Archive - Al Arabiya English

74 percent of economists in survey see US recession by end of 2021

Monday, 19 August 2019

A strong majority, 74 percent, of US business economists appear sufficiently concerned about the risks of some of President Donald Trump's economic policies that they expect a recession in the US by the end of 2021.The economists surveyed by the National Association for Business Economics, in a report released Monday, mostly didn't share Trump's optimistic outlook for the economy, though they generally saw recession coming later than they did in a survey taken in February. Thirty-four percent of ...

Turkish cenbank lowers required reserve ratios for banks with high loan growth

Monday, 19 August 2019

Turkey's Central Bank said on Monday that it was reducing the required reserves ratio for banks with loan growth rates above 10 percent and raising the return on those reserves. It said the move was aimed at ensuring that reserve requirements were used more flexibly and effectively. But the lira weakened after the announcement as economists said rapid loan growth could fuel imports and swell the current account deficit, long a headache for energy import-dependent Turkey. For banks with a loan ...

Sterling slips back from recent highs vs euro on Brexit talk hopes

Monday, 19 August 2019

Sterling fell back from a near three-week high against the euro on Monday but sentiment towards the pound was better than in recent sessions as investors hoped Britain and the European Union would make some progress in Brexit talks. The pound last week had its strongest run in two months, helped by investors cutting their bets against the currency and some buying from traders who believe Britain can avoid a no-deal Brexit in October, when the country is due to leave the EU. ...

Uber appoints new UK boss as London license renewal nears

Monday, 19 August 2019

Uber appointed a new boss for Britain and Ireland on Monday just over a month before its license expires in London, one of its most important global markets where the regulator has previously stripped it of its right to operate. Transport for London (TfL) rejected the Silicon Valley company’s license renewal request in 2017 due to failings it said it found in its approach to reporting serious criminal offences and driver background checks, prompting court action. ...

Japan’s exports fell in July for 8th straight month

Monday, 19 August 2019

Japan’s exports fell for the eighth straight month in July as worries continued about President Donald Trump’s trade policies denting Asian economic growth. Ministry of Finance data released Monday showed exports and imports fell in July, compared to the same month a year ago. Exports fell 1.6 percent, while imports slid 1.2 percent, resulting in a trade deficit of $2.35 billion. Global markets have been in turmoil because of Trump’s trade war with China. A slowdown in China is ...

White House says ‘no recession in sight’ despite market turmoil

Monday, 19 August 2019

White House officials pushed back on Sunday against concerns that economic growth may be faltering, saying they saw little risk of recession despite a volatile week on global bond markets, and insisting their trade war with China was doing no damage to the United States. “There is no recession in sight,” White House economic adviser Larry Kudlow said on “Fox News Sunday.” “Consumers are working. Their wages are rising. They are spending and ...

Kuwait sovereign fund in portfolio shift on signs of global economic weakness

Monday, 19 August 2019

The Kuwait Investment Authority (KIA) began increasing its exposure to bonds and cash two years ago to boost liquidity in its portfolio as the global economy showed signs of weakness, Kuwaiti newspaper Alqabas reported on Sunday, citing sources. The report provided rare insight on the strategy of one of the world’s biggest sovereign wealth funds, though it did not give a breakdown of KIA’s investments in various asset classes. KIA, which the Sovereign Wealth ...

Germany has fiscal muscle to counter next crisis, says finance minister Scholz

Monday, 19 August 2019

Germany has the fiscal strength to counter any future economic crisis “with full force,” Finance Minister Olaf Scholz said on Sunday, suggesting Berlin could make available up to 50 billion euros ($55 billion) of extra spending. With its economy on the brink of recession and borrowing costs at record lows, Germany is facing pressure at home and abroad to ditch its pledge to target balanced budgets and instead boost investment by taking on new debt. A government official told ...

Lebanon’s Aoun vows to tend to economic, financial reforms

Sunday, 18 August 2019

Lebanon is expected to begin implementing in October a set of economic and financial measures agreed by its top leadership that will boost economic growth, President Michel Aoun said on Sunday, vowing that he would to tend to this himself.He was referring to decisions taken at a top-level meeting earlier this month with the aim of reviving an economy that has been growing slowly for years and is struggling with one of the world’s heaviest public debt burdens.After the Aug. 9 meeting, Prime ...

UK minister Gove: No-deal Brexit will mean ‘bumps in the road’

Sunday, 18 August 2019

Britain will experience “bumps in the road” if it leaves the European Union without a deal, but is more prepared for that outcome than it previously was, Michael Gove, the minister in charge of coordinating ‘no-deal’ Brexit planning, said on Sunday. “It is the case, as everyone knows, that if we do have a ‘no-deal’ exit there will inevitably be some disruption, some bumps in the ...