01192017Thu
Last update: Thu, 19 Jan 2017 08pm

Global Business & Economy

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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 battle to reduce a huge deficit caused by low oil prices. The deficit totalled a record 367 billion riyals in 2015, and the original budget for this year projected a 326 billion riyal gap.The finance ministry did not respond to a request for comment on Wednesday. The sources said the numbers which they quoted were not final and could still be modified, but that they did not expect any major changes.Government revenues totalled 528 billion ...

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Taiwan Nov export orders rise for 4th month, but to contract for 2016 TAIPEI: Taiwan's November export orders grew for a fourth straight month on seasonal demand for tech gadgets, giving the island's central bank another reason to stand pat on interest rates this week.But orders remain on track to contract for the second year this year, with global headwinds emerging for 2017, casting doubt on the sustainability of the recent upswing.The trade-dependent economy posted the sharpest rise in actual exports in nearly four years last month, underpinned ...

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EBRD says could take stake in Ukraine's PrivatBank after clean-up LONDON: The European Bank For Reconstruction And Development could take a stake in Ukraine's PrivatBank if the recapitalisation and clean-up of the lender goes well, a senior EBRD official said on Monday. Ukraine declared its largest lender PrivatBank insolvent on Monday and said it was bringing it under state control in a rescue deal likely to cost at least $4.5 billion. Frances Malige, the EBRD's regional head who oversees Ukraine, told Reuters the move was ...

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Apple appeals EU tax ruling, says it was a convenient target BRUSSELS: Apple has launched a legal challenge to a record $14 billion EU tax demand, arguing that EU regulators ignored tax experts and corporate law and deliberately picked a method to maximise the penalty, senior executives said. Apple's combative stand underlines its anger with the European Commission, which said on Aug. 30 the company's Irish tax deal was illegal state aid and ordered it to repay up to 13 billion euros ($13.8 billion) to Ireland, ...

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Belgium consumer confidence index rises in Dec BRUSSELS: Belgium's consumer confidence index rose in December as fears of a rise in unemployment subsided and households were slightly more upbeat on their ability to save, the central bank said on Monday. Copyright Reuters, 2016 ...

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IMF: nationalising Ukraine's PrivatBank important for stability KIEV: The International Monetary Fund said on Monday that the Ukrainian authorities' decision to nationalise PrivatBank was an important step in their efforts to safeguard financial stability. The Fund, which is supporting Ukraine with a $17.5 billion ongoing bailout, said in a statement that it would continue to help Ukraine "in its efforts to build strong institutions, enhance transparency, and advance structural reforms." Ukraine took over its largest bank on Monday in one of the ...

World - Global Business & Economy

Russia retail sales down 4.1pc y/y in Nov; down 0.9pc m/m MOSCOW: Russian retail sales fell 4.1 percent in November in year-on-year terms after a 4.2 percent decline in the previous month, the statistics service said on Monday.Analysts polled by Reuters had forecast a fall of 4.0 percent compared to the year-ago period.Previously, the statistics service, or Rosstat, said retail sales declined by 4.4 percent on the year in October. Copyright Reuters, 2016 ...