Economy

Big hole in the Australian government’s budget

China’s slowdown has gouged a big hole in the Australian government’s budget, a new report said. Slower wages growth in Australia has also hit government revenues hard, said Deloitte Access Economics. It has forecast massive budget blowouts for both the 2014-15 and 2015-16 financial years. The budget looks like it was “written by Stephen King and painted by Edvard Munch”, thanks ...

Dubai builder Arabtec lifted the mood of investors in UAE stock markets

A rebound by Dubai builder Arabtec lifted the mood of investors in United Arab Emirates stock markets Monday, while other bourses in the Middle East moved very little as oil once again halted its advance. Brent oil slipped 0.2 percent and traded near $55 per barrel after Saudi Arabia indicated it was pumping near a record high of 10 million barrels per day, adding to concerns about global ...

UAE is unlikely to be affected from the oil prices plunge because of the benefit of US dollar

The UAE’s Gross Domestic Product is unlikely to be affected from the drop in oil prices since the country is currently benefiting from a strong US dollar, according to Mubarak Al Mansoori, Governor of the Central Bank of the UAE, who spoke at a conference in Abu Dhabi on Monday. The UAE’s dirham is pegged to the dollar. “It will ...

World Bank urges haste on dam approval

The World Bank’s country director for the Middle East has urged the Lebanese Parliament to speed up the approval of the construction of the Bisri dam, a $612 million project financed by the World Bankand the Islamic Bank. “Lebanese officials have already expressed a great interest and willingness in the implementation of this project,” Ferid Belhaj said. “But what we ...

The Australian dollar hit a fresh six-month low

The Australian dollar hit a fresh six-month low on Monday morning sparked by Chinese industrial production slowing to its lowest level since the global financial crisis. The data release from China on Saturday was well below economist expectations of an 8.8 per cent year-on-year rise in industrial production, instead coming in at 6.9 per cent year-on-year. Early on Monday, the ...

Australia’s central bank: it was likely to keep interest rates at record lows for some time yet

Australia’s central bank said it was likely to keep interest rates at record lows for some time yet, citing uncertainty about whether policy stimulus alone would be enough to offset a cooling mining sector and government cutbacks. In minutes of its July 1 meeting, where the central bank kept its cash rate at 2.5 percent for an eleventh month, the ...

Obama spoke on economy is not on the list of priorities for Texans

On Thursday, President Obama spoke to members of the Austin community on everything from Congressional gridlock to his love of good ole’ Texas barbecue — even making a headline-garnering trip to Franklin’s. There was one thing, however, that he seemed a bit hesitant to address: the refugee crisis currently being faced by the state at the border. Like any good ...

Turkey driven by ‘greed’ in Kurd oil row: Iraq deputy PM

Turkey has been “driven by greed” in an escalating row over oil pumped from Iraq’s autonomous Kurdish region and shipped overseas, Baghdad’s top politician responsible for energy told AFP Sunday. “We believe Turkey has been driven by greed to try to lay (its) hands on cheap Iraqi oil,” Hussein al-Shahristani, deputy prime minister responsible for energy affairs, said in an ...

Chinese government manufacturing expanded slightly in March

Official data from the Chinese government showed that manufacturing expanded slightly in March. A final reading of the official purchasing managers’ index (PMI) was 50.3 in March, up from an eight-month low of 50.2 in February. Any reading above 50 indicates expansion. However, a separate survey by HSBC and Markit saw a contraction in Chinese manufacturing activity, with a reading ...

South Sudan oil production down 29 pct

Fighting in South Sudan has cut production from the country’s lifeline oil fields by about 29 percent, the press secretary to President Salva Kiir said in Khartoum Sunday. “South Sudan is still getting more than 175,000 barrels a day,” said Ateny Wek Ateny. That amount is down from 245,000 barrels per day before fighting began in mid-December between forces supporting ...

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