Economy NewsRSS

Nigeria to raise 1.2 trl naira in T-bills in Q1
LAGOS (Reuters) - Nigeria's central bank said on Friday it plans to raise about 1.22 trillion naira ($6.61 billion) in treasury bills in the first quarter of next year. The bank in an issuance calendar said it plans to issue 230.88 billion naira worth of 3-month treasury bills, 291.53 billion of 6-month paper and 700.56 billion in one year notes between Dec. 18 to March 5, next year. Nigeria, Africa's top economy, issues treasury bills twice a month to fund its budget and manage liqudity in the banking system. ($1 = 184.50 naira)
12/19/2014 07:51 AM

UK public finances improve in November, helped by forex fines

Britain's Chancellor of the Exchequer Osborne tours market stalls promoting the livelihoods of small business owners at Downing Street in LondonBy William Schomberg and Andy Bruce LONDON (Reuters) - Britain's public finances improved in November helped by fines paid by banks for a foreign exchange scandal, giving some respite to Chancellor George Osborne as he tries to show voters he can keep on bringing down the deficit. Separately, retailers reported booming sales, underscoring how consumers are propelling Britain's strong economic recovery. The two data releases represented welcome news for Osborne and Prime Minister David Cameron ahead of what promises to be a tight election in May. ...


12/19/2014 07:36 AM

Futures indicate higher start before inflation data

A man walks past an old Toronto Stock Exchange sign in Toronto(Reuters) - Stock futures pointed to a higher start for Canada's main stock index on Friday ahead of the release of inflation data. December futures on the S&P TSX index were up 0.24 percent at 7.15 a.m. ET. Data on consumer price inflation in November and retail sales in October is due at 8.30 a.m. ET Canada's main stock index rose on Thursday, with energy stocks bucking weak oil prices as investors returned to riskier assets after an upbeat assessment of the U.S. economy by the Federal Reserve. Dow Jones Industrial Average e-mini futures were up 0.39 percent at 7.15 a.m. ...


12/19/2014 07:34 AM

Tanzania’s GDP expands by 32 pct after rebasing - officials

A general picture shows the skyline of Tanzania's port cty of Dar es SalaamBy Fumbuka Ng'wanakilala DAR ES SALAAM (Reuters) - Tanzania's gross domestic product has expanded by 32 percent after the state rebased its calculation to incorporate new sectors in the economy, including big discoveries of natural gas, officials said on Friday. The east African country's GDP stood at 69.8 trillion Tanzanian shillings ($41.33 billion) in 2013 after the rebasing, up from a previous estimate of 53 trillion shillings, the National Bureau of Statistics (NBS) said. ...


12/19/2014 06:15 AM

Russia's Lavrov criticizes Ukraine statement on neutral status

Russia's FM Lavrov speaks to media in a news conference during the OSCE meeting in BaselMOSCOW (Reuters) - Russian Foreign Minister Sergei Lavrov criticized on Friday a statement by Ukrainian President Petro Poroshenko on ending Ukraine's neutral status as confrontational rhetoric favored by what Russia calls Kiev's 'party of war'. "The draft law to reject Ukraine's neutral status as well as the order from Petro Alexeyevich Poroshenko about the economic blockade of the southeast (Ukraine) is a tribute to the rhetoric that the party of war in Kiev thirsts after," Lavrov told a news conference. (Reporting by Gabriela Baczynska, Writing by Thomas Grove, Editing by Timothy Heritage)


12/19/2014 05:31 AM

Russia's parliament rushes through bill boosting banking capital

People stand in line to withdraw money at an ATM of a bank in central MinskMOSCOW (Reuters) - Russia's lower house of parliament passed a draft law that would give the banking sector a capital boost of up to 1 trillion rubles ($16.5 billion) on Friday, part of measures to shield banks from Western economic sanctions. Russia's financial sector is reeling from the country's slide toward recession and Western sanctions over the Ukraine crisis that have restricted banks' access to international capital markets, driving their funding costs sharply higher. ...


12/19/2014 05:28 AM

Kremlin aide sees rouble liquidity deficit as a key problem
MOSCOW (Reuters) - The Kremlin's top economic aide, Andrei Belousov, said on Friday Russia's most acute problems are not over the rouble rate against the dollar but over a deficit of rouble liquidity.
12/19/2014 05:28 AM

European stocks set for biggest weekly gain of 2014

A man stands next to a stock quotation board displaying Japan's Nikkei average at the Tokyo Stock Exchange in TokyoBy Marc Jones LONDON (Reuters) - World markets are ending their last full week of 2014 on a high, as Wall Street made its biggest two-day advance since late 2011 and European shares headed for their strongest week of the year. The gains came amid relief that the Federal Reserve appears in no rush to withdraw stimulus from the U.S. economy and as investors began to see the advantages of lower oil and fuel costs that should ultimately help global growth. European stocks climbed 0. ...


12/19/2014 05:26 AM

Tokyo market rides the bull into Christmas

The Tokyo market is in a bullish mood having shrugged off ruble jitters, analysts sayThe Tokyo market appears to have shrugged off fears about the Russian ruble crisis, with investors bullish as they prepared for the last few days of trading this year, analysts said. While plunging oil prices and the Russian currency crisis threatening to deliver investors a lump of coal, spirits remained high after the US Federal Reserve this week hinted that it was on track for a mid-2015 interest rate hike as data continues to show a recovery in the world's number one economy. The Tokyo Stock Exchange will be closed Tuesday for a national holiday, the emperor's birthday. On Friday, the Nikkei 225 index at the Tokyo Stock Exchange climbed 411.35 points to finish at 17,621.40, thanks largely to the robust performance on Wall Street shares overnight and a rising dollar.


12/19/2014 04:59 AM

Asia stocks boast biggest rise in 15 mths, BOJ brightens

A man is reflected in an electronic stock quotation board outside a brokerage in TokyoBy Wayne Cole SYDNEY (Reuters) - Asian shares enjoyed their best day in 15 months on Friday, after Wall Street boasted its biggest two-day advance since late 2011 amid relief the Federal Reserve was in no rush to withdraw stimulus from the U.S. economy. The gains came even as oil stayed under pressure, suggesting equity investors were beginning to see the positives in lower fuel costs and increased consumer spending power. Japan's Nikkei climbed 2.0 percent to erase most of it's recent losses, while Australia's main index romped ahead by 2.1 percent. ...


12/19/2014 03:26 AM

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