Venezuela launches fifth forex plan in four years
Businessam Staff
May 24, 2017
Venezuela on Tuesday announced a new foreign exchange auction mechanism to complement its currency control system, the fifth such plan in four years by a socialist government that has repeatedly balked at reforming its state-led economic system. The mechanism, known as New Dicom, will offer dollars within a band determined by the central bank, Economy […]
Kenya’s current account deficit widens to 7.7 percent in February
Businessam StaffMay 23, 2017
Kenya’s current account deficit widened to 7.7 percent of GDP in February from 5.9 percent the same time a year earlier, the finance ministry said on Tuesday. The Treasury blamed a 5.6 percent fall in the value of exported goods and services. Combined with other unspecified income drops, the fall more than offset a 4.5 […]
Egypt budget deficit down to 8 percent of GDP in first nine months of 2016-17
Businessam StaffMay 23, 2017
Egypt’s budget deficit for the first nine months of the 2016-17 fiscal year ending in June dipped to 8 percent of GDP from 9.4 percent during the same period last year, a draft budget statement showed. Egypt is implementing sweeping reforms that include cutting subsidies and raising taxes as part of a three-year $12 billion […]
Russian economy seen growing from 2017 onwards: World Bank
Businessam StaffMay 23, 2017
Russia’s oil-dependent economy is expected to grow from 2017 onwards, supported by higher global crude prices and oil production rising to new post-Soviet highs, the World Bank said on Tuesday. The international lender said it expected Russian gross domestic product to grow by 1.3 percent in 2017 and by 1.4 percent in 2018 and 2019, […]
Trump seeks to slash government spending in budget plan
Businessam StaffMay 23, 2017
The White House on Tuesday will ask Republicans who control the U.S. Congress – and federal purse strings – to slash spending on healthcare and food assistance programs for the poor as they push ahead on plans to cut taxes and trim the deficit. President Donald Trump is set to propose a raft of politically […]
Greece needs fiscal room for investments, Germany’s Gabriel says
Businessam StaffMay 22, 2017
German Foreign Minister Sigmar Gabriel on Monday urged euro zone finance ministers and the International Monetary Fund to give Greece enough fiscal room to make growth-oriented investments in education, infrastructure and research and development. Speaking alongside visiting French Foreign Minister Jean-Yves Le Drian, Gabriel said the Eurogroup must grant Greece debt relief in exchange for […]
China set to impose heavy import duties on sugar, as experts question impact
Businessam StaffMay 22, 2017
China said on Monday that it will impose hefty penalties on sugar imports after lobbying by domestic mills, but experts said the ruling may not go far enough to stem the flow of lower-priced sweetener into the world’s top importer. The ruling, which will affect about a third of China’s annual sugar imports, introduces an […]
New concerns on geopolitical, economic risks seen to change rules of global trade
Businessam StaffMay 19, 2017
Brexit vote in 2016 and the seeming arrival in 2017 of a new era in US trade policy under the presidency of Donald Trump have created new uncertainties, which according to an Economist Intelligence Unit (EIU) report, may slow the pace of globalization, shift its direction or possibly reverse its course. According to the report […]
The British government sells its last shares in Lloyds bank
Businessam StaffMay 19, 2017
Horse sense The British government sells its last shares in Lloyds bank But it still owns 71.3% of RBS, the other big bank rescued in 2008 In October 2008, amid post-Lehman pandemonium, Britain’s Treasury said it would pump £37bn (then $64.4bn) into three big banks: £20bn into the stricken Royal Bank of Scotland (RBS); the rest […]
London City Airport’s new digital air traffic control tower ‘safe from cyber attack’
Businessam StaffMay 19, 2017
London City Airport is to become the first UK airport to install a digital air traffic control tower. Air traffic controllers who have until now looked out from the tower to direct planes for take off and landing will be moved to a virtual control tower more than 80 miles away. Declan Collier, London City […]