Business

Global Economy: A Not-Entirely-Dead Week

By Jeremy Gaunt LONDON, Dec 6  – The calm before the storm? Here comes the “dead week” before the U.S. Federal Reserve raises interest rates for the first time since June 2006 – nine and a half years ago. It will be a week of last-minute positioning by financial markets before the expected hike on Dec. 16

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Iraqi Kurdistan’s Cash Crisis Hits Banks—And the Region’s Promise

By Stephen Kalin BAGHDAD, Dec 4 – Iraqi Kurdistan’s cash-strapped government has seized billions of dollars in deposits at two branches of Iraq’s central bank since 2014, bankers said, calling into question the region’s image as a business-friendly paradise in the Middle East. Since Baghdad cut budget payments to Kurdistan in January 2014, the Kurdistan

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Pakistan Aims to Raise $379 million in New Taxes to Meet IMF Targets

By Asad Hashim ISLAMABAD, Nov. 30 (Reuters) – Pakistan must raise an extra $379 million through new tax measures, the finance minister said on Monday, as the government seeks to qualify for its latest IMF loan tranche. Earlier this month, the IMF approved the release in December of a $502 million tranche of Pakistan’s three-year

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Asian Imports of Iran Oil Fall to Lowest Level in Two Years

By Aaron Sheldrick TOKYO, Nov 30 (Reuters) – Asian imports of Iranian oil fell to the lowest level in two years in October, as Iran’s biggest crude buyers held off from increasing purchases following a landmark agreement on Tehran’s disputed nuclear programme in July. Imports by Iran’s four biggest buyers – China, India, Japan and

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Saudi Deputy Crown Prince Says Kingdom Considering Subsidy Cuts

RIYADH, Nov 25 – Saudi Arabia may reduce energy and water subsidies for wealthy citizens, impose a value added tax (VAT) and taxes on unhealthy goods like cigarettes and sugary drinks, Deputy Crown Prince Mohammed bin Salman was quoted as saying on Wednesday. The world’s top oil exporter has previously said it was studying increases

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Afghan Bank Governor Says Migrants Create Strain on Currency

By Robert Birsel and Mirwais Harooni KABUL, Nov 24 (Reuters) – An exodus of people seeking a better life in Europe has put pressure on Afghanistan’s currency, already weakened by a sharp reduction in foreign funds and sliding confidence in the country’s prospects, the central bank governor said on Tuesday. Nearly 150,000 Afghans have left

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U.S. Develops New Tools in Economic War Against Daesh

By Yeganeh Torbati and Brett Wolf WASHINGTON, Nov 24 – Since last month, U.S. warplanes have struck Daesh’s oil infrastructure in Syria in a stepped-up campaign of economic warfare that the United States estimates has cut the group’s black-market earnings from oil by about a third. In finding their targets, U.S. military planners have relied

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Egypt’s GB Auto Urges Support For Industry to Avert Future Crisis

By Lin Noueihed and Ehab Farouk CAIRO, Nov 22 – Egypt’s largest car assembler and distributor GB Auto says it is pushing ahead with its expansion plans despite a dollar shortage that disrupted production this year, and urged the government to support manufacturing to avert future crises. GB Auto was forced to halt production for

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Paris Attacks Reverse Global Market Losses

LONDON, Nov. 16 – European shares reversed early losses on Monday and the safe-haven yen fell against the dollar with no long-term economic impact seen from Friday’s attack in Paris. Asian shares hit six-week lows as investors bought into traditionally safe investments, including gold, the yen and low-risk government debt. However, gold came off session

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How Will Global Markets Respond to Paris Attack?

By Christopher McCall and Hideyuki Sano SYDNEY/TOKYO, Nov 15 – Global stocks are set for a short-term sell-off on Monday after terrorists launched coordinated attacks across Paris that killed 129 people, but analysts said a prolonged economic impact or market reaction was unlikely. President Francois Hollande has declared a state of emergency, ordering police and

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