Zambia has raised its 2010 economic growth forecast to 6.6 percent from a June forecast of 5.8 percent after a higher than expected performance in the first half of the year, Finance Minister Situmbeko Musokotwane has announced. “We adjusted the growth forecast to 6.6 percent from 5.8 percent because we now know that mining, agriculture…
Ukraine has secured a $950m loan from China to build a railway link between Kiev and the capital’s main airport and has hired a Chinese company for the project, the Chinese People’s Daily newspaper said on Friday. Ukrainian President Viktor Yanukovich, who arrived in China on Thursday for a state visit – the first by…
German President Christian Wulff has increased pressure on the Bundesbank to dismiss its contentious board member Thilo Sarrazin, arguing that the central bank needed to limit damage to Germany’s reputation. Sarrazin has divided Germany with criticism of the country’s large Muslim community, and outspoken remarks asserting that Jews have a particular genetic makeup, sparking calls…
Japan’s growing dependence on China for growth grates with concerns over its expanding military reach, deepening a dilemma over how to engage with its giant neighbour even as the two trade places in economic rankings. But while the interdependence raises the risks for the world’s second- and third-biggest economies if relations sour, it also boosts…
Russia, Saudi Arabia and Bahrain are home to the wealthiest expats, with Eurozone countries falling behind when it comes to paying for foreign expertise, according to a survey of expats. The third annual report commissioned by HSBC Bank International found finances among expats were generally positive with two-thirds, or 66 percent, saying they have more…
World stocks fell on Tuesday in markets dominated by concerns the US economy is sliding back into recession, prompting further flows into safe-haven assets. The yen – favoured for carry trades at times of economic stress – hovered back near 15-year high against the dollar after investors brushed off Japan’s attempt to weaken the currency,…
Norway’s Seadrill Ltd, the world’s number two deepwater oil rig group, is ready to throw its weight around now that the Gulf of Mexico oil spill has made life harder for smaller players. “We see the current market volatility as a good opportunity to look for investment opportunities,” the group controlled by shipping tycoon John…
Irish publishing group Independent News & Media has posted its first revenue growth in more than two years as recovering advertising pushed first-half sales up eight percent. Pretax profit excluding one-off items rose 39 percent. The Dublin-based group has had to sharpen its focus on titles in Ireland, as well as in South Africa, New…
Painful cost cuts and tax rises have eroded support for Prime Minister Emil Boc’s centrist coalition. His opponents want tax cuts and could even topple the eight-month-old government. Whether Boc’s government survives or not, a divided parliament is likely to prevent much-needed reforms and leave Romania struggling to meet its commitments under a 20 billion…
Dubai World is prepared to sell prized assets including previously ringfenced ports firm DP World in a bid to raise as much as $19.4bn to repay creditors, a document obtained by reporters shows. The document, presented on July 22 to creditors at Dubai’s lavish Atlantis Hotel, also revealed that the state-owned conglomerate’s debt stood at…
