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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