NEW DELHI, Oct 30- Indian Prime Minister Narendra Modi has ordered bureaucrats to forgo the luxury of flying first class and start paying for their spouses' air tickets as he tries to deliver on a promise to cut the fiscal deficit to a seven-year low. While Thursday's small-bore measures copy a playbook New Delhi has relied on since 2012 to trim a bloated deficit,...» Read More
*France would then be granted more time for deficit reduction. The Commission is also likely to step up the disciplinary procedure against France to the final stage before fines while at the same time granting Paris the extra two years it wants to bring down its budget shortfall within EU limits. The decisions, some of which will be taken by the outgoing...
BRAMPTON, Ontario, Oct 2- Canada's budget deficit for the 2013/ 14 fiscal year is likely to be C $5.2 billion, rather than the C $16.6 billion forecast in February, Prime Minister Stephen Harper said on Thursday. He said Canada would run a small deficit in the 2014/ 15 fiscal year before returning to surplus in 2015/ 16.. Harper's Conservatives, who face an election in...
*France postpones deficit reduction by a further two years. PARIS, Oct 1- France laid down the gauntlet to EU partners on Wednesday with a 2015 budget setting out how it would bring its borrowing back to within EU limits two years later than promised, a retreat it blamed on a fragile economy.
Philippe Waechter, head of economic research at Natixis Asset Management, says that France will have more time to reduce its deficit as large cuts in government spending would put growth at risk.
Bill Blain, strategist from Mint Partners, says France has "made no effort" to bring its deficit to the 3 percent target demanded by the EU.
BRASILIA, Sept 30- Brazil's auction of fourth-generation cell spectrum on Tuesday raised much less than expected as only three of four major carriers took part, leaving the government without revenue it needs to plug a big budget deficit.
PARIS, Sept 29- France will tighten its budget less than promised even when the impact of the downturn in the economic cycle is stripped out of the equation, Les Echos newspaper reported on Monday.
CAIRO, Sept 25- Egypt's current account deficit shrank to $2.4 billion in the 2013-14 fiscal year from $6.4 billion the previous year, boosted by billions of dollars in aid from Gulf Arab donors, the central bank said on Thursday.
*Big infrastructure projects pushing up spending. DUBAI, Sept 24- Saudi Arabia's state finances could fall into the red next year and the country could start running down its huge foreign reserves if it does not rein in the growth of government spending, the International Monetary Fund said.
WASHINGTON, Sept 11- The U.S. budget deficit was $129 billion in August, down 13 percent from the same period last year, according to data released by the Treasury Department on Thursday.
ECUADOR 2015 BUDGET DEFICIT WILL BE BETWEEN 4.5 PCT AND 5 PCT- FINMIN.
JERUSALEM, Sept 2- Israel's longer-term credit rating depends on its defence costs and the frequency of military conflicts, but a bigger budget deficit expected for 2015 is unlikely to prompt a downgrade, Standard& Poor's said. The agency is due to issue an update on Israel's rating on Sept. 19, which coincides with the start of discussions on the 2015 budget.
WASHINGTON, Aug 27- The U.S. budget deficit for fiscal year 2014 will be an estimated $506 billion, a slight increase from the $492 billion projected in April, based on lower-than-expected corporate tax receipts, the Congressional Budget Office said on Wednesday.
BUDGET DEFICIT AT $506 BLN VS PREVIOUS ESTIMATE OF $492 BLN DUE TO LOWER CORPORATE TAX RECEIPTS.
JERUSALEM, Aug 27- The Bank of Israel warned the government on Wednesday that the budget deficit would reach at least 3.5 percent of gross domestic product in 2015 if taxes aren't raised and state spending is not reduced.
FRANCE'S SAPIN DOES NOT COMMENT ON KEY 2015 PUBLIC DEFICIT TARGET, SAYS EUROPE MUST ADAPT DEFICIT REDUCTION PACE TO ECONOMIC ENVIRONMENT.
WASHINGTON, Aug 12- The U.S. budget deficit was $95 billion at the end of July, down 3 percent from the same period last year, according to data released by the Treasury Department on Tuesday.
JAKARTA, Aug 5- Indonesia's economy in the second quarter grew at the slowest annual rate since the last quarter of 2009, the statistics bureau said on Tuesday. Southeast Asia's biggest economy has experienced slower growth due to tightening in both monetary and fiscal policy. Indonesia on Monday reported a trade deficit of $305 million in June.
CHICAGO, Aug 1- Chicago said its budget deficit was on track to shrink to just below $300 million in 2015, but a state-mandated increase in pension payments would expand gaps in the future.
SOFIA, July 29- Bulgaria's outgoing parliament voted on Tuesday to widen the 2014 fiscal deficit target and raise 3.4 billion levs in new debt, giving the next government some of the tools needed to solve the country's banking crisis.