09282016Wed
Last update: Wed, 28 Sep 2016 01am

Global Business & Economy

World - Global Business & Economy

Algeria trade deficit widens to $14 bln in Jan-Aug on lower energy revenue ALGIERS: Algeria's trade deficit widened to $13.997 billion in the first eight months of 2016, 26.5 percent higher than in the same period last year, due to a fall in energy earnings after an oil price drop, official data showed.Oil and gas exports, which accounted for 93.73 percent of Algeria's total sales abroad, fell 29.60 percent to $16.46 billion during the January-August period of this year, according to customs figures.The overall value of exports declined 29 percent year-on-year to $17.56 billion, while imports were down 11.8 percent to $31.56 billion.Algeria has been trying to reduce its imports bill after the oil price fall, which has also forced the government to cut spending and delay planned infrastructure projects.Copyright Reuters, 2016 ...

World - Global Business & Economy

Morocco annual inflation steady at 1.6pc in August RABAT: Morocco's consumer price inflation was flat at an annual 1.6 percent in August, the same rate as in July, the High Planning Authority said on Thursday.Annual food inflation rose to 3 percent from 2.7 percent in the previous month, while non-food price inflation pushed up slightly to 0.6 percent in the 12 months to August from an annual 0.5 percent in July.Transport costs fell 0.9 percent, but hotels and restaurants were 2.6 percent more ...

World - Global Business & Economy

Federal Reserve keeps key interest rate unchanged WASHINGTON: The Federal Reserve kept its benchmark interest rate unchanged for the sixth straight meeting Wednesday, saying it needs to see more signs of strength in the US economy.But Fed policymakers showed confidence in the economy, indicating that they foresee the likelihood of one rate hike before the end of the year.Copyright AFP (Agence France-Presse), 2016 ...

World - Global Business & Economy

IMF eyes more China yuan transparency with reserve currency move WASHINGTON: China will need to keep improving the transparency of its exchange rate regime once its yuan achieves reserve status as part of the International Monetary Fund's currency basket on Oct. 1, IMF officials said on Wednesday. The designation will make the yuan a "freely usable currency" in the eyes of the IMF, available for loans to IMF members and for repayments. The yuan, also known as the renminbi, will join the dollar, euro, yen ...

World - Global Business & Economy

IMF sees Namibia's economic growth slowing to 2.5 percent in 2016 WINDHOEK: The International Monetary Fund (IMF) said on Wednesday it expected Namibia's economic growth to slow to 2.5 percent this year after expanding by 5.3 percent in 2015, as a decline in construction activity weighs. The southern African nation's growth is expected to pick up to above 5 percent in 2017 as mines rump up production, the IMF said in a statement after a team led a mission to Namibia. Copyright Reuters, 2016 ...

World - Global Business & Economy

India posts surprise current account deficit on slower remittances MUMBAI: India unexpectedly posted a slight current account deficit in the April-June quarter, contrasting with expectations it would post the first surplus in nine years, as citizens abroad sent fewer remittances home. Reserve Bank of India data on Wednesday showed India posted a current account deficit of $300 million, or 0.1 percent of gross domestic product, in the period. It compared with expectations for a $4 billion surplus that would have been the first positive ...

World - Global Business & Economy

Libya exports first oil cargo from Ras Lanuf since 2014 BENGHAZI: An oil tanker left the Libyan port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since at least late 2014, boosting hopes of reviving Libya's battered oil output.The port manager of Ras Lanuf said a second tanker was preparing to load at the terminal, one of four seized on Sept. 11-12 by eastern Libyan forces loyal to military leader Khalifa Haftar. Libya's National Oil Corporation ...