MANILA, Philippines— A Philippine official says the country no longer deserves to be branded the "sick man of Asia" after its economy grew more than 6 percent for a third consecutive year. Hampered by natural disasters, growth of the $300 billion economy slowed to 6.1 percent in 2014, but still outpaced most other countries in Asia, officials said Thursday.» Read More
CBO ESTIMATES CUMULATIVE DEFICIT BETWEEN 2015-2024 AT $7.196 TRLN.
BUDGET DEFICIT AT $506 BLN VS PREVIOUS ESTIMATE OF $492 BLN DUE TO LOWER CORPORATE TAX RECEIPTS.
*EU Commission tells France: time to speed up reforms. "It is urgent for France but not just France, for the other countries which are in a similar situation to speed up the work they are doing, the structural reforms," said a spokesman for EU Economic Commissioner Jyrki Katainen.
WINNIPEG, Manitoba, Aug 27- Canadian uranium miner Cameco Corp said on Wednesday that it would shut down the world's biggest uranium mine at McArthur River, Saskatchewan, as well as the Key Lake mill after the United Steelworkers union said workers planned to strike starting Saturday.
Aug 27- Education Management Corp said it would undertake a financial restructuring that would reduce its debt by about $1.1 billion and would seek a waiver of all financial covenants through June under an amendment to its credit facility.
NEW YORK, Aug 27- U.S. stocks opened flat on Wednesday as investors found few reasons to keep buying after a rally that has taken indexes to repeated records even as there was little seen on the horizon that could derail the rally.
Aug 27- Chinese e-commerce giant Alibaba Group Holdings Inc's quarterly revenue jumped 46.3 percent to $2.54 billion due to a rise in domestic sales. Net income attributable to ordinary shareholders nearly tripled to $1.99 billion, or 84 cents per share, for the first quarter ended June 30.
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.
MADRID/ PARIS, Aug 27- The battle over Brazil's telecoms market is heating up, with the country's biggest fixed-line firm Oi signaling it may make an offer for Telecom Italia's local mobile business.
Regulators decided on Aug. 3 to put its healthy assets into a new entity, Novo Banco, and leave family borrowings, shareholders and junior creditors behind in BES.
*Russia halted gas flows to Ukraine in June. *But supplies via Ukraine intended for EU have kept flowing. KIEV, Aug 27- Europe faces the increasing threat of a disruption to gas supplies from its main provider Russia this winter due to the crisis in Ukraine, through which almost half of supplies flow.
*Ukraine tensions, month-end buying adds to bid. "There is a sympathy uptrade as Europe continues to rally, geopolitical concerns are still out there and there is no data to speak of," said Ian Lyngen, senior government bond strategist at CRT Capital in Stamford, Connecticut. Tensions in the Ukraine added some safety demand for U.S. debt.
STAVANGER, Norway, Aug 27- The rate of oil discoveries continues to disappoint after a record low last year and firms could even cut their exploration budgets to save on costs, a risk to long-term supplies and prices, industry executives said.
*Upswing seen as intact but volume has been light. NEW YORK, Aug 27- U.S. stock index futures pointed to a flat open on Wednesday, as investors found few reasons to keep buying after a rally that has taken indexes to repeated records, even as there was little seen on the horizon that could derail the rally.
*Euro hits lowest since January 2013 against Swiss franc. LONDON, Aug 27- The euro fell broadly on Wednesday, hitting a 19- month low against the Swiss franc, as speculation that the European Central Bank will resort to quantitative easing was fuelled by yet more bad news from the euro zone.
*Case seen as retaliation to U.S. sanctions over Ukraine. MOSCOW, Aug 27- Russian courts on Wednesday ordered the temporary closure of three McDonald's restaurants in Moscow over breaches of sanitary rules, news agencies reported, amid a standoff with the West over Ukraine.
LONDON, Aug 27- The spot iron ore market is sinking under the weight of new supply. The benchmark price for 62 percent iron ore as assessed by the Steel Index has just fallen below the $89 per tonne level for the first time since September 2012.
*Helaba, big savings banks, BNY Mellon form joint venture. FRANKFURT, Aug 27- Helaba, the German landesbank, has unveiled a joint venture with U.S. banking group BNY Mellon and the country's 25 largest savings banks to help corporate customers to expand foreign trade with Asia.
PARIS, Aug 27- IMF chief Christine Lagarde has been put under formal investigation by French magistrates for negligence in a political fraud affair dating from 2008 when she was finance minister.
TORONTO, Aug 27- National Bank of Canada, the country's sixth-largest lender, reported a stronger quarterly profit on Wednesday, helped by a sharp jump in earnings at its wealth management and financial markets arms.