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Last update: Thu, 25 Aug 2016 09pm

Global Business & Economy

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PM Modi hails sweeping reforms for India's fast growth NEW DELHI: Prime Minister Narendra Modi said India was becoming the world's most attractive destination for foreign investors Monday, using his annual Independence Day speech to trumpet sweeping tax reforms designed to spur growth.In an address from Delhi's 17th-century Red Fort, Modi sought to highlight his government's achievements, including the recent passage of a landmark tax reform, that have contributed to India's robust growth during a global slowdown. "Be it the World Bank, the IMF (International Monetary Fund), World Economic Forum or even credit rating agencies, all the institutions of the world have appreciated India's development," Modi said."Thanks to India's continuous reforms and improvement in its laws and systems, a change in its approach -- the world is watching us," he added. "We have improved India's rank in ease of doing business rapidly. India has become the most favoured nation in the world for foreign direct investments. India has outpaced ...

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Thai growth dips in second quarter BANGKOK: Thailand's economic growth slowed in the three months to June, new figures released Monday showed, days after a string of bomb and arson attacks struck the country's crucial tourism sector.High household debt, weakening exports, slumping foreign investment and low consumer confidence have cramped growth in what for years was Southeast Asia's flagship economy.A military junta seized power in 2014 vowing to end years of political instability and kickstart the lacklustre economy.Thailand's growth has since ...

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IMF warns on China's mid-term economic stability BEIJING: China must take "urgent" action to reform its economy or risk "permanently lower growth", the International Monetary Fund said in a report Friday, citing mounting corporate debt as a major concern.While near-term growth prospects remain good, Beijing's failure to move on long-promised reforms is raising the chances of a medium-term hard landing in the world's second-largest economy, it said.China is seeking to restructure its economy to make the spending power of its nearly 1.4 ...

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Italian economy grinds to a halt ROME: Italy's economy stalled in the second quarter of the year, official data indicated Friday, exacerbating fears a sluggish recovery from recession is running out of steam.Output in the three month to the end of June was the same as in the first quarter of 2016, leaving annual growth at 0.7 percent.Finance minister Pier Carlo Padoan had recently predicted 0.1-0.2 percent quarter-on-quarter growth.Italy's economy, which has barely expanded since the country became a founder member ...

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Eurozone growth slows, France and Italy falter BRUSSELS: Eurozone second quarter growth slowed sharply, official data confirmed Friday, weighed down by Brexit concerns and a poor performance in struggling France and Italy.Growth in the 19-nation eurozone came in at 0.3 percent, down from 0.6 percent in the three months to January but unchanged from the initial estimate given last month, the Eurostat statistics agency said.The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.Analysts said at ...

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Malaysia's economic growth slows to 4.0pc in Q2 KUALA LUMPUR: Malaysia's economic growth eased in the second quarter, the central bank said Friday, attributing the slowdown to a decline in exports amid subdued global demand.The economy grew 4.0 percent year-on-year in the April to June period, compared with 4.2 percent in the first quarter and 4.9 percent in the second quarter of 2015.It is Malaysia's slowest rate of expansion since a 1.1 percent contraction in the third quarter of 2009 during the global ...

World - Global Business & Economy

China retail sales growth slows in July, misses expectations BEIJING: China's retail sales growth slowed sharply in July, government statistics showed Friday, missing expectations in a disappointing sign for the world's second-largest economy as authorities look to consumer demand to push growth.Retail sales rose 10.2 percent in the month, the National Bureau of Statistics (NBS) said, a marked slowdown from June's 10.6 percent increase and below the median forecast of 10.5 percent in a Bloomberg News poll of economists.Beijing is looking to retool the ...