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US manufacturing contracts for first time in 3 years WASHINGTON: US manufacturing activity contracted for the first time in three years in November under pressure from falling energy prices, the stronger dollar and slowing global growth, a survey showed Tuesday.The Institute for Supply Management purchasing managers index for the manufacturing sector dropped to 48.6 in November from an October reading of 50.1 that was just a tick inside growth territory.The contraction, the first since November 2012, was unexpected, with analysts on average forecasting an increase to 50.4 on the index."The fact that the manufacturing ISM declined in November to its lowest level since June 2009, i.e. since the end of the Great Recession, is unequivocally a very bad surprise," said Harm Bandholz, chief US economist at UniCredit Research.But, he pointed out, manufacturing only represents about 12 percent of the US economy and less than 10 percent of total employment, and the much more important services sector "has continued to ...

Canada exits recession with 2.3pc growth in Q3 OTTAWA: Canada exited recession in the third quarter, as its economy bounced back with 2.3 percent annual growth after being hit by plunging oil prices earlier this year, the government statistics agency said Tuesday.The economy's return to growth was attributed mainly to rising demand for Canadian goods and services abroad, as exports shot up 9.4 percent at an annualized rate in the third quarter ending September 30, Statistics Canada said.Copyright AFP (Agence France-Presse), 2015 ...
Kuwait government requests extra $20bn for arms: reports KUWAIT CITY: Kuwait's government has asked parliament for $20.5 billion in additional funds for defence purchases over the next 10 years, local media and a minister said Tuesday.Kuwait is looking to upgrade its firepower amid increased security concerns in the region linked to the rise of the jihadist Islamic State group.The oil-rich emirate is a member of the US-led coalition that has been bombing IS targets in Syria and Iraq since last year and is ...
Brazil's economy contracts by larger than expected 1.7pc RIO DE JANEIRO: Brazil's economy contracted a larger than expected 1.7 percent in the third quarter compared to the previous one, deepening the recession in the world's seventh largest economy, according to government data released Tuesday.Economists had projected a decline of 1.3 percent.In the July to September period of this year, the Brazilian economy shrank a full 4.5 percent compared to the same period a year ago.That was the biggest drop since the current record ...
Eurozone unemployment falls in October BRUSSELS: Eurozone unemployment slipped to its lowest level for nearly four years in October, official data showed on Tuesday, beating analyst expectations and confirming a slow recovery in Europe's job market.The European Union's Eurostat agency said unemployment in the 19-country single currency bloc fell to 10.7 percent in October from 10.8 percent in September, reaching the lowest level since January 2012.Joblessness in the eurozone has gradually fallen from the 12.2 percent level reached at the ...
Chinese investors buy 13pc stake in Man City group for $400mn LONDON: China planted its flag in the English Premier League on Tuesday as a consortium of Chinese investors bought a 13 percent stake in Manchester City's parent company for $400 million (377 million euros).China Media Capital (CMC) and CITIC Capital have purchased the stake in City Football Group (CFG), which had previously been wholly owned by the Abu Dhabi United Group (ADUG), just weeks after Chinese President Xi Jinping visited the club.The deal is part ...
German unemployment falls to post-reunification low FRANKFURT: German unemployment fell to new lows in November as the recovery in Europe's biggest economy remains on track, data showed on Tuesday. It is now at the lowest level since west and east Germany reunited in 1990 after the fall of the Berlin Wall the previous year, the Federal Labour Office said in a statement.The German unemployment rate -- which measures the jobless total against the working population as a whole -- declined to ...


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Foreign Debt $62.649bn
Per Cap Income $1,512
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Average CPI 8.6%
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WeeklyNovember 30, 2015
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