Latest news with #HughLawson
Zawya
3 days ago
- Business
- Zawya
Ethiopia, IMF staff agree programme review that could unlock $260mln
Ethiopia and the International Monetary Fund have reached a staff-level agreement on the third review of the country's $3.4 billion loan programme from the lender, the Fund said on Friday. Once approved by the IMF's Executive Board, Ethiopia will gain access to another $260 million in financing. "The (Ethiopian) authorities' policy actions in the first year of the programme have yielded strong results. The transition to a flexible exchange rate regime has proceeded with little disruption," the IMF statement said. "Macroeconomic indicators have performed better than expected, with substantially better outcomes than forecast for inflation, goods exports and international reserves." (Reporting by Alexander Winning; Editing by Hugh Lawson)
Zawya
7 days ago
- Business
- Zawya
Gulf Cooperation Council, Malaysia agree to launch free trade talks, GCC says
The Gulf Cooperation Council countries agreed on Monday to launch free trade talks with Malaysia on the sidelines of the GCC-ASEAN Summit in Kuala Lumpur, the GCC said in a statement. (Reporting by Menna Alaa ElDin and Ahmed Elimam; Editing by Hugh Lawson)
Zawya
07-04-2025
- Business
- Zawya
Saudi Arabia's non-oil business sector resilient in March, PMI shows
DUBAI - Saudi Arabia's non-oil private sector activity grew rapidly in March with new orders boosted by lower prices and improved economic conditions, although the rate of growth slowed from January's near 14-year high, a survey showed on Monday. The seasonally adjusted Riyad Bank Saudi Arabia Purchasing Managers' Index (PMI) edged down to 58.1 in March from 58.4 in February but remained far above the 50 mark signalling growth. The new orders subindex slipped to 63.2 in March from February's blistering 65.4 reading. Despite the slower momentum, businesses engaged in stockpiling, anticipating sustained sales growth. Employment growth was driven by increased sales volumes and efforts to boost capacity. The survey data pointed to the best quarter for job creation in over 12 years. Naif Al-Ghaith, Riyad Bank's chief economist said that improved business conditions are supported by government efforts to enhance regulatory frameworks and infrastructure investments, paving the way for greater private and foreign investments. Saudi Arabia's Vision 2030 plan to diversify its economy away from hydrocarbons aims to increase the non-oil sector's contribution to GDP to 65% by 2030. It is currently over 50%. Input cost inflation eased to a four-year low in March, prompting companies to reduce selling prices for the first time in six months amid strong market competition. Backlogs of work increased sharply, the fastest since August 2018, due to higher orders and constrained capacity. The survey showed a marked softening of business activity expectations for the year ahead across the non-oil economy, however. (Reporting by Reuters; Editing by Hugh Lawson)
Zawya
06-03-2025
- Business
- Zawya
Poor retail sales data highlight euro zone's consumption slump
Euro zone retail sales unexpectedly dipped in January, adding to signs that a long-predicted consumption-led recovery is not yet on the horizon, fresh data from Eurostat showed on Thursday. Retail sales in the 20 nations sharing the euro currency dipped by 0.3% on the month, confounding expectations for a 0.1% rise, as non-food products and fuel sales both fell. It was the fourth straight month of contraction or zero growth, and retail figures have been trending down for the past half year. Consumption was widely expected to take off in the second half of last year as real wages finally caught up to levels before the inflation surge of 2022-2023. But households are still choosing to save up their cash, worried that the relentless flow of negative news from trade tensions to Russia's war in Ukraine and an industrial recession could drag the bloc into recession and lead to massive job losses. Those fears have been proven wrong so far as employment continues to rise to record highs but hours worked are falling and order levels in manufacturing remain low, denting confidence. Among the bloc's biggest countries, Germany reported a small rise in retail sales, but France and Italy both recorded drops. Retail sales rose by 1.5% compared with a year earlier, a slowdown from 2.2% a month earlier and also below expectations for 1.9%. Weak consumption is a key reason the European Central Bank is all but certain to cut interest rates once again on Thursday and keep the door open to more monetary policy easing. (Reporting by Balazs Koranyi; Editing by Hugh Lawson)
Reuters
03-03-2025
- Reuters
Israeli police say there are casualties in suspected shooting in city of Haifa
JERUSALEM, March 3 (Reuters) - Israeli police said on Monday that multiple casualties were reported in a suspected shooting attack in the northern city of Haifa. Israel's ambulance service said six people were wounded, including two who were in a critical condition. The Reuters Daily Briefing newsletter provides all the news you need to start your day. Sign up here. Reporting by Maayan Lubell; Editing by Hugh Lawson Our Standards: The Thomson Reuters Trust Principles., opens new tab
