Economics News Results

  • Fed cuts interest rates, signals holding pattern for now

    * Divisions highlighted in 7-3 vote on policy decision. * Trump blasts Fed chief as 'terrible communicator' By Howard Schneider and Ann Saphir. The U.S. Federal Reserve cut interest rates again on Wednesday to help sustain a record-long economic expansion but signaled a higher bar to further reductions in borrowing costs, eliciting a fast and sharp rebuke from President Donald Trump.

  • UAE central bank cuts rates by 25 basis points

    The United Arab Emirates central bank said on Wednesday that it was cutting interest rates applied on the issuance of certificates of deposits by 25 basis points, effective Sept. 19. The central bank also said the repo rate for borrowing short-term liquidity had been cut by 25 bps. Earlier, the U.S. Federal Reserve cut rates by a quarter of a percentage point.

  • Kuwait oil sector heightens security after Saudi Aramco attacks

    Kuwait's oil sector is on high alert and has raised its security to the highest level as a precautionary measure in the wake of the weekend attack on Saudi Arabia's oil facilities, a Kuwaiti oil official said on Wednesday. The oil-rich Gulf state has said it stands behind Saudi Arabia, condemning attacks last Saturday that struck the world's biggest crude oil processing facility.

  • U.S. housing starts, building permits scale 12-year high

    U.S. homebuilding surged to more than a 12-year high in August as both single- and multi-family housing construction accelerated, suggesting that lower mortgage rates were finally providing a boost to the struggling housing market. The report from the Commerce Department on Wednesday also showed permits for future home construction rose to levels last seen in 2007.

  • Lawyers for Tanzanian journalist jailed since July demand police conclude probe

    Lawyers representing a prominent Tanzanian journalist demanded on Wednesday that authorities who have charged him with financial crimes conclude their investigations and release him if they lack evidence. A Tanzanian court postponed the hearing against Erick Kabendera for the fifth time since his arrest in July in a case that right groups and his lawyers say is politically motivated.

  • Lebanon to launch steps to issue FX bonds very soon - finmin

    Lebanon will "very soon" start measures to issue bonds in foreign currency of about $2 bln, Finance Minister Ali Hassan Khalil said on Wednesday. Khalil said in April the government was preparing to issue Eurobonds in the range of $2.5 billion to $3 billion to finance state needs.

  • Lebanese economic growth zero if not negative -finance minister

    Lebanon's economic growth is zero if not negative, leading to pressure on the central bank's foreign currency reserves, Finance Minister Ali Hassan Khalil said on Wednesday. "The level of growth went back to zero, if not negative, and therefore this matter led to an increase in the pressure on reserve in foreign currencies, the accumulation of the deficit in the treasury," Khalil said.

  • U.S. housing starts, building permits scale 12-year high

    * Housing starts increase 12.3% in August. * Single-family starts rise 4.4%; multi-family up 32.8% * Building permits gain 7.7%; single-family up 4.5% By Lucia Mutikani.

  • Canadian inflation falls to 1.9% in August on lower gas prices

    Canada's annual inflation rate fell slightly to 1.9% in August on lower gasoline prices, Statistics Canada said on Wednesday in its first major data release since Canadian politicians formally hit the campaign trail.

  • India's monsoon rains above-average for third straight week -weather office

    Monsoon rains in India in the week through to Wednesday were above average for a third straight week, the weather office said, with floods hitting many districts in the central parts of the country and damaging crops such as soybean and pulses. Monsoon rains are crucial to farm output and economic growth because the agricultural sector accounts for about 15% of India's $2.5 trillion economy.

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