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Russian memo to WTO says U.S. sanctions are illegal

published about 3 hours ago
By Tom Miles GENEVA (Reuters) - Russia has told the United States that its Ukraine-related sanctions on a Russian bank and Russian citizens are illegal under World Trade Organization rules and must be scrapped. Russian Economy Minister Alexei Ulyukayev said last week that Russia could launch a dispute at the world trade body to challenge U.S. sanctions. The latest warning, set out in a confidential document circulated at the WTO on Wednesday, explained what grounds Russia would have for doing ... more

South Africa c'act gap risk to financial system stability - cbank

published about 5 hours ago
South Africa c'act gap risk to financial system stability - cbank
South Africa's current account deficit, while shrinking, presents a marked risk to the stability of the country's financial system, the Reserve Bank said on Thursday. Africa's most advanced economy relies heavily on foreign portfolio inflows to finance the gap, which narrowed to 5.1 percent of gross domestic product in the fourth quarter of 2013, from 6.4 percent previously. In its latest financial stability review, the bank said one of the more prominent risks to domestic financial stability was the impact ... more

FACTBOX-Key pending reforms facing India's next government

published about 5 hours ago
The biggest challenge for India's next government, due to take charge after election results in May, will be to pull the economy out of its deepest slump in decades. Thursday was the sixth round of voting, which runs to May 12, with one recent opinion poll showing that the opposition Bharatiya Janata Party (BJP) and its allies may win an outright majority, ousting the Congress-led government. Here are 10 economic reform challenges that will require urgent attention from the new ... more

IMF says sub-Saharan Africa faces heightened risk of capital outflows

published about 6 hours ago
IMF says sub-Saharan Africa faces heightened risk of capital outflows
Investment in infrastructure and natural resources will continue to underpin economic activity in sub-Saharan Africa, although capital outflows sparked by tighter global financial conditions pose a risk to growth, the IMF said on Thursday. "The main downside risk to this generally positive baseline scenario is the risk that growth in emerging markets might slow much more abruptly than currently envisaged," the International Monetary Fund said in its latest Regional Economic Outlook. "As advanced economies tighten their monetary policies, frontier market ... more

Japan, US focusing on trade statement, final deal elusive-official

published about 6 hours ago
Japanese and U.S. cabinet members are trying to hammer out a joint statement on trade but are not likely to reach a bilateral deal in the course of talks on Thursday, a Japanese official said. "There are too many issues remaining to wrap them up even if we worked through the night," the official said, just hours after President Barack Obama and Prime Minister Shinzo Abe ordered their trade negotiators to seek a deal, considered key for reaching an Asia-Pacific ... more