Category: INTERNATIONAL
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IMF lifts China growth estimate to 6.7%
The International Monetary Fund (IMF) raised its growth estimate for China for the second time this year while also cautioning that deep reforms are still needed to break away from debt-fueled expansion. The world’s second-largest economy will expand by 6.7% in 2017, the Washington-based fund said in its annual report on Article IV consultations published…
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May resumes talks to keep power amid calls to soften Brexit
Theresa May is under growing pressure to abandon her plan for a hard Brexit as she tries to stitch together a deal with Northern Ireland’s Democratic Unionists that will keep her Conservative Party in power. Two former Tory prime ministers broke cover on Monday to demand that May reassess her approach to leaving the European…
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China’s consumers, factories hold up as property starts to cool
China’s retail sales and industrial output remained resilient in May, while signs emerged that measures to cool the property market are having some effect. Key points Industrial output rose 6.5% from a year earlier Retail sales increased 10.7% matching economists’ projections Fixed-asset investment expanded 8.6% in first five months, trailing estimates as property development investment…
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Abu Dhabi’s Etihad Airways to drop San Francisco route from October
Abu Dhabi’s Etihad Airways said on Wednesday it is suspending flights to San Francisco in the United States from October after falling passenger demand curbed the route’s profitability. The flight, launched in November 2014, was already reduced from a daily service to three times a week earlier this year. The suspension is from October 29…
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German postal service enlists Ford for electric vans drive
German logistics group Deutsche Post DHL Group (DPWGn.DE) is expanding its foray into electric delivery vans, signing Ford (F.N) as a components supplier for a new line of larger vehicles, the companies said on Wednesday. Deutsche Post initially developed an electric minivan dubbed Streetscooter for its own operations to avoid inner-city emissions after growth in…
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World stocks march on as Fed rate hike looms, dollar steady
Stocks rose on Wednesday, but worries about stretched valuations and caution before a near-certain rate hike by the U.S. Federal Reserve kept their gains in check, while the dollar steadied against a basket of major currencies. The widely expected quarter-point interest rate hike will take the Fed funds target rate above 1 percent for the…
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Uber director David Bonderman resigns from board following comment about women
Uber Technologies Inc director David Bonderman said on Tuesday that he has resigned from the company’s board following a remark he made during an Uber staff meeting that was widely seen as offensive to women. Bonderman’s ill-timed remark came during an all-staff meeting Tuesday to discuss of how the ride-services company plans to transform itself…
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EFG Hermes eyes acquisition in Nigeria, Kenya brokerage licence
Egypt’s EFG Hermes wants to enter Nigeria through an acquisition and expects to get regulatory approval to start a brokerage business in Kenya this year as part of a big push into frontier markets, a senior executive told Reuters on Monday. The investment bank also plans to boost its research team to between 12 and…
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S.A: Eskom Chairman Ben Ngubane resigns
Dr Ben Ngubane has resigned with immediate effect as Non-Executive Director and Chairperson of the Board of Eskom. “Dr Ngubane formally tendered his resignation, which I accepted,” Minister of Public Enterprises, Lynne Brown, said. “I would like to thank Dr Ngubane for his contribution to turning Eskom around since the load shedding days of 2014/15,…
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Moody’s downgrades the five largest South African banks to Baa3; outlook negative
Moody’s Investors Service, (“Moody’s”) has today downgraded to Baa3 (negative outlook) from Baa2 (Rating Under Review outlook), the long-term local- and foreign-currency deposit ratings of the five largest South African banks: The Standard Bank of South Africa Limited, FirstRand Bank Limited, Absa Bank Limited, Nedbank Limited, and Investec Bank Ltd.. The rating agency has also…