02142016Sun
Last update: Sun, 14 Feb 2016 12am

Global Business & Economy

World - Global Business & Economy

Ukraine economy minister resigns over state graft KIEV: Ukraine's economy minister abruptly tendered his resignation Wednesday saying overwhelming corruption had stifled his efforts to push through measures essential to getting growth back on track in the cash-strapped country.Aivaras Abromavicius's shock departure laid bare divisions within the pro-Western government of President Petro Poroshenko and highlighted the uphill battle the former Soviet nation faces in enacting the necessary changes to join the European Union. "Today, I made the decision to submit my resignation from the post of minister of Ukraine's economic development and trade," the Lithuanian-born minister told reporters in Kiev."The reason is the sharp escalation in efforts to block systemic and important reforms."Abromavicius and Finance Minister Natalie Jaresko were both appointed in December 2014 as part of Poroshenko's efforts to bring new blood into the war-shattered country's attempts to return to growth.Reacting to his resignation Kiev's US Ambassador Geoffrey Pyatt tweeted that Abromavicius was "one of the Ukrainian ...

World - Global Business & Economy

Norway's economy faces more risk as oil price tumbles-fin min OSLO: The Norwegian economy is becoming more vulnerable as the price of crude oil continues to fall, the country's finance minister said on Wednesday."Last autumn we predicted that economic growth would pick up this year and even more so next year, and that unemployment would peak (in 2016). Since then the oil price has been weaker than we expected," Finance Minister Siv Jensen told an economic policy seminar."This makes the situation more difficult for oil-related ...

World - Global Business & Economy

Credits widen on further oil price slide HONG KONG: Asian credits widened on growing concerns over global economic prospects as oil names sold off amid tumbling oil prices.Brent crude futures fell 0.7% to US$32.48 per barrel, extending losses so far this week to more than 6%."Falling oil prices intensified worries that fundamentals at the oil companies will get even worse, and that affected the overall sentiment," said a Hong Kong-based credit trader."Despite some flow from Chinese investors after an initial sell-off, overall ...

World - Global Business & Economy

Angola economy in crisis as oil price sinks currency LUANDA: Sitting under an umbrella in the heat of Angola's capital Luanda, a vendor holds a makeshift currency exchange board on which is scribbled "335 kwanzas: $1" -- more than double the official rate of 155 kwanzas.The drop in the price of crude oil to its lowest level in more than a decade has not only pushed Angola's currency to record lows, it has plunged the economy of Africa's second largest crude producer into a ...

World - Global Business & Economy

South Korea unveils stimulus to combat export slump SEOUL: South Korea on Wednesday unveiled a stimulus package, including an extra six trillion won ($4.94 billion) in public spending, to bolster an economy struggling with falling exports and high youth unemployment.The package, announced by the finance ministry, came as Asia's fourth-largest economy in Asia saw its exports plunge 18.5 percent on-year in January -- the sharpest decline for more than six years.Exports account for more than 50 percent of the country's GDP, according to ...

World - Global Business & Economy

Tesco raises UK store worker pay by 3.1pc LONDON: Britain's Tesco said it has raised pay for its supermarket workers by 3.1 percent to 7.62 pounds ($10.96) per hour, meaning it will give a significantly higher rate than the British government's new National Living Wage. Under the government's new minimum wage rules due to start in April, the country's lowest paid workers aged over 25 must receive at least 7.20 pounds an hour, up from 6.50 pounds now.Tesco, Britain's biggest supermarket group and ...

World - Global Business & Economy

IMF says Turkey needs tighter policy to rein in inflation ISTANBUL: Turkey needs tighter monetary policy to bring inflation back to its 5 percent target in the medium term, the International Monetary Fund (IMF) said on Tuesday after an official visit. The IMF also said Turkey's monetary policy framework needs to be improved to strengthen its effectiveness, saying the central bank needs to narrow its interest rate band and provide liquidity at a single policy rate. The IMF's comments, released in a statement following a ...