US consumer inflation in 7-month high at 0.4% in August as Harvey pushes up gas prices
Businessam Staff
September 14, 2017
US consumer prices are reported to have risen more than expected in August as a result of Hurricane Harvey, which shut down refineries along the Gulf coast and sent petrol prices sharply higher. According to data from the Labour Department on Thursday and reports gleaned from Financial Times, the headline consumer price index rose 0.4 […]
30% of bank jobs may disappear in next 5years, Pandit says
Businessam StaffSeptember 13, 2017
Vikram Pandit, who ran Citigroup Inc. during the financial crisis, said developments in technology could see some 30 percent of banking jobs disappearing in the next five years. Artificial intelligence and robotics reduce the need for staff in roles such as back-office functions, Pandit, 60, said Wednesday in an interview with Bloomberg Television’s Haslinda Amin in […]
China’s FX regulator denies U.S. dollar withdrawal limits
Businessam StaffSeptember 12, 2017
China’s foreign exchange regulator has not modified rules on withdrawals of foreign exchange by individuals, the regulator said on Tuesday, following media reports that it had capped the frequency of U.S. dollar withdrawals at two each week. “We have not released any new rules recently regarding domestic cash withdrawals of foreign currency by individuals,” the […]
Nigeria’s FG, states’ public debt stock hits N19.6trn, says DMO
Businessam StaffSeptember 12, 2017
Nigeria’s public debt stock for both the Federal Government and the states as at June 30 stood at N19.63 trillion, a document by the Debt Management Office (DMO) says. The document obtained from the DMO website Monday, according to NAN said the domestic debt of states stood at N3 trillion, as the Federal Government spent N253.3 […]
UK sold £3.6bn worth of arms to Saudi Arabia during Yemen conflict, report reveals
Businessam StaffSeptember 11, 2017
Since the start of the conflict in Yemen in 2015, the UK reportedly sold £3.6bn in weapons to Saudi Arabia. According to International Business Times, the campaign group Control Arms has produced a report which outlines the extent of arms sales by the UK, France and the US to Riyadh that have continued during a […]
China’s yuan rebounds as economic optimism returns
Businessam StaffSeptember 11, 2017
For those who worry about the state of the world economy, China has long been a major reason to lose sleep. Its financial system labours under a mountain of loans, while weaker growth has prompted many Chinese people and companies to move their money overseas in recent years. China still faces hefty debt and slowing […]
Net investments in Romanian economy, slightly down in H1
Businessam StaffSeptember 11, 2017
Net investments in the Romanian economy dropped by 0.2% in the first half of this year compared to the similar period in 2016, to over RON 29.7 billion (EUR 6.4 billion), according to the country’s National Statistics Institute (INS). Investments in new construction work rose by 2.2% year-on-year. Overall, the share of net investments in […]
Hedge fund manager Hart finally gives up on China bet after he lost millions
Businessam StaffSeptember 7, 2017
Mark Hart, an investor spent seven years and $240 million waiting on a crash in China’s currency. According to Bloomberg, he lost sleep. He lost clients. He almost lost his sanity. And now he’s lost his conviction: Hart, who called for a more than 50 percent yuan devaluation last year, has turned bullish on China and its currency. […]
Bank of Canada raises benchmark rate to 1%
Businessam StaffSeptember 6, 2017
The Bank of Canada forged ahead with another interest rate hike in a nod to the country’s surging economy, while signaling its appetite for further tightening may be curbed by a rising currency and sluggish price pressures. Policy makers raised their benchmark rate 25 basis points to 1 percent, the second increase since July. At the same […]
Doha Bank CEO in talks with foreign lenders to raise debt
Businessam StaffSeptember 5, 2017
Doha Bank QSC is talking to foreign lenders about the possibility of raising long-term funding either through a private placement or public debt sale, according to Raghavan Seetharaman, the Chief Executive Officer. The bank plans to raise debt after completing a 1.3 billion riyal ($352.9 million) rights offer earlier this year, Seetharaman said in an interview […]