News Desk

China and US May Be Heading Toward WTO Case over Steel Dumping and Tariffs

Date: 29 June 2016

China and the United States are set to square off in a suit before the World Trade Organization (WTO) regarding a brewing dispute over steel imports. China, along with several other countries, has been exporting large quantities of corrosion-resistant steel to the United States at rates domestic producers cannot match. As a result, the US has raised tariffs and may take anti-dumping measures. Meanwhile, China has threatened suit if the US does this.

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Libyan Prime Minister Calls for Unity against ISIS

Date: 29 June 2016

Prime Minister-designate Fayez Al Sarraj has called on Libyan armies throughout the land to join the central state and combat Islamic State’s presence, according to Gulf News. ISIS entered Libya in 2011 after NATO-backed rebels ousted and murdered former leader Muammar Gaddafi. Libya’s economy has since collapsed as various factions compete for power.

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U.S. Economic Growth Improves Despite Plummeting Corporate Profits

Date: 29 June 2016

Corporations are making less money than they used to, but America’s economic growth gained a bit of ground earlier in the year. Corporate profits fell 4.3% on a year-over-year basis in the first quarter, according to a new study by the Bureau of Economic Analysis (BEA). Meanwhile, taxes on corporate income rose by $4.4 billion, as a shift towards higher tax industries caused government inlays to improve.

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Ghana to Continue IMF Austerity Program

Date: 28 June 2016

Ghana was drowning in debt just a few years ago. It still struggles with significant levels of existing debt, but has finally started to turn the corner thanks to an International Monetary Fund (IMF) austerity program. Ghana entered into a three-year program under the guidance of the IMF aimed at getting its economy back under control, and has announced that, despite early success, it will not quit its current program.

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Brexit Vote and Domestic Hurdles Hamper South Korean Economy

Date: 28 June 2016

South Korean officials contend that the Brexit vote will have a slight impact on the economy, according to The Hankyoreh. The government is also concerned about the U.S. Federal Reserve’s potential interest rate hike and troubles within the shipbuilding industry. The South Korean economy is also plagued by low exports, a weak job market/ and corruption.

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American Economic Indicators Flash Red

Date: 28 June 2016

A number of economic indicators released recently point to a weakening American economy. Americans are buying fewer services, manufacturing activity is down, and America’s trade deficit—along with the rest of the world—is growing.

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IMF Praises Central Banks’ Responses to Brexit

Date: 27 June 2016

There is no doubt that the United Kingdom’s (UK) exit from the European Union (EU) will have long-term economic consequences for the entire world. Friday’s response to the news that Britain voted to exit the EU (also known as “Brexit”), however, created an enormous market response.

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Nigerian Militants Grow Bold as Oil Pipeline Damage Continues

Date: 27 June 2016

Militant group Niger Delta Avengers have called for a referendum on the dissolution of Nigeria, according to ABC News. Niger Delta Avengers comprise of militants that attack oil pipelines to counter pollution and supposed exploitation on that part of the government and international oil companies. President Muhammadu Buhari has not responded to the referendum demand thus far.

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French Labor Unrest Results in Numerous Arrests

Date: 24 June 2016

French police arrested around 100 people shortly before Thursday’s labor reform protest march, according to BBC. Many French citizens remain upset over President Francois Hollande’s intention to loosen certain labor laws, such as allowing employers to fire employees when necessary, leeway in lowering wages and increasing the number of hours worked per week.

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World Bank Will Help Mexicans Achieve Greater Financial Inclusion

Date: 24 June 2016

In Mexico, less than half the population has a bank account (just 44%). In fact, 2.6% of the billion individuals around the world without bank accounts live in Mexico. Much of the population lacks any meaningful inclusion in the larger economy and is left out of the regulated financial system.

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Iran May Reach Oil Deal with Kurdistan

Date: 23 June 2016

Iran and the Kurdistan Regional Government (KRG) are on the verge of solidifying a deal exporting up to 250,000 a day of oil to Tehran, according to Al Jazeera. KRG is an autonomous region of Iraq, and Iranian authorities stressed that the deal will not go through without approval from Baghdad. Turkey is a major recipient of KRG oil, but has made no comment about KRG-Iranian talks.

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U.S. Housing Data Disappoints

Date: 23 June 2016

A number of studies point to growing weakness in America’s housing market. Existing home sales grew just 1.8% in May, shy of analyst estimates. Just 5.53 million existing homes were sold in May, up slightly from April but below consensus estimates of 5.57 million units. On a year-over-year basis, existing home sales rose 4.5%.

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Federal Reserve Asserts Negative Rate Authority

Date: 22 June 2016

Negative interest rates may be coming to America. A reality in Japan for years and a growing trend throughout Europe, negative interest rates on government bonds have wreaked havoc on financial markets and standard economic models of bond prices and monetary theory.

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Refugees Demand Compensation in Zambia after Xenophobic Attacks

Date: 22 June 2016

Refugees are lobbying the Zambian government for speedy compensation after suffering attacks at the hands of xenophobic mobs, according to Anadolu Agency. Xenophobia is on the rise in Zambia due to a stagnant economy and ritualized killings, and many suspect that foreigners are behind the murders. Zambia has accepted an influx of refugees from neighboring countries undergoing political and economic turmoil.

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Violence Erupts in Central African Republic (CAR): Aid Workers Attacked

Date: 21 June 2016

Two people were killed in a hail of gunfire on Monday as religious conflicts between Christians and Muslims reached a boiling point, according to Reuters. The perpetrators came from Seleka, a Muslim rebel group that staged a coup in 2013 and persecuted the Christian population. President Faustin-Archange Touadera campaigned on a promise of fostering peace between Christians and Muslims, but has been unsuccessful thus far.

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