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Last update: Thu, 19 Jan 2017 05am

Global Business & Economy

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Russia central bank says inflation expectations decline further MOSCOW: Inflation expectations among Russia households declined further in December, the Russian central bank said in a report published on Wednesday. No steady trend in inflation expectations slowdown, however, was a reason why the central bank was sticking to a moderately tight monetary policy, it said. Copyright Reuters, 2016 ...

World - Global Business & Economy

Polish central budget deficit at 50.4pc of 2016 plan after Nov WARSAW: Poland's central budget deficit after November reached 50.4 percent of the full-year plan of 54.7 billion zlotys ($12.96 billion), the finance ministry said in a statement on Wednesday. The ministry also said that tax revenues were up 7.4 percent year-on-year in the January-November period. The central budget deficit is a narrower measure than the general government deficit, which includes budget balances of local governments and various state agencies. Copyright Reuters, 2016 ...

World - Global Business & Economy

EU Commission proposes VAT tax exemptions for large-scale transactions by firms BRUSSELS: Firms in European Union countries could be exempted from paying the value-added tax (VAT) for large sales to other companies under a proposal unveiled on Wednesday by the European Commission. The move comes after strong pressure from some capitals, in particular the Czech Republic, to change to VAT rules to tackle widespread fraud causing losses for national treasuries estimated at 160 billion euros ($166.83 billion) a year. The EU executive's proposal would allow sales ...

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Brazil rate futures drop as inflation eases more than expected SAO PAULO: Rates paid on Brazilian interest rate futures fell on Thursday as further signs of easing inflation stoked bets on a sharper rate cut next month.Brazil's IPCA-15 consumer price index rose 6.58 percent in the 12 months through mid-December, edging closer to the 6.5 percent ceiling of the government's target.The figures fostered speculation that the central bank could cut rates by 75 basis points at its January meeting, after pursuing two 25 basis points ...

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Croatia's economic institute less optimistic on growth, budget ZAGREB: Croatia's growth in the coming years is likely to be slower than the government hopes for, while fiscal consolidation may also lag behind government projection, one of the country's leading economic think tanks, said on Wednesday.The Zagreb Economic Institute, which is partly funded by the government, said in its quarterly forecast that growth next year was seen at 2.9 percent, while the budget gap would fall to 1.9 percent of gross domestic product, down ...

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Brazil's inflation slows more than expected in mid-December SAO PAULO: Brazil's annual inflation rate slowed more than expected in mid-December, the official statistics agency said on Wednesday, approaching the top end of the government's target and paving the way for further interest rate cuts by the central bank.Brazil's IPCA-15 consumer price index rose 6.58 percent in the 12 months through mid-December, down from an increase of 7.64 percent in mid-November and close to the 6.5 percent ceiling of the government's target, IBGE said.The ...

World - Global Business & Economy

Saudi budget to boost spending, raise domestic fuel prices DUBAI: Saudi Arabia's state budget for 2017, which is expected to be released on Thursday, will boost spending to support economic growth while raising domestic energy prices to ease the government's subsidy burden, sources told Reuters.The government is expected to announce its budget deficit fell sharply this year to 297 billion riyals ($79.2 billion), the sources, who are familiar with the budget planning, said on Wednesday.That would allow Riyadh to claim substantial success in its ...