12092016Fri
Last update: Fri, 09 Dec 2016 04pm

Global Business & Economy

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IMF cuts Mexico growth outlook amid trade worries MEXICO CITY: Mexico is facing risks to its growth from trade protectionism, the International Monetary Fund said on Tuesday, as it cut its growth forecast for the coming years for Latin America's No. 2 economy.The IMF revised its forecast for Mexican gross domestic product growth for 2016 to 2.1 percent from a 2.5 percent rate seen in July, according to its annual Article IV report on the country. It cut its 2017 growth forecast to 2.2 percent from 2.6 percent.The IMF also said it was revising down its medium-term forecasts for the following years by about half a percentage point due to lower oil production and a weaker US outlook. US President-elect Donald Trump has threatened to tear up the NAFTA trade deal and impose tariffs on Mexican-made goods. The IMF suggested a weaker peso would "be indispensable to restore equilibrium in response to a permanent shock arising from increased ...

World - Global Business & Economy

Euro zone consumer confidence rises to -6.1 in Nov BRUSSELS: Euro zone consumer confidence rose much more than expected by economists in November, figures released by the European Commission on Tuesday showed.A flash estimate showed euro zone consumer morale rose to -6.1 points from -8.0 points in October. Economists polled by Reuters had expected a rise to only -7.8 points.In the European Union as a whole, consumer sentiment rose by 0.7 points to -5.8.Copyright Reuters, 2016 ...

World - Global Business & Economy

Brazil raises revenues forecast with amnesty program proceeds BRASILIA: The Brazilian government increased its revenues estimate for 2016 by 26.9 billion reais ($8 billion) after receiving hefty proceeds from an asset amnesty program, the planning ministry said on Tuesday. Planning Minister Dyogo Oliveira told reporters he recommends the government use 16.2 billion reais of the proceeds to pay down accrued obligations that total about 180 billion reais.He said the government has not yet decided if it will share 5 billion reais in fines ...

World - Global Business & Economy

Hungarian wage deal helps rebound, central bank cuts o/n rate BUDAPEST: Central European assets firmed on Tuesday as investors unwound selling positions in emerging markets and Hungary agreed an increase of 15 percent to its minimum wage, a move seen boosting economic growth.The deal by government and employers to boost wages and cut payroll taxes in 2017 and in election year 2018 could increase inflation risks.Hungary's central bank, however, retained its dovish bias, keeping its 0.9 percent base rate on hold, but cutting its overnight ...

World - Global Business & Economy

EU takes on US in tit-for-tat bank row BRUSSELS The EU will require big foreign banks operating in Europe to set aside billions in reserve funds in a tit-for-tat move against the United States that could also affect post-Brexit Britain, a draft proposal seen by AFP said.The European Commission, the executive body of the 28-nation European Union, on Wednesday will announce a series of new banking regulations that will include the new requirement. "We are actually mirroring what the US has already done," ...

World - Global Business & Economy

Brazil external gap widens, foreign investment soars BRASILIA: Brazil's current account deficit shrank in October from the previous month to $3.339 billion, central bank data showed on Tuesday, slightly above the $3.1 billion shortfall forecast in a Reuters poll. The country also attracted $8.4 billion in foreign direct investment in October, well above the forecast in a Reuters poll for an inflow of $6.5 billion. Copyright Reuters, 2016 ...

World - Global Business & Economy

Nigeria says economy shrinks by 2.2pc in Q3 ABUJA: Nigeria's economy contracted in the third quarter as rebels continued to bomb oil pipelines in the restive south and businesses struggled to access foreign exchange, official data showed Monday."The nation's gross domestic product (GDP) contracted by -2.24 percent year-on-year in real terms," the country's National Bureau of Statistics said in a report.This meant that third quarter growth in West Africa's largest economy was 0.18 percentage points weaker than that recorded in the second quarter, ...