01192017Thu
Last update: Thu, 19 Jan 2017 05am

Global Business & Economy

World - Global Business & Economy

China Q3 current account surplus of $69.3 bn, capital account flips to surplus BEIJING: China had a final current account surplus of $69.3 billion in the third quarter of this year, according to data published by the foreign exchange regulator on Friday.The capital and financial account recorded a surplus of $5.1 billion, the State Administration of Foreign Exchange (SAFE) said on its website. It earlier reported a preliminary Q3 deficit of $71.2 billion.SAFE gave no explanation for the large difference in the preliminary and final figures for the capital account, but said that it expects net cross-border outflows to narrow in the fourth quarter.China's foreign reserves were relatively stable in the third quarter, with the yuan depreciating only slightly in the period, indicating capital outflow pressures likely eased.But with yuan weakness against the dollar accelerating since October, foreign reserves have fallen further, sparking speculation that capital outflows have sped up.For the first nine months of the year, China's current account surplus was $172.7 ...

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South Africa's trade deficit narrows in November JOHANNESBURG: South Africa's trade deficit narrowed to 1.09 billion rand ($79.8 million) in November, from a revised 3.91 billion rand shortfall in October, data from the revenue agency showed on Thursday. Exports rose by 12.8 percent on a month-on-month basis, while imports were up 9.2 percent, the South African Revenue Service said in a statement. Copyright Reuters, 2016 ...

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US housing prices sustain growth in October WASHINGTON: Housing prices posted modest growth in most parts of the United States in October, according to industry figures released Tuesday.The S&P Case-Shiller price index of 20 major cities saw a 0.6 percent increase on a seasonally adjusted basis in all of the metropolitan areas. The index rose 5.1 percent over the same month last year, up a tenth of a point over the gain recorded for October.The broader National Home Price Index was up ...

World - Global Business & Economy

US consumer confidence at highest since 2001 WASHINGTON: US consumer confidence posted sharp gains in December, hitting its highest level in 15 years, according to survey data released Tuesday.The Conference Board said its consumer confidence index jumped 4.3 points for the month to 113.7, easily surpassing an analyst forecast and extending gains made in November to reach the highest point since August 2001.The monthly jump was solely due to an increase in survey respondents' expectations for business, income and employment in the ...

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Brazil state-run banks under no pressure to cut rates: Banco do Brasil BRASILIA: The Brazilian government has not pressured state-run banks to free up credit and reduce their spread, but interest rates are likely to fall as the central bank's benchmark Selic rate continues to drop, state-controlled Banco do Brasil Chief Executive Officer Paulo Rogerio Caffarelli said on Tuesday. In a briefing with reporters in Brasilia, Caffarelli said the bank will seek to increase their loan spread to be in line with private competitors and boost profitability.However, ...

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Spain's public deficit, minus town halls, 2.68pc to October MADRID: Spain's public deficit, including the central government, regions and social security but excluding town halls, was 2.68 percent of economic output in October, the Budget Ministry said on Tuesday. That compared to 3.29 percent recorded in the same period last year and 3.11 percent reported to September, the Ministry said. The government aims to reduce the public deficit to 4.6 percent of output this year from 5.1 percent of output in 2015. Copyright Reuters, ...

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Egypt targets 5pc economic growth by mid-2018 CAIRO: Egypt targets a five percent economic growth rate in the year to June 2018, the finance ministry said Sunday as the government seeks to revive an economy battered by political turmoil.Egyptian authorities have battled high unemployment, inflation and a collapse in tourism income since the 2011 uprising that toppled former president Hosni Mubarak.President Abdel Fattah al-Sisi, who led the 2013 military overthrow of Mohamed Morsi, Egypt's first elected civilian president, vowed to get the ...