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MOSCOW: The Group of 20 nations put growth ahead of austerity, seeking
to rebalance a multi-speed global economy and pledging to shift policy
carefully so recovery is not derailed by volatile financial
markets.Finance ministers and central bank governors meeting in Moscow
on Saturday put the finishing touches to a joint communique that
delegates said was little changed after they met for dinner on Friday
night.Indications that the US Federal Reserve would scale back its
monetary stimulus dominated the debate, with emerging economies most
concerned hit by a resulting selloff in stocks and bonds, and a flight
to the dollar.Hosts Russia said G20 policymakers had soft-pedalled on
goals to cut government debt in favour of a focus on growth and how to
exit central bank stimulus with a minimum of turmoil."(G20) colleagues
have not made the decision to take responsibility to lower the deficits
and debts by 2016," Finance Minister Anton ...
WASHINGTON: The US Trade Representative's Office on Friday outlined a
series of steps that it urged Bangladesh to take to improve factory
conditions and workers rights in order to have US trade benefits
restored.President Barack Obama revoked longtime trade benefits for
Bangladesh following a garment factory collapse in April and a factory
fire in November that together killed more than 1,200 people.The USTR
plan urges Bangladesh to increase the number of labor, fire and building
...
MADRID: Spain trade deficit narrowed sharply in May largely due to
booming exports, the government said Friday, in good news for the
recession-struck nation struggling with soaring unemployment.Spain, the
eurozone's fourth-biggest economy, posted a trade deficit of just 27.5
million euros ($36 million)in May as exports rose 7.3 percent from the
level a year ago to 20.89 billion euros. The biggest exports jumps were
in the energy and textile sectors, the finance ministry data
showed.Imports ...
NEW YORK: It's official. China's slowdown is starting to hurt corporate
America.As the world's second-largest economy and still growing China
is seen as a primary source of revenue growth by the largest US
companies. But a country that once boasted double-digit growth is now
growing at a more modest 7.5 percent rate, its credit markets are
overheated and fears of a housing bubble remain.The slowing has occurred
as major US names garner more revenue from ...
NEW DELHI: Indian Prime Minister Manmohan Singh urged investors Friday
to "remain optimistic", while acknowledging that the country would
register lower annual growth than expected in 2013-14.Singh also warned
India had to lower its current account deficit to 2.5 percent of gross
domestic product and pledged more measures to open up the struggling
economy to foreign investors after a raft of recent reforms.With less
than a year before elections, Singh is trying to rebuild confidence ...
LONDON: The Olympic Games in London last year gave the British economy a
boost worth $15 billion, the government said on Friday, a figure far
higher than the cost of staging the event.Business Secretary Vince
Cable, putting the benefits at £9.9 billion (11.5 billion euros),
conceded that some of the investment might have happened anyway, but
insisted the Games had acted as a "key catalyst" for deals to be
agreed.The Olympics and Paralympics last summer ...
JOHANNESBURG: Ratings agency Moody's maintained South Africa's Baa1
sovereign debt rating on Thursday, praising a crimp on public spending
and the possibility of a negotiated end to mining sector turmoil.Moody's
said Africa's largest economy had shown "renewed commitment to spending
restraint" in its last two budget statements, helping reach a
government target to steady debt at about 50 percent of output."At these
levels, South Africa's debt would remain comparable to that of its
peers," Moody's ...
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