in US dollars, said its core profit or operating earnings before ...