South Africa plans to freeze public-sector wages for the next three years to help cut its salary bill and contain a yawning budget deficit. The proposal raises the risk of widespread strikes by the 1.3 million-strong public-sector workforce. Here is why the government wage bill is a problem. WHAT IS THE PUBLIC WAGE BILL?
* Mboweni doubles down on pledge to curb wage bill. * Raises risk of debt crisis unless action taken. * But debt seen peaking at higher level than in June. * Airline SAA gets 10.5 bln rand for rescue plan. By Mfuneko Toyana and Wendell Roelf.
Europe's rollout of vehicle charging points is not keeping up with the strong growth in electric car sales, an industry group said on Wednesday, warning that a lack of infrastructure could hamper future sales of low-emission vehicles.
The Bank of Canada said on Wednesday it expects interest rates to remain at current record lows into 2023, as it shifted its asset purchase program to focus on long-terms bonds and warned of a "long slog" towards a post-pandemic recovery.
The United States' trade deficit in goods narrowed sharply in September and inventories at retailers surged, sealing expectations for record economic growth in the third quarter after the worst performance in at least 73 years.
* Goods trade deficit decreases 4.5% in September. * Retail inventories jump 1.6% * Third-quarter GDP seen rebounding at a 31% rate. By Lucia Mutikani. The United States' trade deficit in goods narrowed sharply in September and inventories at retailers surged, sealing expectations for record economic growth in the third quarter after the worst performance in at least 73 years.
Saudi Arabia posted a budget deficit of 40.768 billion riyals in the third quarter this year, more than half its deficit in the previous quarter, as a spike in non-oil revenues offset a continued decline in oil income.
The Baltic Exchange's main sea freight index, which tracks rates for capesize, panamax and supramax vessels, fell on Wednesday, pulled down by decreasing rates of capesize vessels. * The Baltic index fell 29 points, or 2.1%, to 1,384. * The capesize index slipped 88 points, or 3.9%, to 2,156.
Saudi Arabia posted a 40.768 billion riyal budget deficit in the third quarter this year, the ministry of finance said on Wednesday. Revenue amounted to 215.577 billion riyals and expenditure at 256.345 billion riyals in the three months to the end of September, it said.
Mexican cement producer Cemex on Wednesday reported a third-quarter net loss of $1.54 billion, hurt by impairments and despite a rise in sales after pandemic-linked lockdowns hit the second quarter. The company, which operates in more than 50 countries, said the loss was due to a $1.5 billion non-cash impairment of goodwill and idle assets, and higher financial expenses.
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