05052016Thu
Last update: Thu, 05 May 2016 02am

Global Business & Economy

World - Global Business & Economy

With US economy in soft spot, Fed likely to keep policy on hold WASHINGTON: Persistent worries about the global economy and the possibility of Brexit -- Britain's pullout from the European Union -- will probably keep the Federal Reserve on hold this week as it reviews interest rates.The policy-setting Federal Open Market Committee will also be buying time to be sure the US economy picks up from a modest first-quarter slowdown and more unexpected weakness in inflation, analysts say.Minutes from the FOMC's March meeting and speeches by Fed officials show the group is divided between those who think another increase in the benchmark federal funds rate after December's is appropriate now, and those who want to wait.But analysts say the heavier hand of dovish Fed Chair Janet Yellen together with Brexit, the still-simmering Greek crisis and other worries about the international economy should keep the balance against an increase.The FOMC meets on Tuesday and Wednesday, its third meeting of a year that began ...

World - Global Business & Economy

Canada's Caisse to invest C$3 bln in Montreal rail network MONTREAL: Canadian pension fund Caisse de depot et placement du Quebec said on Friday that it would invest C$3 billion ($2.37 billion) in a new public transport network in Montreal, the third-largest of its kind in the world.The network will link downtown Montreal with several suburbs and Montreal's airport in a 67 km (41.6 miles) light rail transit system comprising 24 stations which will operate 20 hours a day, seven days a week. The automated ...

World - Global Business & Economy

Mozambique comes clean on $1.35bn of debt: IMF source JOHANNESBURG: Mozambique has given the IMF an "avalanche of documents" and owned up to as much as $1.35 billion of undeclared sovereign borrowing that may have tipped it into an unsustainable debt trap, a Fund source said on Friday.The loans are in addition to an $850 million 'tuna bond' issued in 2013 and restructured last month because the southeast African nation was struggling to meet repayments. The International Monetary Fund (IMF) said last week it ...

World - Global Business & Economy

Economic activity in Brazil falls 0.29pc in February BRASILIA: A gauge of economic activity in Brazil fell in February for a 14th consecutive month, central bank data showed on Friday, underscoring a view that a deep recession in Latin America's largest economy had yet to hit bottom. The Brazilian central bank's IBC-Br economic activity index fell 0.29 percent in February from the prior month after seasonal adjustments, the bank said. A Reuters survey of 18 analysts forecast a 0.56 percent drop in the ...

World - Global Business & Economy

Eurozone ministers try to bridge Greek debt relief differences AMSTERDAM: Eurozone finance ministers launched thorny discussions on debt relief for Greece on Friday amid deep divisions over how much leeway to show leftist-led Athens in its huge bailout programme."I'm just a happy man that we can start this debate and that is a good move forward," said Eurogroup chief Jeroen Dijsselbloem, arriving for a meeting of the single currency bloc's 19 finance ministers in Amsterdam.Last July, Greek Prime Minister Alexis Tsipras secured Greece's third ...

World - Global Business & Economy

Oil prices cast shadow over eurozone inflation outlook: ECB survey FRANKFURT: Falling oil prices are weighing on the outlook for inflation in the euro area this year, but the European Central Bank's stimulus measures and the gradual economic recovery will start to drive inflation higher again next year, an ECB survey showed on Friday. According to the ECB's regular quarterly survey of professional forecasters, eurozone inflation is expected to average 0.3 percent this year, but then pick up to 1.3 percent in 2017 and 1.6 ...

World - Global Business & Economy

Prince, the rock n roll legend and an astute businessman Prince, died unexpectedly at the age of 57, leaving behind a career considered one the most successful and influential in the music industry.The legendry performer was undoubtedly a complete package, a singer, songwriter, multi-instrumentalist, record producer, actor and a very smart businessman, Smart indeed, as he fought voraciously to protect his ‘unique brand’, in an industry marred with copyrights issue.According to CNN, Prince maintained a tight grip over his music, selling more than 100 million ...