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Last update: Sat, 01 Oct 2016 01am

Global Business & Economy

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IMF eyes more China yuan transparency with reserve currency move WASHINGTON: China will need to keep improving the transparency of its exchange rate regime once its yuan achieves reserve status as part of the International Monetary Fund's currency basket on Oct. 1, IMF officials said on Wednesday. The designation will make the yuan a "freely usable currency" in the eyes of the IMF, available for loans to IMF members and for repayments. The yuan, also known as the renminbi, will join the dollar, euro, yen and British pound in the "special drawing rights" basket that forms the IMF's unit of account.Relative amounts of these currencies will be fixed for five years on Sept. 30 to achieve weightings determined last year. "Inclusion of the Chinese renminbi in the SDR basket is an important milestone in the process of China's global financial integration. It recognizes and reinforces China's continuing reform efforts," said Siddarth Tiwari, director of the IMF's Strategy, Policy and Review ...

World - Global Business & Economy

IMF sees Namibia's economic growth slowing to 2.5 percent in 2016 WINDHOEK: The International Monetary Fund (IMF) said on Wednesday it expected Namibia's economic growth to slow to 2.5 percent this year after expanding by 5.3 percent in 2015, as a decline in construction activity weighs. The southern African nation's growth is expected to pick up to above 5 percent in 2017 as mines rump up production, the IMF said in a statement after a team led a mission to Namibia. Copyright Reuters, 2016 ...

World - Global Business & Economy

India posts surprise current account deficit on slower remittances MUMBAI: India unexpectedly posted a slight current account deficit in the April-June quarter, contrasting with expectations it would post the first surplus in nine years, as citizens abroad sent fewer remittances home. Reserve Bank of India data on Wednesday showed India posted a current account deficit of $300 million, or 0.1 percent of gross domestic product, in the period. It compared with expectations for a $4 billion surplus that would have been the first positive ...

World - Global Business & Economy

Libya exports first oil cargo from Ras Lanuf since 2014 BENGHAZI: An oil tanker left the Libyan port of Ras Lanuf for Italy early on Wednesday with the first crude export cargo from the terminal since at least late 2014, boosting hopes of reviving Libya's battered oil output.The port manager of Ras Lanuf said a second tanker was preparing to load at the terminal, one of four seized on Sept. 11-12 by eastern Libyan forces loyal to military leader Khalifa Haftar. Libya's National Oil Corporation ...

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Turkey looking to invest in Kuwait's $150bn projects KUWAIT CITY: Turkish Development Minister Lutfi Elvan said Tuesday that Turkish contractors were keen to bring their experiences to Kuwait's $150 billion mega projects in the next five years.The minister's remarks came at a meeting with his Kuwaiti counterpart, Hind Subaih Barrak Al-Subaih."Kuwait is planning to complete within a five-year development plan 523 projects that are worth around $150 billion."We expect Minister Al-Subaih to support Turkish companies so that they can get a bigger share ...

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OECD slashes British growth forecast over Brexit PARIS: Britain is poised to take a major hit next year from its momentous decision to leave the European Union, the OECD said Wednesday, halving its growth forecasts for the world's fifth-biggest economy.The British economy will grow by 1.0 percent in 2017, said the Organisation for Economic Cooperation and Development as it published revised forecasts.In its earlier forecasts in June, before the referendum, it had projected the economy would grow by 2.0 percent.Growth in 2017 ...

World - Global Business & Economy

Malaysia August inflation rate rises to 1.5pc y/y, above forecast  KUALA LUMPUR: Malaysia's consumer price index in August increased 1.5 percent from a year earlier, faster than the previous month's pace, government data showed on Wednesday.The figure was slightly above the 1.3 percent median forecast in a Reuters poll. July's annual rate was 1.1 percent.August's higher inflation rate stemmed from increased prices of food, alcoholic beverages and tobacco, which offset lower transportation costs, according to the Statistics Department.In February, the annual inflation rate reached a ...