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Last update: Mon, 26 Sep 2016 08am

Global Business & Economy

World - Global Business & Economy

India sets enforcement rules for GST, to decide rate next month NEW DELHI: Federal and state officials have resolved key issues on enforcing a planned sales tax in India, Finance Minister Arun Jaitley said on Friday, and will meet next month to decide the main tax rate and those for different sectors. Implementation of the long-awaited goods and services tax (GST), planned for April 2017, is expected to boost revenue through better compliance while making life simpler for businesses that now pay a host of federal and state levies. The GST Council, comprising federal and state finance ministers, agreed at its first meeting that all businesses with annual turnover of 15 million rupees ($225,000) or more would be administered either by federal or state tax officials, depending on risk parameters. "All decisions have been taken without a vote," Jaitley told reporters after the two-day meeting, adding the council will meet again on Oct. 17-19 to finalise rates under the new tax ...

World - Global Business & Economy

Poland's unemployment falls to 8.5pc in August WARSAW: Poland's unemployment rate fell to 8.5 percent in August from 8.6 percent the month earlier, the statistics office said on Friday. Analysts polled by Reuters had expected the rate of 8.5 percent.The statistics office said the number of registered unemployed stood at 1.347 million in August.Copyright Reuters, 2016 ...

World - Global Business & Economy

Italy revises down 2015 GDP growth, revises up 2014 ROME: Italy's economy grew less than previously estimated last year but was not in recession as previously believed in 2014, national statistics institute ISTAT reported on Friday, revising growth and public finance data for the last five years. ISTAT revised down 2015 gross domestic product growth to 0.7 percent from a 0.8 percent estimate in March, and raised 2014's GDP to show growth of 0.1 percent instead of a contraction of 0.3 percent.The revisions show ...

World - Global Business & Economy

Mauritius trade deficit widens 8pc in July PORT LOUIS: Mauritius said on Friday its trade deficit widened 8.0 percent to 8.16 billion rupees ($231.5 million) in July from the same period a year earlier, hit by a dip in exports of machinery and transport equipment. The Indian Ocean island nation's earnings from exports fell 17 percent to 6.86 billion rupees, its official statistics office said in a statement.Sales of machinery and transport equipment declined to 687 million rupees from 1.34 billion a ...

World - Global Business & Economy

French growth goes negative in second quarter PARIS: France's economy contracted by 0.1 percent in the second quarter, the Insee statistics agency said Friday, revising an initial estimate of zero growth.The revision, which shows both consumers and businesses held back spending in April through June, will be unwelcome news for the government as it puts together its 2017 budget and as campaigning in the French presidential election gets under way.The French government on Tuesday said it was sticking to its forecasts of ...

World - Global Business & Economy

South Africa holds repo rate, lowers inflation forecasts PRETORIA: South Africa's Reserve Bank kept its benchmark repo rate unchanged at 7 percent on Thursday, with a weak economic growth outlook balancing out its concerns about the inflation trajectory. The bank's Monetary Policy Committee (MPC) revised its forecast for growth in Africa's most industrialised country to 0.4 percent this year having said in July that the economy was expected to remain at a standstill. Inflation is expected to average 6.4 percent this year, slightly ...

World - Global Business & Economy

Mexico inflation unexpectedly jumps in early Sept MEXICO CITY: Mexico's annual inflation rate unexpectedly rose in early September and the core reading hit its highest since late 2014, which may back bets that policymakers could raise interest rates after a deep slump in the peso.Inflation in the 12 months through mid-September rose to 2.88 percent, the national statistics institute said on Thursday, its highest reading since February.A Reuters poll projected the rate would decline to 2.71 percent from 2.80 percent in early ...