 | IMF cuts global growth
forecast, warns on euro THE International Monetary
Fund on Monday cut its global
growth forecast and warned that
the outlook could dim further if
policymakers in Europe do not
act with enough force and speed
to quell their region´s debt crisis.
In a mid-year health check of...
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| | WTO to rule
on US payment
card dispute
with China |  THE World Trade Organisation
will publish a ruling on Monday
in a dispute launched by the
United States in 2010 over market
access for credit cards and
debit cards in China, which
Washington accuses of running
a virtual monopoly.
Either side can appeal and if
they do so the case will be considered
by the WTO´s Appellate
Body, which would take up to
90 days to issue a final ruling.
In its complaint launched in
September 2010, the United
States said China was keeping
foreign firms out of the market
for electronic payment services
denominated in China´s currency,
the yuan.
With firms such as Visa Inc ,
Mastercard and American
Express restricted to foreign
currency transactions, China
UnionPay (CUP) enjoyed a
monopoly ... | | | Shell abandons fight for
Cove, clears way for PTT |  ROYAL Dutch/Shell on
Monday abandoned the battle
for control of gas explorer
Cove Energy, shocking
investors and clearing the
way for Thai rival PTT
Exploration & Production to
acquire it.
Investors had anticipated
a higher offer from one or
both bidders, prompting
hedge funds to buy in to
Cove stock, and an auction
process had been due to
start this week.
PTT is offering 240 pence
per share or about $1.9 billion
for Cove, which has
made huge east African gas
finds. Shell had bid 220
pence.
Cove shares closed at
275.5 pence on Friday but
after Shell´s shock
announcement on Monday
they dropped 13 percent on
the day to stand just shy of
PTT´s offer at 238.5 pence.
"Shell Bidco has today
decided not to revise its offer
of 220 ... | | | IMF lowers
India´s growth
forecast to
6.1% for 2012 |  INTERNATIONAL Monetary
Fund (IMF) has lowered
India´s growth forecast by
0.7 per cent to 6.1 percent for
2012 — the steepest cut for
any nation — in view of deteriorating
global economic
situation.
The IMF, in its update of
the World Economic
Outlook, has also cut India´s
growth projection for 2013
by a similar margin to 6.5
percent.
"In the past three months,
the global recovery, which
was not strong to start with,
has shown signs of further
weakness," it said while
updating its April Economic
Outlook.
The IMF has reduced the
global growth forecast for
2012 to 3.5 percent from 3.6
percent. For 2013, the
growth forecast has been
lowered to 3.9 percent , from
4.1 percent , indicating that
there are harder times ... | |
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