12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Global Business & Economy

World - Global Business & Economy

Britain raises insurance premium tax to 12pc LONDON: Britain will raise insurance premium tax by two percentage points to 12 percent from June 2017, finance minister Philip Hammond said in his budget statement on Wednesday, the third increase in less than two years. The latest rise in the tax rate on home and motor insurance premiums represents a doubling in the rate compared with less than two years ago. The taxes are usually passed directly to policyholders. Insurance executives have criticised the tax rises, which contributed to a sharp rise in motor insurance premiums in recent quarters. However, the government will bring forward legislation to cut the "unacceptably high" number of whiplash claims on motor insurance policies, the finance ministry said in a statement, adding that would cut annual motor premiums in England and Wales by around 40 pounds ($50). "This is a classic case of the government giving with one hand, in the form of whiplash ...

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Ghana producer inflation rises to 9.8pc in October ACCRA: Ghana's producer price inflation rose to 9.8 percent year-on-year in October from 9.7 percent the month before, mainly because of rising petroleum price, the statistics office said on Wednesday. Producer prices are a major component of consumer inflation, which for years has exceeded government targets. The West African country is half-way through a three-year deal with the International Monetary Fund aimed at restoring fiscal balance."The marginal uptick in the index was mainly driven by ...

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Eurozone business activity points to solid growth: survey BRUSSELS: Eurozone business activity picked up strongly in November to a 11-month high, with Germany powering the economy in Europe, a closely-watched survey showed Wednesday.Data monitoring company IHS Markit said the November figures were encouraging, indicating growth in the 19-nation currency bloc had reached its fastest pace so far this year.The fresh data gives "plenty of signs that growth will continue to accelerate," said IHS Markit chief business economist Chris Williamson said in a statement.A ...

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US to probe imported Chinese sweeteners amid Celanese complaint WASHINGTON: The United States on Tuesday said it would investigate imports by three Chinese chemical companies that make high-potency sweeteners amid a complaint by Celanese Corp that the companies were violating US law. The US International Trade Commission, in a statement, said its investigation's targets are Suzhou Hope Technology Co, Anhui Jinhe Industrial Co, Vitasweet Co. Copyright Reuters, 2016 ...

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IMF says Bosnia must adopt key reform laws to get cash early in 2017 SARAJEVO: The International Monetary Fund agreed to resume its aid programme to Bosnia and disburse a new tranche under its 553.3 million euro ($586.22 million) loan if key reform laws and the 2017 budgets are adopted, an IMF senior official said on Tuesday. "We reached an agreement on moving ahead with the first review provided that certain conditions are met," said Nadeem Ilahi, the head of the IMF visiting mission to Bosnia, adding the fund's ...

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Canada retail sales rise in September, boosted by autos OTTAWA: Canadian retail sales picked up in September as auto purchases climbed for the first time in three months on demand for new cars, data from Statistics Canada showed on Tuesday, reinforcing expectations that economic growth rebounded in the third quarter. Retail sales rose 0.6 percent, in line with economists' expectations, but would have been flat without the increased purchases of cars and parts. Sales at motor vehicle and parts dealers led the way, rising ...

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IMF cuts Mexico growth outlook amid trade worries MEXICO CITY: Mexico is facing risks to its growth from trade protectionism, the International Monetary Fund said on Tuesday, as it cut its growth forecast for the coming years for Latin America's No. 2 economy.The IMF revised its forecast for Mexican gross domestic product growth for 2016 to 2.1 percent from a 2.5 percent rate seen in July, according to its annual Article IV report on the country. It cut its 2017 growth forecast to ...