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Sunday 1, March 2015
 
 
 
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Economy


GLOBAL MARKETS-World stock indexes fall but stay near record after Fed

By: Web Desk, Uploaded: 26th February 2015

GLOBAL MARKETS-World stock indexes fall but stay near record after Fed NEW YORK:  World stock markets fell on Wednesday but stayed within reach of an all-time high as investors welcomed Tuesday’s comments from U.S. Federal Reserve Chair Janet Yellen suggesting that the U.S. central bank is in no rush raise interest rates. Markets, still on a high after the euro zone agreed to extend Greece’s debt...


London set its sight for Islamic finance industry

By: Web Desk, Uploaded: 26th February 2015

London set its sight for Islamic finance industry ISLAMABAD: London has set its sights on becoming the world centre for the Islamic finance industry according to the UK’s foreign office minister for Middle East. Speaking at The Telegraph’s Middle East Congress, Tobias Ellwood, under secretary of state at the Foreign Office, said the capital had ambitions to stand alongside Dubai and Kuala Lumpur...


Argentina’s YPF issues tender to buy light crude oil

By: Web Desk, Uploaded: 24th February 2015

Argentina’s YPF issues tender to buy light crude oil LONDON: Argentina’s YPF issued a rare tender to buy light sweet crude oil from West Africa, the North Sea or the Mediterranean, traders said on Monday. The traders said the tender, whom closes on March 3, was for up to 1.6 million barrels. It requested the oil in two cargoes, one of 600,000 barrels and...


Athens to send reforms list to EU Tuesday: government source

By: Web Desk, Uploaded: 24th February 2015

Athens to send reforms list to EU Tuesday: government source ATHENS: The Greek government will send its definitive list of reforms to the EU on Tuesday morning, government sources said. The EU had given Athens until midnight Monday to submit a list of reforms to secure a four month extension of its debt bailout....


Obama begins sales pitch on trade to wary U.S. public

By: Web Desk, Uploaded: 21st February 2015

Obama begins sales pitch on trade to wary U.S. public President Barack Obamaon Saturday began a broad sales pitch to the U.S. public about the merits of free trade deals, an area in which he faces stiff resistance from many in his own Democratic party. Obama has said he wants to work with Congressional Republicans to finalize the Trans Pacific Partnership (TPP) trade pact, an agreement...


California Exxon plant halts gasoline production since blast manager

By: Web Desk, Uploaded: 21st February 2015

California Exxon plant halts gasoline production since blast manager TORRANCE, Calif: Gasoline production at an Exxon Mobil Corp refinery near Los Angeles has been halted since an explosion there on Wednesday, a plant manager said on Friday, raising the possibility of higher fuel prices in parts of Southern California. Investigators were trying to determine the cause of the blast in Torrance, California, south of...


Contract negotiators for U.S. West Coast ports reach tentative deal

By: Web Desk, Uploaded: 21st February 2015

Contract negotiators for U.S. West Coast ports reach tentative deal LOS ANGELES: A group of shipping companies and a powerful dockworkers union clinched a tentative labor deal on Friday after nine months of negotiations, settling a dispute that disrupted the flow of cargo through 29 U.S. West Coast ports and snarled trans Pacific maritime trade with Asia. The settlement, confirmed in a joint statement by...


Prices fall after Greek bailout agreement

By: Web Desk, Uploaded: 21st February 2015

Prices fall after Greek bailout agreement NEW YORK: U.S. Treasury debt prices fell in seesaw trade on Friday, with benchmark 10-year yields rising for a third straight week, as investors shifted away from safe-haven assets after euro zone negotiators agreed to extend Greece’s bailout. In late trading, benchmark 10-year Treasuries  were off 6/32 and yielding 2.122 percent, compared to 2.112 percent...


White House: U.S. ports deal ‘huge relief’ for workers, economy

By: Web Desk, Uploaded: 21st February 2015

White House: U.S. ports deal ‘huge relief’ for workers, economy WASHINGTON: The White House said on Friday a deal between West Coast ports and the dockworkers union was “a huge relief” for the economy, businesses and workers affected by the lengthy labor dispute. President Barack Obama had received an update on the talks late on Thursday from Labor Secretary Tom Perez, whom he had dispatched...


Emerson eyes move to acquisitions after shedding units president

By: Web Desk, Uploaded: 20th February 2015

Emerson eyes move to acquisitions after shedding units president NEW YORK: Diversified U.S. manufacturer Emerson Electric Co is “moving to being more of a buyer” after shedding businesses worth $3.5 billion in recent years and would consider multi-billion dollar acquisitions, the company’s president said on Thursday. Emerson is still exploring $500 million to $1 billion worth of divestitures to focus the business, but President...


Dutch state bank ABN Amro reports return to Q4 profit sees better 2015

By: Web Desk, Uploaded: 20th February 2015

Dutch state bank ABN Amro reports return to Q4 profit sees better 2015 AMSTERDAM: ABN Amro, the nationalized Dutch bank, reported a return to profit in the fourth quarter and said the outlook for 2015 is good, as it seeks to convince politicians it is ready to become a listed company again. ABN reported an underlying net profit of 400 million euros ($454.20 million), against a loss of...


New Centrica head cuts dividend after energy prices fall

By: Web Desk, Uploaded: 19th February 2015

New Centrica head cuts dividend after energy prices fall LONDON: The new head of Centrica, Britain’s largest utility company, said he was cutting dividend payouts by 30 percent after falling energy prices drove profits down by more than a third in 2014. Iain Conn, who took over as Centrica chief executive in January, warned on Thursday that energy prices would weigh on profit this...


OECD nudges up Italy 2015 GDP forecast to 0.4 pct

By: Web Desk, Uploaded: 19th February 2015

OECD nudges up Italy 2015 GDP forecast to 0.4 pct ROME: The Italian economy will grow by a meagre 0.4 percent this year, the Organisation for Economic Cooperation and Development said on Thursday, raising a previous forecast of 0.2 percent made in November. The OECD’s outlook remains slightly below those of the International Monetary Fund, the Italian government and its central bank, which all see...


Uber picks up another $1 bn from investors

By: Web Desk, Uploaded: 19th February 2015

Uber picks up another $1 bn from investors SAN FRANCISCO: Uber said Wednesday that it expanded its latest funding round to pick another billion dollars from investors eager to put money into the controversial ride sharing service. The company’s Series E financing lid was raised to $2.8 billion overall, not changing Uber’s dizzying valuation of around $41 billion but pumping up its coffers...


Japan trade deficit more than halves in January: govt

By: Web Desk, Uploaded: 19th February 2015

Japan trade deficit more than halves in January: govt TOKYO: Japan’s trade deficit more than halved year on year in January, helped by stronger exports and lower oil prices, official data showed Thursday. The shortfall shrank to 1.18 trillion yen ($9.9 billion) from the year before figure of 2.8 trillion yen, which was the worst record for a single month, the finance ministry said....


Rising Swedish inflation expectations ease pressure on central bank

By: Web Desk, Uploaded: 18th February 2015

Rising Swedish inflation expectations ease pressure on central bank STOCKHOLM: Short term inflation expectations in Sweden have risen this month, a survey commissioned by the central bank showed on Wednesday, taking some pressure off it to ease policy further. Money market players saw inflation in one year at 0.7 percent and in two years at 1.3 percent, the poll by TNS Prospera showed. That...


U.S. labor secretary joins talks in West Coast ports dispute

By: Web Desk, Uploaded: 18th February 2015

U.S. labor secretary joins talks in West Coast ports dispute LOS ANGELES: U.S. Labor Secretary Tom Perez met contract negotiators for shipping companies and the dockworkers’ union in San Francisco on Tuesday, urging them to settle a dispute that has led to months of clogged cargo traffic and other disruptions at West Coast ports. Perez was sent to California by President Barack Obama, who has...


US stocks drop as Greek debt talks stumble

By: Web Desk, Uploaded: 17th February 2015

US stocks drop as Greek debt talks stumble NEW YORK: Wall Street stocks Tuesday opened lower as talks between the eurozone and Greece stumbled over efforts to avert a Greek debt default. Five minutes into trade, the Dow Jones Industrial Average was at 17,966.76, down 52.59 points (0.29 percent). The broad-based S&P 500 fell 5.59 (0.27 percent) to 2,091.40, while the tech-rich Nasdaq...


Thai economy posts weakest growth for three years

By: Web Desk, Uploaded: 16th February 2015

Thai economy posts weakest growth for three years BANGKOK: Thailand’s economy slowed sharply in 2014 to grow at its slowest pace for three years, as political turmoil engulfing the kingdom compounded a fall in agricultural prices and waning exports. Gross domestic product (GDP) expanded 0.7 percent last year, well down from the 2.9 percent recorded in 2013, the the National Economic and Social...


Japan economy grows 0.6% in Q4, out of recession

By: Web Desk, Uploaded: 16th February 2015

Japan economy grows 0.6% in Q4, out of recession TOKYO: Japan’s economy grew 0.6 percent in the three months to December, as the world’s third largest economy crawled out of recession, the government said Monday, while the data showed flat growth for the full year. The quarterly reading came in below the median forecast of 0.9 percent growth in a survey by the Nikkei...


Abe and ministers pile pressure on Japan firms to raise wages

By: Web Desk, Uploaded: 12th February 2015

Abe and ministers pile pressure on Japan firms to raise wages TOKYO: Japanese Prime Minister Shinzo Abe and his economic ministers piled pressure on companies on Thursday to raise wages to sustain growth as the economy climbs out of a recession triggered by a sales tax increase last year. Wage growth is keys to Abe’s aim of generating a virtuous cycle of higher corporate profits, wages,...


Malaysian economy grows 5.8 pct in Q4, c/a surplus 6.1 bln ringgit

By: Web Desk, Uploaded: 12th February 2015

Malaysian economy grows 5.8 pct in Q4, c/a surplus 6.1 bln ringgit KUALA LUMPUR: Malaysia’s economy grew a faster than expected 5.8 percent in the fourth quarter from a year earlier, picking up from 5.6 percent growth in the third quarter, even as falling oil prices and sluggish global demand hit exports. Full year growth in 2014 was 6.0 percent, the central bank said on Thursday, up...


Japan core machinery orders jump in positive sign for economy

By: Web Desk, Uploaded: 12th February 2015

Japan core machinery orders jump in positive sign for economy TOKYO: Japan’s core machinery orders rose in December at the fastest pace in six months, and companies expect orders to increase in the current quarter in a positive sign that business investment will underpin a firm recovery for the recession hit economy. The encouraging data is a welcome relief for the Bank of Japan at...


China’s aluminum tug of war to repeat in 2015: Russell

By: Web Desk, Uploaded: 12th February 2015

China’s aluminum tug of war to repeat in 2015: Russell LAUNCESTON, Australia: Anybody looking at China’s vast aluminum sector may be struck by a sense of deja vu, as the issues of last year appear set for a repeat performance in 2015. The sector is still plagued by overcapacity and poor profitability, but perhaps the biggest concern is the apparent lack of any willingness to...


Afghanistan’s economy

By: Web Desk, Uploaded: 11th February 2015

Afghanistan’s economy Kabul, AFGHANISTAN: Afghan shoe shine boy Sameiullah (R), 11, waits for customers with other young colleagues at the Karta-e-Sakhi cemetery in Kabul on February 10, 2015. Sameiullah, the second son of his eight member family, is the sole bread winner who polishes shoes of customers from dawn to dusk in western Kabul, making roughly 4...


Kazakhstan Jan industrial output falls 0.8 pct y/y

By: Web Desk, Uploaded: 11th February 2015

Kazakhstan Jan industrial output falls 0.8 pct y/y ALMATY: Kazakhstan’s industrial output fell by 0.8 percent in January compared with a year earlier, data from the Statistics Committee showed on Wednesday. The government has forecast that industrial production of Central Asia’s largest economy will grow by 1.4 percent this year....


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