06272016Mon
Last update: Mon, 27 Jun 2016 10am

Global Business & Economy

World - Global Business & Economy

Spain's acting PM sees 2016 growth of over 3pc regardless of Brexit MADRID: Spain's economy could expand by more than 3 percent this year, above the government's official forecast and regardless of the result of Britain's vote on leaving the European Union, acting Prime Minister Mariano Rajoy said on Wednesday. A win for anti-austerity party Unidos Podemos (Together We Can) in the Parliamentary election on Sunday however could hurt the country's growth possibilities, he reiterated."I believe we'll grow, if they don't do anything stupid (in the elections), by more than 3 percent, regardless of the result of the British referendum," Rajoy said in an radio interview.The government's official growth forecast for this year is 2.7 percent from a year earlier after 3.2 percent in 2015.Copyright Reuters, 2016 ...

World - Global Business & Economy

Fed's Powell warns that dollar-based Libor could disappear NEW YORK/WASHINGTON: Financial markets need to consider the risks of relying heavily on the dollar-based London Interbank Offer Rate because this reference rate could stop being published, Federal Reserve Governor Jerome Powell said on Tuesday as a Fed-convened committee continued to zero in on an alternative to the so-called Libor."Market participants are not used to thinking about this possibility, but benchmarks sometimes come to a halt," Powell said in prepared remarks in New York for ...

World - Global Business & Economy

IMF deputy managing director Zhu to leave Fund in July WASHINGTON: The International Monetary Fund said on Tuesday its third highest ranking official, Deputy Managing Director Min Zhu, will leave the Fund when his five-year term expires in late July.Zhu, a former central banker at the People's Bank of China is one of four IMF deputy managing directors. He had focused on jobs and growth issues that have risen in prominence at the IMF as global growth has waned, along with fragile, small and low-income ...

World - Global Business & Economy

Fed's Yellen: US economy faces 'considerable uncertainty' WASHINGTON: Federal Reserve Chair Janet Yellen warned Tuesday that the US economy faces "considerable uncertainty" from slower domestic activity and from a possible British vote to break with the European Union.Pointing to dragging hiring and business investment recently, and to the risk that a pro-Brexit vote will send shock waves through global markets, Yellen signaled that the Fed has become less optimistic about US growth over the short term and will proceed with great caution ...

World - Global Business & Economy

Fed Chair Yellen: US economy faces 'considerable uncertainty' WASHINGTON: Federal Reserve Chair Janet Yellen said Tuesday that the US economy faces "considerable uncertainty" from slower domestic activity and from a possible British vote to break with the European Union.Warning of the risk that some recent signs suggest US domestic demand "might falter", Yellen stressed that the Fed will proceed with caution toward raising interest rates.Copyright AFP (Agence France-Presse), 2016 ...

World - Global Business & Economy

IMF commends Serbia's economic policies, urges more effort on debt BELGRADE: The International Monetary Fund on Tuesday commended Serbia's economic programme for its strong performance, but said greater effort will be needed to curb the country's high levels of debt.In a statement after an IMF mission completed its fourth and fifth reviews of a 1.2 billion euro loan deal, the Fund said it saw Serbian inflation at 1.3 percent this year, well below the central bank's target of between 2.5 percent and 5.5 percent.It commended ...

World - Global Business & Economy

Croatia political instability threatens recovery, S&P says LONDON: Political instability in Croatia after the government lost a no-confidence vote last week is "lamentable" and could do fresh damage to its long-suffering economy, rating agency Standard and Poor's said on Tuesday.S&P rates Croatia BB, below investment grade, and has a negative outlook on its debt, but the country has emerged from a six-year recession - one of the world's longest downturns - and its crucial tourist industry is booming.That recovery is threatened by ...