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Pakistan’s central bank holds interest rate at 13.25 percent

Monday, 16 September 2019

Pakistan’s central bank held its main policy rate at 13.25 percent on Monday, taking a pause from a series of hikes as data pointed to a stabilizing inflation rate. The bank last lifted rates in July by 100 basis points, its ninth cut since the start of 2018, as it faced rising inflation, a substantial current account deficits and downward pressure on the rupee currency. The decision also comes at time of scrutiny for Pakistan’s economy as an International Monetary Fund team ...

Moody’s says attacks on Saudi Aramco facilities are ‘credit negative’

Monday, 16 September 2019

The attacks on Saudi Aramco’s oil facilities on Saturday are “credit negative and the disruption is significant,” Rehan Akbar, a Moody’s vice president, said on Monday. Akbar added that the ratings agency does not expect the attacks “to leave a long-lasting impact on Saudi Aramco’s financial profile, given its robust balance sheet and strong liquidity buffers.” “This event, however, highlights the credit linkages the company has to Saudi Arabia ...

US General Motors workers strike for first time in 12 years

Monday, 16 September 2019

The United Auto Workers (UAW) went on strike at General Motors (GM) just after midnight Sunday and about 48,000 hourly workers at its facilities are headed for the picket lines in the morning, union officials said early Monday. US labor contract talks reached an impasse on Sunday, the and the UAW called for the first nationwide strike at GM in 12 years. “We do not take this lightly,” Terry Dittes, the UAW vice president in charge of the union’s ...

China’s economy strains under disappointing data

Monday, 16 September 2019

China’s economy showed more signs of strain Monday as the country published weak data for industrial output, investment and retail sales, amid a lingering trade war with the United States.Industrial output grew by 4.4 percent year-on-year throughout August, falling to its lowest level in 17 years and down from 4.8 percent in July.The figure was well below analyst expectations, with a Bloomberg survey of analysts predicting heartier growth of 5.2 percent. “We must be aware that ...

Company that makes prescription painkiller OxyContin files for bankruptcy

Monday, 16 September 2019

The company that made billions selling the prescription painkiller OxyContin, Purdue Pharma, has filed for bankruptcy days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids. The filing late Sunday night in White Plains, New York, was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck. But legal battles still lie ahead for Purdue. About half the states have not signed onto ...

No-deal Brexit would be ‘disaster’ warns EU business lobby

Monday, 16 September 2019

A shock exit by Britain from the EU without an agreement would be “a disaster”, the European employers’ organization, Business Europe, warned on Monday. One of the EU’s most powerful lobbies, Business Europe issued the warning just hours before British Prime Minister Boris Johnson is scheduled to meet European Commission President Jean-Claude Juncker in Luxembourg. Both sides are under intense pressure to mend fences just a month and a half before the Britain’s ...

Trump to meet with India, Australia leaders in US next week

Monday, 16 September 2019

US President Donald Trump will meet next week with the leaders of India and Australia at events in Texas and Ohio to promote trade and investment. The White House said Trump will travel to Houston, Texas, on September 22 to participate in an event with Prime Minister Narendra Modi of India and to “discuss ways to deepen their energy and trade relationship.” Trump will then travel to Wapakoneta, Ohio, where he will be joined by Australian Prime Minister Scott Morrison for a tour of ...

Egypt says no ‘breakthrough’ with Ethiopia over Nile dam

Monday, 16 September 2019

Egypt on Sunday said negotiations over an upstream Nile dam being built by Ethiopia have not led to any “breakthrough.” Foreign Minister Sameh Shoukry told reporters that talks over the $5 billion Grand Ethiopian Renaissance Dam had stopped for more than a year before restarting in Cairo earlier in the day. The long-running dispute centers on the filling and operation of what will be Africa’s largest hydroelectric dam. Egypt fears the dam could reduce its share of the Nile ...

Egypt says economy to grow eight percent annually by 2022

Sunday, 15 September 2019

Egypt expects its economy to grow an annual rate of eight percent by 2022, Prime Minister Mostafa Madbouly said on Sunday. “The Egyptian government expects growth to gradually pick up to eight percent by 2022,” Madbouly told a meeting of Arab central bank governors. In July, Madbouly said gross domestic product (GDP) grew 5.6 percent in the 2018/19 fiscal year. Barring the oil industry, Egypt’s economy has struggled to attract foreign investors since the 2011 uprising that ...

Saudi unemployment rate falls to 12.3 percent in Q2 2019

Sunday, 15 September 2019

The unemployment rate for Saudi Arabian citizens fell to 12.3 percent in the second quarter of 2019, from 12.5 percent in first quarter 2019, according to data released by the Saudi General Authority for Statistics. Saudi Arabia’s Vision 2030 program called for increased levels of Saudization, or greater hiring of Saudi citizens, to help nurture domestic growth and economic diversification. “The decline in unemployment is modest, but this is the fourth successive quarterly decline in ...

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