06252016Sat
Last update: Sat, 25 Jun 2016 08pm

Global Business & Economy

World - Global Business & Economy

Portugal budget deficit narrows to 3.8pc/GDP in year to end-Q1 LISBON: Portugal's budget deficit narrowed to 3.8 percent of gross domestic product in the 12 months ended in March from 4.4 percent at the end of last year, the National Statistics Institute said on Friday. In the first quarter alone, the deficit fell to 3.2 percent from 5.5 percent a year earlier, it said. The Socialist government has vowed to cut the deficit to 2.2 percent this year, although the European Commission expects a higher deficit close to 3 percent and says additional budget measures may be required to meet the 2.2 percent target.Last year, the gap, which included the state rescue of Banif bank, was well above the 3 percent European Union threshold for excessive deficits. Copyright Reuters, 2016 ...

World - Global Business & Economy

Henkel buys laundry care firm Sun Products in $3.6bn deal FRANKFURT: German consumer products group Henkel said on Friday it was buying US laundry and home care company The Sun Products Corp from a fund of Vestar Capital Partners in a deal valued at $3.6 billion including debt. The debt-financed acquisition will add laundry detergents All and Sun and fabric conditioner Snuggle to Henkel's portfolio and make it the No. 2 laundry care maker in North America, behind Procter & Gamble and ahead of Church ...

World - Global Business & Economy

Turkey says will continue steps to boost economic ties with Britain ISTANBUL: Turkey will continue to take steps to maintain and strengthen investment, foreign trade and financial relations with Britain after it voted to leave the European Union, Turkish Economy Minister Nihat Zeybekci said on Friday. In a written statement, Zeybekci also said there would be no change in relations with the European Union and "significant results" would be achieved in economic cooperation in 2017 with the reform of Turkey's customs union with the bloc. Copyright ...

World - Global Business & Economy

US credit spreads widen sharply as Britain votes to leave EU NEW YORK: US credit spreads widened sharply Friday after Britain voted to leave the European Union. The investment-grade credit derivative index widened 10.5bp to 86.85bp, while the high-yield index fell 1.84 points to 101.45. US stock futures were also sharply lower, with the Dow set to open more than 550 points down. Copyright Reuters, 2016 ...

World - Global Business & Economy

Canada's CPPIB says Brexit may provide investment opportunities TORONTO: The Canada Pension Plan Investment Board, one of the world's biggest dealmakers, said Britain's vote to leave the European Union could provide compelling opportunities and the UK remained an attractive market. "The UK and Europe continue to be very important and attractive markets for us," a CPPIB spokesman said on Friday. "As any investor, we have a bias to stability over uncertainty, yet periods of dislocation can present compelling opportunities that short-term investors are ...

World - Global Business & Economy

German business confidence rises in June FRANKFURT: German businesses are feeling increasingly optimistic as the outlook brightens for Europe's biggest economy, a closely-watched barometer showed on Friday, in a poll conducted before the British EU referendum.The Ifo institute's business climate index rose by 0.9 point to 108.7 points in June, the leading economic think-tank Ifo said in a statement. That was highest level since November 2015."The German economy remains buoyant," Ifo president Clemens Fuest said in a statement."Satisfaction levels with the ...

World - Global Business & Economy

UK economy plunges into unknown on Brexit LONDON: Britain's economy was plunged into a dizzying unknown on Friday as the country lurched towards the EU exit, with the world economy bracing for a hit on growth and unemployment.Financial markets on Friday indicated the turbulence that lies ahead for the world's fifth biggest economy, with the pound falling to its lowest level against the dollar since 1985.Those who voted for Britain to remain part of the EU argued long and hard about the ...