05242016Tue
Last update: Tue, 24 May 2016 01pm

Global Business & Economy

World - Global Business & Economy

G7 warns of Brexit 'shock' to global economy SENDAI: A British vote to quit the European Union would inflict a "shock" on the global economy, G7 ministers said Saturday, presenting a united front against the prospect of a "Brexit". Among the most vocal was German Finance Minister Wolfgang Schaeuble, who strongly cautioned against opting to leave the 28-member EU in next month's referendum."We were all of the opinion that it would be the wrong decision for the UK," Schaeuble said at the conclusion of two days of talks in northern Japan among Group of Seven finance ministers and central bank chiefs."But it's a decision to be taken by the British voters. We're concerned that it could have negative consequences for the European and the world economy."The club of rich nations also issued a statement that warned a Brexit would only worsen the outlook for an unstable world. "Uncertainties to the global outlook have increased, while geopolitical conflicts, terrorism, ...

World - Global Business & Economy

Benin cotton output has dropped by third during 2015-2016 season COTONOU: Cotton production in Benin plunged by more than a third during the most recent season, President Patrice Talon said in an interview with the French newspaper Le Monde. Output by Africa's third-largest cotton producer was 260,000 tonnes during the 2015-2016 season, Talon said, a drop from 394,000 tonnes in the previous season because farmers lacked pesticides or fertilizer.Cotton is a major export for the tiny West African nation. Last month Talon ceded control of ...

World - Global Business & Economy

Argentina posts 12.758bn peso primary fiscal deficit in April BUENOS AIRES: Argentina posted a primary fiscal deficit of 12.758 billion pesos ($894.4 million) in April, the Finance Ministry reported on Friday. Taming the fiscal deficit is one of the top policy priorities of pro-markets President Mauricio Macri. Since taking office in December, his government has slashed power subsidies and laid off tens of thousands of public workers in a drive to lower Argentina's bloated public sector wage bill. Copyright Reuters, 2016 ...

World - Global Business & Economy

Nigeria's economy contracts 0.36pc y/y in Q1 LAGOS: Nigeria's gross domestic product contracted by 0.36 percent in the first quarter of 2016 after growing 3.96 percent in the same period last year, the head of the Nigerian Bureau of Statistics (NBS) said on Friday on his Twitter feed.Africa's biggest economy is going through its worst economic crisis in decades, caused by the sharp fall in oil prices. Nigeria relies on crude oil sales for around 70 percent of national income and low ...

World - Global Business & Economy

Mexico cuts 2016 economic outlook after 1st-qtr GDP data MEXICO CITY: Mexican growth picked up in the first quarter on stronger domestic consumption and as industrial output gained some steam, but the government cut its full-year growth forecast due to weakness in the United States, Mexico's top trading partner.The economy grew by 0.8 percent from the prior quarter, the national statistics agency said on Friday, above the 0.5 percent rate in the fourth quarter and expectations of 0.7 percent from analysts in a Reuters ...

World - Global Business & Economy

Canada's CPPIB fund posts 3.7pc gain in last fiscal year TORONTO: The Canada Pension Plan Investment Board (CPPIB), one of the world's biggest dealmakers, said on Thursday it delivered gross investment returns of 3.7 percent last year despite volatile global equity markets. The CPPIB, which manages Canada's national pension fund, said it ended the year to March 31 with net assets of C$278.9 billion, compared with C$264.6 billion a year ago. "This year's results highlight the real-time impact of short-term market volatility, reinforcing why we ...

World - Global Business & Economy

IMF says Greek debt relief needs long grace, maturity periods WASHINGTON: Debt relief negotiations for Greece should focus on extended grace and maturity periods and "very low interest rates," the International Monetary Fund said on Thursday.At a regular news briefing in Washington, IMF spokesman Gerry Rice declined to confirm reports that the IMF is pushing for a halt in Greek debt repayments until 2040 as part of the negotiations. He said the debt talks with Athens and European lenders were an essential component of the ...