economy

World Stocks, Sterling Fight Back After Brexit Beating

By Marc Jones LONDON, June 28 – World stocks rose for the first time in three days and sterling and the euro climbed on Tuesday, as investors made a rush for Brexit-bashed assets hammered by some of the biggest falls since the 2008 collapse of Lehman Brothers. Bargain hunting trumped still widespread uncertainty over Britain’s

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Sterling Slides to 31-year Low as Brexit Shock Deepens

LONDON, June 27 – Sterling fell to a 31-year low against the dollar on Monday as a sell-off stemming from Britain’s decision to quit the European Union gathered pace, with the euro also pressured as Brexit clouded the future of the rest of the bloc. Safe-haven currencies like the yen and the Swiss franc extended

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The New Year In Business

Currencies and central bank decisions may shape the year ahead BY Nour E. Al-Hammoury Looking back at 2015, it’s clear that it’s been one for the history books—for several reasons. Stand-out factors include the release of long-unseen economic data, dwindling oil prices and a sovereign economy that was tested and found wanting, as Greece defaulted

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Saudi Gov’t to Focus on Raising Efficiency of Public Spending

RIYADH, Dec 23 – Saudi Arabia’s King Salman said on Wednesday the government’s economic vision would focus on increasing the efficiency of government spending as well as raising returns on investments, according to the Twitter account of the Saudi Shura Council. King Salman officially inaugurated a new session for the consultative body earlier on Wednesday.

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Prospects Still Slim for Major Global Economic Pickup

By Ross Finley, Silvio Cascione and Rahul Karunakar LONDON/BRASILIA/BENGALURU, Dec 20 – The world economy may be set for another year like 2015, with modest growth in developed economies offsetting persistent weakness elsewhere but generating very little inflation and keeping interest rates low. The U.S. Federal Reserve’s long-awaited rise in rates from zero showed confidence

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South Africa’s Rand Gains After Gordhan Named as Finance Minister

By Tiisetso Motsoeneng and Nqobile Dludla JOHANNESBURG, Dec 14 – South Africa’s rand leapt on Monday after President Jacob Zuma named Pravin Gordhan as finance minister, seeking to draw a line under days of market turmoil that have triggered calls for him to stand down as leader. Zuma appointed the widely respected Gordhan late on

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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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Food For Thought

New government regulations to curb price hikes in the UAE markets BY Anna Yazijyan Food prices are expected to drop in the United Arab Emirates (UAE) with a new federal regulation that should be implemented shortly, according to traders well informed. “I think we should see the [food] prices go down soon,” Essa Al Ghurair,

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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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