Saudi Arabia posts $135 billion deficit, raises petrol prices

SAUDI Arabia on Monday said this year’s budget deficit amounted to $135 billion (367 billion riyals) as lower oil prices cut into the government’s main source of revenue, prompting the kingdom to scale back spending for the coming year and hike up petrol prices. A royal decree announced that petrol prices would go up by 50 per cent effective Tuesday. ... Read More »

Asian shares higher on strong lead from Wall Street

Asian shares headed higher on Wednesday, getting a strong lead from Wall Street where rising oil prices led to a rebound in the market. The S&P 500 and the Dow Jones indexes both gained over 1% as oil prices rallied overnight to climb by around 3% after Monday’s declines. Encouraging economic data such as housing and consumer confidence in the ... Read More »

Facebook class action lawsuits to go ahead

Facebook chief executive Mark Zuckerberg and chief operating officer Sheryl Sandberg are listed as defendants in the case Two US class action lawsuits against Facebook by shareholders alleging it hid growth concerns ahead of its 2012 public listing can now go ahead. A federal judge certified the legal proceedings, Reuters reports, saying investors who claim they lost money could pursue ... Read More »

Punjab govt seeks more funds from Reserve Bank

unjab government has asked the Reserve Bank to increase the credit limit so that payments could be made to farmers in view of the bumper paddy output, which led to a higher procurement by the state agencies. State Food and Civil Supplies Minister Adaish Partap Singh Kairon today said RBI had sanctioned a limit of Rs 18,972 crore for paddy ... Read More »

Oil prices will reach $70 a barrel by 2020, says Opec

Oil producers’ group Opec has said it expects oil prices to recover to $70 a barrel by 2020. Prices have fallen from more than $110 a barrel in the summer of 2014 to less than $37 a barrel now due to oversupply and slowing demand. But Opec said oil prices would begin to rise next year and, longer term, would ... Read More »

UK growth estimate revised down to 0.4% for third quarter

The UK economy grew by 0.4% in the third quarter of the year, figures show, less than previously estimated. The rate was revised down from 0.5% because the key services sector, which accounts for well over 70% of UK economic activity, grew more slowly than had been thought. It is the third estimate for the quarter from the Office for ... Read More »

Coal India produces 9 percent more in FY 2015

IANS | Dec 26, 2015, 10.19 PM IST Coal India Limited (CIL). NEW DELHI: State-run Coal India Limited (CIL) produced 9 percent more coal in the current fiscal than in 2014, the government said on Saturday. In a tweet, coal secretary Anil Swaroop said: “Coal production by Coal India crosses nine percent over last year’s record production. Well done. Keep ... Read More »

World Bank may revise India’s growth projection: Kaushik Basu

KATA: World Bank chief economist Kaushik Basu on Saturday indicated that the bank may revise its GDP growth projection for India after it goes for a stock-taking in a few months. “There could be some changes in the January review of India’s growth forecast,” Basu said.He was responding to media queries on whether failure of the Centre to get the ... Read More »

Politics 2016: Next year will be big, for you and your wallet

SINCE 2007 we’ve been saying the next political year can’t possibly be as tumultuous as the one just ending, and for each of those eight years we have been wrong. Dead wrong. So with some boldness, one could forecast that 2016 will be free of the drama which surrounded five prime ministerships, ended in coups or elections, and might even ... Read More »

The midyear budget statement at a glance

TREASURER Scott Morrison has announced new savings in the Mid Year Economic and Fiscal Outlook including a crackdown on welfare payments, health cuts and tougher means testing for childcare. Here’s what the MYEFO statement means at a glance. • The deficit is up 6.5 per cent from $35.1b to $37.4b • The projected return to surplus has been delayed one ... Read More »