IMF urges Japan to take 'bold action' on reforms, debt mess TOKYO- Japan needs "bold action" on revamping its economy and improving its precarious national finances, the International Monetary Fund says in its latest assessment of the world's third-largest economy. It said doubts about Japan's "long-term fiscal sustainability"- whether it can pay off its huge debt- could rise if investors lose confidence.
Source: The Associated Press
| By: By ELAINE KURTENBACH, AP Business Writer
Slow it down! Don't fast track the TPP Obama may want to take his foot off the gas when it comes to the TPP trade deal, says the Fletcher School's Bhaskar Chakravorti.
| By: Bhaskar, Chakravorti, senior associate dean at the Fletcher School at Tufts University
U.S. Senate aims to pass fast-track trade bill Friday WASHINGTON, May 22- The U.S. Senate on Friday was poised to approve the "fast-track" authority that President Barack Obama says he needs to complete a 12- nation Pacific Rim trade deal central to projecting American influence in Asia. The Republican-controlled Senate still must decide several amendments, including a contentious one on currency manipulation...
| By: Richard Cowan and Jason Lange
PRECIOUS-Gold set for biggest weekly drop in four weeks on stronger dollar LONDON, May 22- Gold fell on Friday, on course for its biggest weekly decline in four weeks, as the dollar rebounded after a stronger-than-expected rise in U.S. core consumer prices in April. It was down 1.6 percent for the week, however, heading for its biggest fall since the week ended April 24 and 2.4 percent below a three-month high of $1,232.20 hit on May 14.
| By: Clara Denina
US stocks mostly unchanged on lower oil, higher inflation OIL DROP: The price of oil fell $1.05, or 1.8 percent, to $59.66 a barrel, helping push down the stocks of drillers and other energy-related companies. Hess Corp. lost 1 percent. THE QUOTE: "We don't think inflation is really a problem," said Jim McDonald, chief investment strategist at Northern Trust.
Source: The Associated Press
| By: By BERNARD CONDON and KELVIN CHAN, AP Business Writers
UPDATE 2-India plans new oil subsidy rules to push ONGC stake sale *No discount if oil prices average $60/ bbl in June qtr. NEW DELHI, May 22- India plans to reform rules governing the level of discounts upstream state oil firms including ONGC offer to retailers, a senior finance ministry official said on Friday, a move that could expedite the sale of a stake in the company. Currently ONGC, Oil India and GAIL sell crude and fuels like...
| By: Nidhi Verma and Manoj Kumar
Hyundai Motor says to boost output of Tucson SUV SEOUL, May 22- Hyundai Motor said on Friday it would boost output of its Tucson sport utility vehicle by adding production at a South Korean assembly line that currently makes sedans in order to meet demand from markets including the United States. Hyundai Motor, which with sister firm Kia Motors is the world's fifth-largest automaker, has been grappling with...
Gaza's economy "on verge of collapse" says World Bank *Gaza's economic output contracted 15 percent in 2014. JERUSALEM, May 22- Gaza's economy is in a worse state than any other in the world, with unemployment at a global high, output contracting sharply and the long-term prospects worrying, the World Bank said on Friday. "Blockades, war and poor governance have strangled Gaza's economy and the unemployment rate is now...
| By: Luke Baker