April 14, 2013
US retail sales see fall in March
US retail sales fell in March across all sectors, official figures have shown, suggesting that recent tax rises are starting to affect consumers. The US Commerce Department said consumers spent a total of $418bn, a fall of 0.4% on the previous…
April 14, 2013
JP Morgan makes record quarterly profit
JP Morgan has reported record first quarter profits of $6.5bn (£4.2bn) and says there are signs the US economy is "healthy and getting stronger". The bank said it had reported a strong performance across all businesses. Retail banking deposits…
April 14, 2013
IMF recognises Somalia government after 22-year break
The International Monetary Fund has recognised the government of Somalia after a break in relations of 22 years. The move could enable the IMF to provide technical support and policy advice to the impoverished country in the Horn of Africa. However,…
April 10, 2013
Barack Obama unveils $3.77tn budget plan
US President Barack Obama has unveiled a $3.77tn (£2.4tn) budget that proposes fresh taxes on the wealthy along with cuts to benefit programmes. The White House is offering to trim pensions and healthcare costs, but only in return for $700bn in…
April 10, 2013
WTO cuts 2013 trade growth forecast
The World Trade Organization (WTO) has cut its trade growth forecast for 2013 because of risks from the eurozone crisis and from greater protectionism. Global trade is now expected to grow by 3.3% this year, the WTO says, down from its earlier…
April 10, 2013
Brussels warns on Spanish and Slovenian ‘imbalances’
UK hourly labour costs have fallen nearly two euros (£1.7; $2.6) below the EU average, data from the EU's statistics agency Eurostat show. The EU average in 2012 was 23.4 euros hourly - and in the UK it was 21.6. Eurostat calls the figures…
April 10, 2013
Jamaica to Receive $200 Million More from IMF
Jamaica is set to receive some US$200 million more in financial assistance under the International Monetary Fund (IMF) agreement, than initially anticipated. A statement by the lending agency on Monday, April 8, noted Jamaica’s progress in the…
April 9, 2013
Dominican Republic woos China, but Taiwan ties loom large
Dominican Republic can be the gateway for Chinese products to U.S. and European markets, due to the Caribbean country’s free trade agreements with both regions, said Economy minister Temistocles Montas, who’s visiting the Chinese capital today.…
April 9, 2013
Taiwan plastics heir sues over ‘$15 billion in Bermuda trusts’
The Bermuda Supreme Court must decide a case that involves one of Taiwan’s largest companies and a family fortune worth billions held in trusts on the Island. Winston Wong, the son of Formosa Plastics Group’s late founder Wang Yung-ching, has sued…
April 9, 2013
Government auction of bonds under-subscribed – treasury bills over-subscribed
Grenada’s recent default on an international bond and uneasiness in the long-term capital market have been blamed for St. Vincent and the Grenadines being unable to successfully auction an EC$40 million (One EC dollar = US$0.37 cents) 10 year-bond.…