07272016Wed
Last update: Wed, 27 Jul 2016 10am

Global Business & Economy

World - Global Business & Economy

Ghana slashes 2016 GDP growth forecast to 4.1pc ACCRA: Ghana has cut its 2016 economic growth forecast sharply to 4.1 percent from 5.4 percent due to lower export prices and irregular oil production, Finance Minister Seth Terkper told Reuters on Monday.Oil output was halted between March and May at the offshore Jubilee field due to a breakdown on a production ship, and the country lost millions of dollars in revenue. It has since restarted at a lower rate. "These developments have taken into consideration the release of revised GDP figures for 2015, revision of gold production forecasts for 2016-18, and the shutdown of the (oil production vessel) FPSO Kwame Nkrumah," Terkper said. GDP growth should pick up between July and September as a second oil field, TEN, comes onstream and helps offset the shortfall from Jubilee, he said. Ghana, which also produces cocoa and gold, is following an International Monetary Fund programme to restore fiscal balance and spur ...

World - Global Business & Economy

Russian Finance Ministry sees dividend proceeds at $3bn in 2016 MOSCOW: Russia's Finance Ministry expects the proceeds from state-owned companies' dividends to be 190 billion roubles ($3 billion) in 2016 and 250 billion roubles in 2017, a ministry official told the official Rossiyskaya Gazeta on Monday. Deputy Finance Minister Alexei Moiseev told the newspaper this year's proceeds would exceed the initial target by 50 billion roubles. The government, desperate to tackle the budget deficit, had ordered a 50 percent payout threshold for state companies based ...

World - Global Business & Economy

Nigerian official inflation rises to near 11-year high ABUJA: Inflation surged to 16.5 percent in Nigeria last month -- its highest level in more than decade -- as prices of imported food and energy jumped after the government stopped propping up the currency, the National Bureau of Statistics said Monday. The rate rose from 15.6 percent in May, the fifth increase in as many months, the NBS said in an emailed statement. The new rate is the highest since October 2005, according to ...

World - Global Business & Economy

Joint Saudi fund launched to buy oil tankers RIYADH: Saudi Arabia's national shipping company and the Arab Petroleum Investments Corp. (APICORP) have launched a joint fund to purchase large oil tankers for the kingdom, an official statement said Monday.The $1.5-billion fund aims to purchase 15 Very Large Crude Carriers (VLCCs) for the kingdom's state-owned shipping firm in three phases, the statement said.The agreement signed between the two companies Sunday night in Riyadh said the fund's duration is for 10 years.APICORP, the development bank ...

World - Global Business & Economy

Namibia's June inflation unchanged at 6.7pc WINDHOEK: Namibia's consumer inflation was flat at 6.7 percent year-on-year in June from the same figure in May, the statistics office said on Monday. Inflation on a month-on-month basis however slowed to 0.3 percent from 0.5 percent in the previous month, the Namibia Statistics Agency said.Copyright Reuters, 2016 ...

World - Global Business & Economy

Taiwan arrests three foreigners in $2.5m ATM cyberheist TAIPEI: Taiwan has arrested three foreign suspects over a $2.5 million cyberheist which used malware to hack into a major local bank's ATM network and steal bags of cash, police said Monday.The attack, the first of its kind in Taiwan, targeted the First Commercial Bank's ATM network last week, using malware to withdraw more than Tw$81 million ($2.5 million) from dozens of machines in three cities.A Latvian suspect, identified as Andrejs Peregudovs, was arrested by ...

World - Global Business & Economy

Google CEO defends Europe tax practices, warns on Brexit BERLIN: Google CEO Sundar Pichai hit back Sunday at accusations that the global internet giant failed to pay enough taxes in Europe, and warned of the potential fallout from Britain leaving the EU.As Google faces a raft of fiscal probes across the continent, Pichai told Germany's Welt am Sonntag newspaper that the US company invested "very heavily" in Europe and employed 14,000 people there."As a global company, we find ourselves between the conflicting priorities of ...