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World Economy Economic Organizations

  • *EU, Japan rattled by Trump's "America First" rhetoric. BRUSSELS, July 6- Japan and the European Union agreed a free trade pact on Thursday to create the world's biggest open economic area and signal resistance to what they see as U.S. "Ahead of the G20 summit tomorrow, I believe Japan and the EU are demonstrating our strong political will to fly the flag for free trade...

  • JOHANNESBURG, July 6- The International Monetary Fund warned South Africa on Thursday its economy is extremely vulnerable to external shocks and funding shortfalls, although it stuck by its earlier growth forecast of 1 percent this year. South Africa's economy entered recession in the first quarter and is suffering from an unemployment rates of close to 28...

  • *EU, Japan rattled by Trump's "America First" rhetoric. BRUSSELS, July 6- Japan and the European Union agreed on Thursday to a free trade pact, creating the world's biggest open economic area and signalling resistance to what they see as U.S. "Ahead of the G20 summit tomorrow, I believe Japan and the EU are demonstrating our strong political will to fly the flag for free...

  • BRUSSELS, July 6- Japan and the European Union agreed on Thursday to a free trade pact, signalling their opposition to what they see as U.S. "We promised to do everything in our power to conclude political and trade talks between Japan and the European Union on the eve of the G20 summit. In the works for four years, what will be known as the EU-Japan Economic Partnership...

  • WASHINGTON, July 5- The International Monetary Fund on Wednesday urged leaders of the Group of 20 major economies to avoid "myopic" nationalistic policies and to work together in agreed forums to resolve their trade and economic differences. The IMF's pitch to maintain multilateral cooperation comes as the Trump administration is considering imposing...

  • BRUSSELS/ MILAN/ ROME, July 4- The European Union has approved a state bailout of Italy's fourth-largest lender, Monte dei Paschi di Siena, taking the total amount of Italian taxpayer funds deployed to rescue banks over the past week to more than 20 billion euros. Outside Greece, Europe has not seen such big state bailouts since the aftermath of the global financial...

  • BERLIN, July 2- With an eye on anti-globalisation protests brewing in Hamburg before this week's G20 summit, Chancellor Angela Merkel said on Sunday leaders will have to focus on sustainable and inclusive economic growth rather than their own prosperity. Tens of thousands of demonstrators marched against the meeting in the rain in Hamburg on Sunday in a...

  • NEW YORK, June 30- The U.S. dollar's share of global foreign exchange reserves edged lower in the first three months of the year, compared with the previous quarter, but the greenback remains the largest reserve currency held by global central banks, according to IMF data released on Friday. The amount of reserves held in dollars rose to $5.71 trillion even as the...

  • DALIAN, China, June 29- China needs to strike a balance between deleveraging and maintaining adequate support for some sectors of the economy, a senior International Monetary Fund official said on Thursday. On the global economy, the outlook has been optimistic, Zhang Tao, deputy managing director at the IMF, told the World Economic Forum in the northeastern...

  • BEIJING, June 29- Global coordination is important as the world economy undergoes changes, including the latest increase in U.S. interest rates earlier this month, China's Vice Finance Minister Zhu Guangyao said ahead of a G20 summit of leaders in July. As the global economy stabilises, major countries need to normalise their interest rates, although this is...

  • BEIJING, June 29- Global coordination is important as the world economy undergoes changes, including the latest increase in U.S. interest rates earlier this month, China's Vice Finance Minister Zhu Guangyao said ahead of a G20 summit of leaders in July. As the global economy stabilises, major countries need to normalise their interest rates, although this is...

  • *Loonie touches its strongest since February 27 at C $1.3148. Prices of oil, one of Canada's major exports, hit a one-week high on the back of a weaker greenback, short covering and expectations that crude inventories may decline. The International Monetary Fund also cut its growth forecasts for the U.S. economy citing uncertainty over President Donald Trump's...

  • WASHINGTON, June 27- The International Monetary Fund on Tuesday cut its growth forecasts for the U.S. economy to 2.1 percent for both 2017 and 2018, dropping its assumption that President Donald Trump's tax cut and fiscal spending plans would boost growth. "We are removing that fiscal stimulus because now we have in front of Congress a budget that assumes an...

  • WASHINGTON, June 27- The International Monetary Fund said on Tuesday it had cut its growth forecasts for the U.S. economy to 2.1 percent in 2017 and 2018, dropping its assumption that the Trump administration's tax cut and fiscal spending plans would boost growth. In a statement following a review of U.S. economic policies, the IMF said the Trump...

  • BRUSSELS, June 26- The European Union is in a "very intense phase" in its negotiations for a free-trade agreement with Japan and could sign a provisional deal as early as next week, EU trade chief Cecilia Malmstrom said on Monday. A trade accord with the world's third-largest economy would be the European Union's biggest trade scalp to date. EU and Japanese...

  • June 23- U.S. ratings agency Moody's Investors Service upgraded Greece's long-term issuer rating to' Caa2' from' Caa3' following the extension of a credit lifeline to the country by euro zone governments. The euro zone government had given Greece another 11th- hour credit lifeline worth 8.5 billion euros, last week. The International Monetary Fund Managing...

  • BRUSSELS, June 23- The euro zone economy is growing and unemployment is falling, but underlying inflation is not rising because wage growth has not yet picked up, European Central Bank President Mario Draghi told European Union leaders. Draghi said that sentiment was improving because one of the major uncertainties weighing down confidence last year was...

  • TOKYO, June 21- Japan and the European Union are nearing a broad agreement on a free trade pact, Japanese Foreign Minister Fumio Kishida and a senior EU trade official agreed on Wednesday, the foreign ministry said. Japan and the European Union have been negotiating an Economic Partnership Agreement since 2013 to promote trade and investment by eliminating...

  • ABIDJAN, June 19- The International Monetary Fund's Executive Board approved $224.8 million in additional credit for Ivory Coast under an existing lending framework, it said in a statement on Monday. Ivory Coast has emerged from a 2011 civil war to become Africa's fastest growing economy, but the government has had to cut its budget this year amid falling cocoa...

  • TOKYO, June 19- The International Monetary Fund urged Japan to avoid withdrawing fiscal policy stimulus and said monetary policy should be loosened further if risks to the economy materialize, warning of weak consumption that remains vulnerable to external shocks. To clarify that stance and enhance communication of its policy, the central bank should "phase...