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Deficits

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  • DUBAI, Dec 25- Saudi Arabia plans to raise government spending 0.6 percent to a record high in its 2015 budget while covering a large deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. Some analysts believe Riyadh is content to see oil prices fall as a way to squeeze out competing producers in non- OPEC nations.

  • DUBAI, Dec 25- Saudi Arabia plans to raise government spending by 0.6 percent to a record high next year while covering a large budget deficit due to plunging oil prices with its huge fiscal reserves, the Ministry of Finance said on Thursday. Spending in the kingdom's 2015 state budget is projected at 860 billion riyals, up from 855 billion in the 2014 budget plan-...

  • Greek uncertainty curbs European stock gains Tuesday, 23 Dec 2014 | 12:34 PM ET

    *FTSE up but pares gains as UK external deficit rises. LONDON, Dec 23- A fall in Greek stocks kept a lid on gains in European equities on Tuesday, as the Athens bourse was hit by the prospect of early elections that could put Greece's rescue package at risk. The Bank of Spain raised its economic forecast while Portugal's budget deficit shrank.

  • BAGHDAD, Dec 23- Iraq's cabinet on Tuesday approved a draft 2015 budget worth 123 trillion dinars which was made possible by better ties between Baghdad and the autonomous Kurdish region, but was constrained by plunging oil prices. By contrast, the 2015 budget is a symbol of growing goodwill between Baghdad and the Kurdish region as they both fight Islamic State...

  • Analysts estimate the bloc's biggest sovereign borrowers will sell a third more debt than in 2014, with Germany the notable exception as it aims to eliminate its budget deficit. Investors, on the other hand, will seek higher yields from lower-rated issuers such as Italy, Spain and Portugal, reassured by expectations that the European Central Bank will become a...

  • French parliament passes deficit-cutting 2015 budget Thursday, 18 Dec 2014 | 6:08 AM ET

    Dec 18- The French parliament approved President Francois Hollande's revised 2015 deficit-cutting budget on Thursday, although it remains to be seen whether the European Commission will demand further efforts early next year. The budget has been at the center of a stand-off between the European Commission and France after Paris broke a promise to bring its...

  • TOKYO, Dec 17- A finance ministry's key fiscal panel has called for drastic steps to cut government spending and secure revenue to meet Tokyo's aim of halving the primary budget deficit next year, a draft proposal showed, describing the goal as "quite difficult". The draft proposal highlights the need for Prime Minister Shinzo Abe to continue efforts to restore...

  • SYDNEY, Dec 15- Australia's government expects its budget deficit to balloon to A $40.4 billion in the year to June as falling prices for key resource exports and sluggish wage growth blew a gaping hole in tax revenues. The deficit for 2014/ 15 had been forecasted at A $29.8 billion in the May budget, while the 2015/ 16 shortfall was now put at A $31.2 billion, instead of...

  • SYDNEY, Dec 15- Australia's government forecast its budget deficit would balloon to A $40.4 billion in the year to June as falling prices for key resource exports and sluggish wage growth blew a gaping hole in tax revenues. The deficit for 2014/ 15 had been forecasted at A $29.8 billion in the May budget, while the 2015/ 16 shortfall was now put at A $31.2 billion,...

  • PARIS, Dec 13- Bundesbank President Jens Weidmann said the European Commission's decision to give France longer to prove it is serious about economic reform and fixing its excessive public deficit risks damaging the credibility of the bloc's budget rules. "France announced that it will not reach the agreed deficit goal in 2015 and has clearly put back the...

  • Fitch cuts France to 'AA' Friday, 12 Dec 2014 | 4:39 PM ET

    Dec 12- Fitch ratings has cut its ratings on France to' AA', after having put the country on' Ratings Watch Negative' in October, saying the country's revised deficit-reduction target was not enough to hold the previous rating of' AA+'. The rating agency had said in October "it would likely downgrade the ratings by one notch in the absence of a material improvement in the...

  • Finance minister George Osborne has said he intends to balance Britain's budget over the coming years through spending cuts alone, a pledge which will be central to the campaign of Prime Minister David Cameron ahead of national elections in May. But S&P, the only major ratings agency not to have cut Britain's AAA rating, said the tax base might eventually need to...

  • Finance minister George Osborne has said that he intends to balance Britain's budget over the coming years without raising taxes. S&P-- the only major ratings agency not to have cut Britain's AAA rating-- said the tax base might need to widen. S&P also said Britain's economy would suffer if it left the European Union, something on which Prime Minister David...

  • *Iraq faces budget deficit of $30 billion- minister. BAGHDAD, Dec 12- Iraq is seeking to postpone a final $4.6 billion instalment of reparations for its 1990-91 occupation of Kuwait, Finance Minister Hoshiyar Zebari told Reuters, as it faces a cash crisis caused by falling oil prices and war with Islamic State. Since Iraq was first allowed to resume oil sales nearly...

  • Stronger economy helps trim U.S. budget deficit Wednesday, 10 Dec 2014 | 2:00 PM ET

    WASHINGTON, Dec 10- The U.S. federal budget deficit narrowed in November, helped by a strengthening economy that boosted tax receipts during the month, Treasury Department data showed on Wednesday. Washington spent $56.8 billion more than it took in last month, which was less than half the deficit in November of 2013. It was also narrower than analysts'...

  • UK: A decade of austerity?  Thursday, 4 Dec 2014 | 4:20 AM ET

    Discussing the U.K. Autumn Statement, Alan Clarke, director of fixed income strategy, global banking and markets at Scotiabank, says George Osborne and the U.K. government have set themselves an "ambitious" target to make those spending cuts.

  • Osborne said he was sticking to his promise to put Britain's budget back in the black before the end of the decade, hoping that his approach to fixing the public finances will return Prime Minister David Cameron to power on May 7. Osborne said Britain's deficit would be bigger than previously expected in the current financial year and in 2015/ 16 before improving...

  • Five months before a national election, Osborne said Britain's deficit would fall to 5.0 percent of gross domestic product in the 2014/ 15 financial year. That compared with a forecast of 4.9 percent made in March by Britain's independent budget office. The slightly slower pace of improvement largely reflects how Britain's strong economic recovery has not...

  • TOKYO, Dec 1- Japanese Prime Minister Shinzo Abe needs to take more steps to meet the government's deficit-reduction targets, Tom Byrne, regional credit officer of Moody's Investors Service said on Monday. "A delay means there is more uncertainty about measures to reduce the deficit. His remarks came after Moody's downgraded Japan's sovereign debt rating by...

  • MOODY'S: JAPAN PM ABE NEEDS TO TAKE MORE STEPS TO MEET DEFICIT REDUCTION TARGETS.