World Economy International Organizations

More

  • ANKARA, Jan 16- Iran is determined to raise its oil output by 500,000 barrels per day as soon as sanctions on its oil industry are lifted, Iran's national representative to the Organization of the Petroleum Exporting Countries, Mehdi Asali, said on Saturday. His comments came ahead of the expected lifting of international sanctions on Iran later on Saturday as...

  • BEIJING, Jan 16- Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance. Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and...

  • BEIJING, Jan 16- Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance. Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and...

  • CARACAS, Jan 15- Venezuelan President Nicolas Maduro's socialist government decreed on Friday a 60- day "economic emergency" for the recession-hit OPEC nation reeling from low oil prices and a sputtering state-led economic model. In data released on Friday, the central bank said Venezuela's annualized inflation at the end of the third quarter in 2015 was...

  • *Iran sanctions could be lifted within days. *OPEC crude basket drops to $25 per barrel. The International Atomic Energy Agency could issue its report on Iran's compliance with an agreement to curb its nuclear program during a Friday meeting in Vienna, potentially triggering the lifting of Western sanctions.

  • OPEC's oil basket price drops to $25 a barrel Friday, 15 Jan 2016 | 6:05 AM ET

    DUBAI, Jan 15- The average price for a basket of crudes from OPEC producers fell to $25 a barrel on Thursday, the group said, even before unrestrained exports from Iran hit the market. Iran expects the United Nations nuclear watchdog to confirm on Friday it has curtailed its nuclear programme, paving the way for the unfreezing of billions of dollars of assets and an...

  • U.S. secures first guilty plea in U.N. bribery case Thursday, 14 Jan 2016 | 4:36 PM ET

    NEW YORK, Jan 14- A former finance director at a New York- based foundation accused of participating in a scheme to bribe a former United Nations General Assembly president on Thursday became the first defendant to plead guilty in the case. Heidi Hong Piao, 52, pleaded guilty in federal court in Manhattan to five counts arising from a conspiracy to bribe John Ashe, a...

  • WASHINGTON, Jan 14- The IMF remains fully engaged with Greece but the exact nature of its role depends on upcoming discussions with authorities and European partners, an spokesman said on Thursday. "We will play as constructive a role as we possibly can," International Monetary Fund spokesman Gerry Rice told a regular news briefing. "We've remained engaged with...

  • WASHINGTON, Jan 14- China needs to give more clarity on its exchange rate policy, an IMF spokesman said on Thursday. "More clarity and communication around the exchange rate regime would be useful," International Monetary Fund spokesman Gerry Rice told a regular news briefing. He said that while China's rebalancing of its economy has been bumpy, the IMF's view of...

  • BRUSSELS, Jan 14- Greece accepts that the International Monetary Fund has to take part in the bailout program under which Athens receives billions of euros in loans in exchange for economic reforms, the chairman of euro zone finance ministers said on Thursday. But the participation of the IMF is a key condition for Germany, which believes the European...

  • *Iran says no request received for emergency OPEC meeting. NEW YORK, Jan 13- Brent crude ended 2 percent lower on Wednesday after falling below $30 a barrel for the first time since April 2004 as a growing stocks of oil in the United States stoked market fears about demand. Brent fell to a new 12- year low at $29.96 a barrel before settling at $30.31 a barrel, down 55...

  • *Iran says no request received for emergency OPEC meeting. NEW YORK, Jan 13- Brent oil prices fell on Wednesday and U.S. crude pared gains after a massive build in U.S. gasoline and diesel inventories fed into bearish sentiment about stagnating demand amid the supply glut that has brought oil prices close to 12- year lows. By 12:35 p.m. EST, Brent crude was down 32...

  • *Iran says no request received for emergency OPEC meeting. Brent crude, the global benchmark, was down 37 cents at $30.49 a barrel at 1538 GMT. The long awaited massive decline in crude production is not starting again, "said Dominic Chirichella, senior partner at Energy Management Institute in New York.

  • EU requests WTO talks with Colombia over spirits dispute Wednesday, 13 Jan 2016 | 8:28 AM ET

    BRUSSELS, Jan 13- The European Union is seeking talks with Colombia at the World Trade Organisation over what Brussels says are discriminatory measures against Europe's spirit drinks, the European Commission said on Wednesday. "Colombia's regional authorities... impose market-access restrictions for imported spirits." Colombia is the largest market in the...

  • *Scientists urged European Commission to discount EFSA view. The European Food Safety Authority, which advises European Union policymakers, issued an opinion in November that glyphosate is unlikely to cause cancer. "We urge you and the European Commission to disregard the flawed EFSA finding on glyphosate in your formulation of glyphosate health and...

  • China to publish external investment data in IMF survey Wednesday, 13 Jan 2016 | 4:25 AM ET

    SHANGHAI, Jan 13- China will publish data on its external portfolio investment after formally joining a global survey conducted by the International Monetary Fund, the State Administration of Foreign Exchange said on Wednesday. China has also joined a survey conducted by the Bank of International Settlements on its banks' outstanding external assets and...

  • BRUSSELS, Jan 12- The European Commission will propose a new set of binding rules by the end of January to curb corporate tax avoidance, in another move to counter unfair or illegal tax practices of multinationals, EU officials said. Multinational corporations have long been in the sights of European Union authorities because of the way they can reduce their tax...

  • PARIS, Jan 12- Further interest rate hikes by the U.S. Federal Reserve should be gradual or they risk hurting already fragile emerging economies, where many companies borrow in dollars, the head of the International Monetary Fund said on Tuesday. Christine Lagarde said a tightening in U.S. monetary policy, which started last month with the first rate hike in a...

  • *OPEC strategy working but will take time- UAE. * "Couple" of OPEC members requested emergency meeting- Nigeria. However, UAE Energy Minister Suhail bin Mohammed al-Mazroui later told the same conference the current OPEC strategy was working, adding that time was needed to allow this to happen-- perhaps between one and 1-1/ 2 years.

  • LONDON, Jan 12- After decades of generous subsidies from Brussels, some British farmers are starting to think the unthinkable-- that they might be better off outside the European Union. But now, with Prime Minister David Cameron preparing to call an "in or out" referendum on Britain's EU membership possibly as early as June, some farmers feel the benefits of...