Economy

Economy
Friday, January 29th 2016 - 04:40 UTC

US economy in a bubble, says Trump, ”I hope they pop before I become president'

“It's a very daunting task, and we're in deep trouble. The country's a mess,” Trump told ABC's “Good Morning America” program.

Republican presidential candidate Donald Trump said the United States economy is in a bubble he fears will burst and he does not want to deal with a financial collapse if he is elected to the White House.

Friday, January 29th 2016 - 04:31 UTC

Brazil unveils US$ 20bn credit plan to revive economy; 'raid' on workers' pension funds

Finance Minister Nelson Barbosa said the new credit measures were aimed at helping companies ride out a recession that could be Brazil's worst in a century.

Brazil will release 83 billion reais (US$20.4 billion) in new credit from state-run banks for farmers, builders and other businesses suffering in a shrinking economy, resuming stimulus efforts it had largely eschewed in last year's austerity drive.

Thursday, January 28th 2016 - 06:49 UTC

Brazil expected to announce massive injection of loans to revive the economy

Barbosa will make the announcement with President Dilma Rousseff as she presides over a meeting of the Council for Economic Development

Brazil’s Finance Minister Nelson Barbosa is expected to announce as much as 60bn Reais (US$15bn) in loans as the government seeks to revive growth amid the worst economic downturn in over a century.

Thursday, January 28th 2016 - 06:41 UTC

Fed leaves rate unchanged and is “closely monitoring global economic and financial developments”

“The committee is closely monitoring global economic and financial developments and is assessing their implications for the labour market and inflation,” it said.

The United States Federal Reserve said it was “closely monitoring” global economic conditions, but would not raise interest rates in a decision widely expected by most analysts. The central bank said US economic growth had slowed as exports fell because of the strengthening dollar.

Thursday, January 28th 2016 - 06:28 UTC

Guanabara Bay pollution at the heart of Olympics sailing competition controversy

Andy Hunt took over just two weeks ago as the new CEO, and sailing is still scheduled to begin in August in the sewage-filled Guanabara bay.

The former CEO of World Sailing says he was fired for pushing to get rid of polluted Guanabara Bay as the sailing venue for this year’s Olympics in Rio de Janeiro. Peter Sowrey tried to change the venue, or at least have a “B plan” but says “I was told to gag myself on the subject.”

Thursday, January 28th 2016 - 06:19 UTC

Iran says economic growth crucial to defeating extremism in the Middle East

Underscoring the growing warmth, Rouhani said he expected Italian PM Matteo Renzi to visit Iran in the coming months to help boost bilateral economic alliances. (Pic AFP)

Generating economic growth in the Middle East is crucial to defeating extremism, Iranian President Hassan Rouhani said putting forward his country as a regional trade hub and pillar of stability. Rouhani is on a four-day trip to Italy and France, looking to rebuild Iranian relations with the West some two weeks after financial sanctions on Tehran were rolled back following the implementation of its nuclear deal with world powers.

Wednesday, January 27th 2016 - 08:28 UTC

Brazil's current account deficit drops to 3.32% of GDP, lowest since 2010

According to Maciel, the dollar, which soared roughly 50% in 2015 from 2014, also had an impact on the current account.

The soaring US dollar and Brazil’s slumping economy led to a weaker demand for imported goods and services in 2015. As a result, Brazil’s current account deficit reached USD 58.942 billion, equivalent to 3.32% of GDP. The result is the smallest amount since 2010. In 2014, the current account deficit reached USD 104.181 billion, or 4.31% of GDP.

Wednesday, January 27th 2016 - 07:04 UTC

Oil forecasted to stabilize at US$ 37 a barrel this year, says World Bank

Oil prices fell 47% in 2015 and are expected to decline, on an annual average, by another 27% in 2016, but a gradual recovery is expected over the course of the year

The World Bank is lowering its 2016 forecast for crude oil prices to $37 per barrel in its latest Commodity Markets Outlook report from $51 per barrel in its October projections.

Tuesday, January 26th 2016 - 08:54 UTC

ECB Dragui insists his policies will help raise inflation, currently at 0.2%

“Confidence comes from every party fulfilling its mandate. And that's what the ECB will do,” Draghi said.

European Central Bank President Mario Draghi has fought back against critics, insisting the bank's policies will help to raise inflation. Eurozone inflation is currently 0.2%, way below the ECB's target of near 2%. But Mr Draghi insisted that the central bank would meet its obligations.

Tuesday, January 26th 2016 - 07:55 UTC

OAS 'virtually bankrupt and facing existential threat' says Permanent Council chairman

Sir Ronald Sanders told Ambassadors at the OAS headquarters in Washington DC that the organization began this year with a deficit of almost US$19.7 million.

The new chairman of the Permanent Council of the Organization of American States (OAS) Sir Ronald Sanders says the institution is now facing a “serious existential threat”, with its coffers virtually empty. OAS currently has Uruguay's Luis Almagro as Secretary General.

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