Business & Economy

BRICS business leaders call for stronger economic cooperation

BRASILIA, Nov 14 (NNN-Xinhua) — Business leaders from the BRICS bloc of emerging economies called for stronger integration among member countries to deepen economic cooperation amid rising protectionism.

Integration “is a necessity and a historic trend, and there is no way to stop it,” Xu Lirong, a Chinese member of the BRICS Business Council, said at this year’s BRICS business forum.

Britain to become ‘second rate’ in the world after Brexit: EU’s Tusk

BRUSSELS, Nov 14 (NNN-AGENCIES) — Britain will lose influence in international affairs and become a “second-rate player” after it leaves the European Union, European Council President Donald Tusk said.

Backers of Britain’s 2016 vote to exit the EU, the world’s largest trading bloc, say that the country – the world’s fifth largest economy – will achieve a new global status unshackled from EU rules and closer to the United States.

Tusk said only a united Europe could confront an assertive China and play an effective global role.

Qatar cabinet approves new media law

14 Nov 2019; MEMO: Qatar’s cabinet yesterday approved a draft law regulating press, publications, media activities and arts and referred it to the Shura Council.

The draft law will replace Law No. 8 of 1979 on Publications, and Decree Law No. 16 of 1993 on the Regulation of advertising, public relations and artistic production and works.

In May, Emir of Qatar Sheikh Tamim Bin Hamad Al Thani issued a law on the establishment of a Media City.

India: 'RBI to cut rates by 40 bps by Feb despite high inflation'

Mumbai, Nov 14 (PTI) Headline inflation is bound to rise further to 5 per cent for November, but despite the pinch in price rise, the Reserve Bank will go for two consecutive rate cuts on growth concerns, a report said on Thursday.

The consumer price inflation fastened to 4.62 per cent for October in official data released on Wednesday, resulting in concerns over RBI's rate stance, given that the central bank is mandated to keep the number at 4 per cent.

Tourist Arrivals In Asia Grow Faster: ADB Report

MANILA, Nov 13 (NNN-PNA) – Tourist arrivals in Asia grew faster than anywhere else in the world, a new Asian Development Bank (ADB) report said today (Wednesday).

The report, titled The Asian Economic Integration Report 2019/2020: Demographic Change, Productivity, and the Role of Technology, also disclosed that, international tourism receipts hit a record 368 billion U.S. dollars in 2017.

“Inbound tourists from both Asia (up by 10.3 percent from 2016) and non-Asia (up by 8.2 percent) contributed to the high growth in Asian tourism,” the report said.

Israel claims European court ruling on settlement goods is ‘discriminatory’

13 Nov 2019; MEMO: The Israeli government slammed yesterday’s European court ruling on labelling settlement produce as a form of discrimination and vowed to thwart its implementation.

In a much-anticipated decision, the European Court of Justice (ECJ) decided that European Union countries must identify products made in Israeli settlements in the occupied Palestinian territory.

Female Kuwait minister who ‘hindered the state’, resigns

13 Nov 2019; MEMO:Kuwait’s Minister of Public Works and Housing Affairs, Janan Boushahri, yesterday announced her resignation as she was being questioned at the country’s National Assembly, official news site KUNA  reported.

“From my rostrum, I announce my resignation because, unfortunately, companies and influential people are stronger than the right,” Boushahri said.

India: Retail inflation jumps to 4.62 pc in Oct

New Delhi, Nov 13 (PTI) Retail inflation surged to 4.62 per cent in October, mainly on account of higher food prices, according to government data released on Wednesday.

The inflation based on Consumer Price Index (CPI) was 3.99 per cent in September and 3.38 per cent in October 2018.

The inflation in the food basket spiked to 7.89 per cent in October 2019 as against 5.11 per cent the preceding month.

Indian Rupee crashes to over 2-mth low, tumbles 62 paise

Mumbai, Nov 13 (PTI) The rupee nosedived 62 paise to hit an over two-month low of 72.09 to the US dollar on Wednesday as poor macro data and lingering worries over US-China trade war weighed on sentiment.

At the interbank foreign exchange, the rupee opened on a weak note at 71.75 against the US dollar. As the day progressed, it crashed below the 72-level and touched the day's low of 72.10. The Indian unit finally settled at 72.09 -- registering a fall of 62 paise over its previous close.

New Zealand holds off further cuts to record low rates

Wellington, Nov 13 (AFP/PTI) New Zealand's central bank held interest rates at a record low on Wednesday but said it was ready to step in with stimulus to support the struggling economy.

The Reserve Bank of New Zealand kept borrowing costs at 1.0 percent, confounding forecasts for a cut to 0.75 percent.

Officials said that since its last reduction in August economic developments "do not warrant a change to the already stimulatory monetary setting at this time", although the immediate future did not look promising.

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