Economy

Ethiopia Could Overtake Kenya This Year As Top East African Economy

Ethiopia’s economy is expected to overtake Kenya’s this year, buoyed by massive government spending on infrastructure that has kept the Horn of Africa nation on the list of the world’s fastest-growing economies in the past 10 years. The International Monetary Fund’s latest statistical estimates indicate that Ethiopia’s gross domestic product is forecast to grow from $61.62 billion in 2015 to ...

Spain may grow more than 3.1 percent in 2016; will miss 2017 deficit goal

Spain’s economy may grow by more than 3.1 percent in 2016, up from the current official target of 2.9 percent, despite political deadlock, acting Economy Minister Luis de Guindos told reporters in Washington on Saturday. “My understanding is that we will beat this forecast, the accurate (figure) will be better than the forecast from the International Monetary Fund,” De Guindos ...

Egyptian Pound Tumbles to Record Low on Black Market

CAIRO—It has been a bad week for pounds. The Egyptian pound hit a record low against the dollar on the black market Wednesday after the North African country’s central bank failed to devalue the currency despite a floundering economy. The currency was trading Wednesday afternoon at around 14.2 to a U.S. dollar, according to some currency traders in Cairo. That ...

Turnbull’s problems may have just started no matter the election outcome

Whatever the final seat count, the 2016 election has gone badly wrong for Malcolm Turnbull. This was meant to be the election that would award him a resounding mandate and provide sufficient numbers in the combined House of Representatives and Senate to pass key legislation easily. But, at best, Turnbull will be forming a government with only a narrow majority. ...

Obama seeks to reassure Canada, Mexico on Trump, trade

EDITED BY KALAHAN DENG President Barack Obama sought to reassure his counterparts in Canada and Mexico Wednesday that a potential Donald Trump presidency wouldn’t throw cross-border ties into turmoil, even as he pushed back on the GOP candidate’s platform. Expressing confidence that immigration wouldn’t be shut off and trade deals would persist, Obama argued against the type of protectionist policies ...

Markets view RBA rate cuts as an inevitability

Exclusive to The Middle East Online Edited by Nelly Tawil Global markets are braced for further volatility this week, but the direct impact on Australia of Britain’s decision to exit the European Union should not go too far beyond the hit to investor sentiment for now say economists. The yield on three-year Australian debt slumped to an unprecedented 1.5% as ...

News Corp set to buy APN Queensland newspaper

Exclusive to The Middle East Online Edited by Nelly Tawil APN has found a buyer for its Australian Regional Media (ARM) business , with News Corp agreeing to purchase the newspaper arm of the media company for $36.6 million. ARM includes 12 regional daily newspapers in New South Wales and Queensland, 60 community newspapers and over 30 regional news websites. ...

NSW Treasurer Gladys Berejiklian announces $400 million abolished in business tax

Exclusive to The Middle East Online Edited by Nelly Tawil On Monday NSW Treasurer Gladys Berejiklian announced mortgage duty, share transfer duty and non-real transfer duty, worth up to $1.8 billion over the forward estimates, will be scrapped when the budget is delivered on June 21. “This is a decision we’ve been able to take because we’re a responsible government,” she said. ...

RBA rate decision: Volatility all but assured

Exclusive to The Middle East Online Edited by Nelly Tawil Australia’s economy for a majority of the past decade has been subject to a “two-speed: economy. Increasingly that divergence is making it more difficult for the RBA to set policy. Accelerated annual economic growth has shown itself with Dr. Jekyll’s side of the economy, moving towards a 30 year average ...

Shorten says Labor “won’t be dictated to by business”

Exclusive to The Middle East Online Edited by Nelly Tawil Bill Shorten has criticized Labor stalwart Keith DeLacy over his reproach of the opposition’s anti-business agenda, mocking the former state treasurer as a company director who wants a tax cut, as business leaders called for an end to class-war politics. Mr. DeLacy said the opposition’s stance on corporate tax cuts ...

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