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  • KUALA LUMPUR, Jan 20- Malaysia has increased its fiscal deficit target to 3.2 percent of gross domestic product for 2015 and cut its forecast for economic growth to adjust its budget after a sharp fall in earnings from oil and gas, Prime Minister Najib Razak announced on Tuesday. The government had assumed a price of $100 a barrel last October, whereas the price of...

  • KUALA LUMPUR, Jan 20- Malaysia has increased its fiscal deficit target to 3.2 percent of gross domestic for 2015 as the government needed to adjust its budget due to a sharp fall in earnings from oil and gas, Prime Minister Najib Razak announced on Tuesday. He said the revised budget would assume a global oil price of around $55 a barrel. The original budget had...

  • Australia: No plans to increase GST   Sunday, 18 Jan 2015 | 8:50 PM ET
    Australia: No plans to increase GST

    Josh Frydenberg, Assistant Treasurer of Australia, says the nation is not aiming to increase the rate or base of the goods and services tax (GST).

  • TORONTO, Jan 18- Canada's Conservative government is prepared to curb spending to eliminate the deficit in 2015, a senior minister said on Sunday, just days after the government said it would delay unveiling its next budget so it can weigh the impact of tumbling oil prices. Employment Minister Jason Kenney also said eliminating the budget deficit for the first...

  • NEW DELHI, Jan 16- Indian Prime Minister Narendra Modi said on Friday he was committed to meeting this year's budget deficit target, welcoming a cut in interest rates by the Reserve Bank of India on the back of falling inflation. In a speech, Modi said his government would cut wasteful spending, streamline the payment of welfare benefits and raise investment in...

  • ANKARA, Jan 15- Turkey's economy will grow around four percent this year and inflation will fall "comfortably" to the central bank's forecast of 6.1 percent, Finance Minister Mehmet Simsek said on Thursday. The budget deficit stood at 22.7 billion lira last year, Simsek told a news conference in Ankara, up from 18.5 billion in 2013 but sharply below a government...

  • MUMBAI, Jan 15- The Reserve Bank of India surprised markets with a 25 basis point reduction in interest rates on Thursday and signaled it could cut further, amid signs of cooling inflation and what it said was a government commitment to contain the fiscal deficit. While the early move was unexpected, aggressive reductions in rates have been seen as likely over the...

  • MUMBAI, Jan 15- The Reserve Bank of India surprised markets with a 25 basis point cut in interest rates on Thursday and signalled it could do more, amid signs of slowing inflation and what it said was a government commitment to contain the fiscal deficit. While the early move was unexpected, aggressive reductions in rates have been expected over the course of the...

  • UPDATE 1-Indian central bank surprises with early rate cut Wednesday, 14 Jan 2015 | 11:00 PM ET

    MUMBAI, Jan 15- The Reserve Bank of India cut its repo interest rate by 25 basis points to 7.75 percent in a surprise move on Thursday, making its first reduction in a year as inflation showed signs of slowing and the government was making efforts to contain the fiscal deficit. Helped by plunging global oil prices, India's wholesale price index for December rose...

  • *Japan seen to halve deficit; budget-balancing goal still distant. TOKYO, Jan 14- Japanese Prime Minister Shinzo Abe's cabinet approved on Wednesday a record $812 billion budget for the fiscal year starting on April 1, while cutting new borrowing for a third straight year in a bid to balance growth and fiscal reform. A projected rise in tax revenue to a 24- year high...

  • *Japan seen to halve deficit; budget-balancing goal still distant. TOKYO, Jan 14- Japanese Prime Minister Shinzo Abe's cabinet approved on Wednesday a record $812 billion budget for the coming fiscal year while cutting new borrowing for a third straight year in a bid to balance growth and fiscal reform. With Japan's public debt above twice its gross domestic...

  • JERUSALEM, Jan 13- Israel's budget deficit ran at 2.8 percent of gross domestc product last year, the Finance Ministry said on Tuesday, in line with initial projections despite the cost of the Gaza war. Israel's spending priorities changed as a result of the 50- day summer war with Palestinian militants in Gaza. Israel's cabinet had approved a deficit target of...

  • NEW DELHI, Jan 9- A weak recovery from India's longest growth slowdown in decades is pushing Prime Minister Narendra Modi's advisers to consider loosening fiscal deficit targets, risking the ire of investors, ratings agencies and the central bank. Yet with debt service devouring 42 percent of federal spending, higher deficits would revive risks of a ratings...

  • Jan 5- Arizona's new Republican governor pledged to solve the state's growing budget deficit on Monday but insisted it will not be done through raising taxes. Doug Ducey, the former CEO of the Cold Stone Creamery ice-cream chain and Arizona's former state Treasurer, said his administration can confront the state's deficit, but said raising taxes on people and...

  • DUBLIN, Jan 5- Ireland's budget deficit is likely to have fallen by less than expected in 2014, a finance ministry official said on Monday, as a jump in year-end government spending prompted some concern that fiscal discipline may be slipping. Ireland's deficit fell to around 4 percent of gross domestic product at the end of 2014, John Palmer, a principal officer...

  • WASHINGTON, Dec 31- As Republicans assume control of the entire U.S. Congress in the new year, they are expected to push a controversial change to use more macroeconomic projections in determining the impact of tax and budget legislation on the federal deficit. Critics say wider use of "dynamic scoring," as the Republican-favored approach is known, would...

  • BRASILIA, Dec 29- Brazil posted a primary budget deficit for a period of 12 months in November, its first in more than a decade and a threat to the government's already reduced fiscal goal for the year, central bank data showed on Monday. Brazil posted a primary budget deficit of 8.084 billion reais in November, its largest gap for that month on record.

  • Russia's FinMin sees economy shrinking 4 pct in 2015 Friday, 26 Dec 2014 | 6:30 AM ET

    MOSCOW, Dec 26- Finance Minister Anton Siluanov said on Friday that the Russian economy could contract by 4 percent next year and that the budget could have a deficit of more than 3 percent of gross domestic product if oil prices average $60 a barrel. Siluanov also told journalists that his ministry had recalculated its budget forecasts to take into account oil...

  • RIYADH, Dec 26- Saudi Arabia's Finance Ministry will discuss with the central bank its options for financing the large state budget deficit expected next year, and may cover some of the shortfall with borrowing, Finance Minister Ibrahim Alassaf said. The minister noted that Saudi Arabia's public debt had dropped to 44 billion riyals or about 1.6 percent of...

  • DUBAI, Dec 25- Saudi Arabia will lift state spending to a record in its 2015 budget while covering a deficit with its huge fiscal reserves, the government said, providing the first detailed look at how the world's top oil exporter aims to handle an era of cheap oil. But the budget, released by the Finance Ministry on Thursday, suggests authorities are confident of...