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Last update: Sun, 11 Dec 2016 02pm

Global Business & Economy

World - Global Business & Economy

Atlanta Fed holds US 4th qtr GDP growth view at 3.6pc NEW YORK: The US economy is on track to grow at a 3.6 percent annualized pace in the fourth quarter as upbeat data on domestic durable goods orders were offset by mixed readings on home sales, the Atlanta Federal Reserve said on Wednesday. The latest fourth-quarter GDP estimate was unchanged from the growth rate calculated on Nov. 17, the Atlanta Fed's GDP Now forecast model showed. The forecast contribution from equipment investment and inventory investment to fourth-quarter economic growth increased to 0.38 percentage point from 0.32 point and to 0.56 point from 0.50 percentage point, respectively, after the release of the October durable goods report on Wednesday, the Atlanta Fed said. Orders for durable goods rose 4.8 percent last month, stronger than the 1.5 percent increase forecast among economists polled by Reuters, according to US Commerce Department data. However, the forecast on fourth-quarter residential investment growth fell to 7.1 percent ...

World - Global Business & Economy

EU-Canada trade deal clears legal test hurdle in EU parliament STRASBOURG: The planned EU-Canada free trade deal cleared a hurdle to its implementation next year when the European Parliament rejected a motion on Wednesday to ask the top European Union court to rule on its legality. The vote by lawmakers in the parliament is an indication they will also ultimately back the EU-Canada Comprehensive Economic and Trade Agreement (CETA) itself, allowing it partially to enter force early in 2017. The motion was brought by 89 ...

World - Global Business & Economy

US jobless claims, still low, spike in mid-November WASHINGTON: US claims for unemployment increased suddenly in mid-November, reversing most of the decline recorded the week before but remaining at a relatively low level, the Labor Department said Wednesday.New claims for jobless benefits in the week ending November 19 rose 18,000 to 251,000, the strongest weekly gain since May. The week before, claims had fallen by 21,000.The result marked 90 consecutive weeks of results below 300,000, the longest such streak since 1970.An analyst consensus ...

World - Global Business & Economy

Brazil inflation hits lowest for mid-November since 2007 BRASILIA: Consumer prices in Brazil rose in the month to mid-November at their slowest pace for the period since 2007, as food and apparel prices edged lower, government data showed on Wednesday. The IPCA-15 consumer price index rose 0.26 percent in the month to mid-November, up from 0.19 in the previous month.The index had been expected to rise 0.28 percent, according to the median forecast in a Reuters poll. In the 12 months through mid-November, ...

World - Global Business & Economy

Azeri GDP seen up 1pc in 2017, 1.5pc in 2018 BAKU: Azerbaijan's economy is expected to grow by 1 percent next year and 1.5 percent in 2018, a draft budget document obtained by Reuters showed on Wednesday. According to the document, Azeri gross domestic product growth is expected at 2.8 percent in 2019 and 2.4 percent in 2020. Copyright Reuters, 2016 ...

World - Global Business & Economy

Kenya cuts 2017 growth outlook on slowing credit growth NAIROBI: Kenya's economy is likely to expand by just over 6 percent next year, down from an initial forecast of 6.5 percent, mainly because of slowing private-sector credit growth, a senior Treasury official said on Wednesday. "We don't see credit growth affecting growth especially for 2016. We have moderated our growth in 2017 to slightly over 6 percent.Before we were very optimistic it would get to 6.5 percent," Geoffrey Mwau, the director general of fiscal ...

World - Global Business & Economy

US durable goods report hints at pickup in business spending WASHINGTON: New orders for US manufactured capital goods rebounded in October, driven by rising demand for machinery and a range of other equipment, pointing to a tentative pickup in business investment.While other data on Wednesday showed a jump last week in the number of people filing for unemployment benefits, the trend in claims remained consistent with a tightening labor market.The reports were supportive of views that the Federal Reserve will raise interest rates next month.The ...