| US warns China, Japan, S.Korea on currencies | | The United States on Friday said China’s currency remains “significantly undervalued” and warned Japan and South Korea against weakening their currencies to gain a trade advantage. | | Eurozone approves Cyprus bailout | | Eurozone finance ministers formally approved on Friday the terms of a problematic Cyprus debt rescue that will cost Nicosia far more than first thought, with the government seeking additional help. | | US retail takes new knock | | US retail sales contracted in March for the second time in three months and consumer confidence tumbled in April, a sign that tax hikes early this year have stolen momentum from the American economy. | | $9.16b Cyprus bailout gets euro ministers’ backing | | Eurozone finance ministers backed a €10 billion ($9.16 billion) bailout for Cyprus on Friday and the European Commission said it would try to help the island’s economy grow again with better use of EU structural funds. | | 3.4m Japan vehicle recall | | The impact of the massive worldwide recall of 3.4 million vehicles by four Japanese car makers is being felt in the UAE as Al-Futtaim Motors, the exclusive distributors of Toyota in the UAE, confirmed on Thursday that it is recalling Camry and Corolla models from 2001 to 2003 “in a voluntary service campaign”. | | Jobless claims data calms US labour jitters | | The number of Americans filing new claims for unemployment benefits fell more than expected last week, which eased fears of a marked deterioration in labour market conditions after a surprise stumble in job growth in March. | | Libya grants $2b no-interest loan to Egypt | | CAIRO - Libya has granted an interest-free loan of $2 billion to cash-strapped Egypt to help it battle its economic crisis, local media reported on Thursday, citing an Egyptian finance ministry official. | | Qatar throws Egypt $3b lifeline amid IMF talks | | Gas-rich Qatar threw Egypt another unconditional financial lifeline on Wednesday as the Arab world’s most populous nation struggles to secure an IMF loan to ease its deepening economic crisis. | | WTO: Global trade to be weaker than expected | | Global trade will be weaker than expected this year as European economies struggle with their debt crisis, and will recover only slightly in 2014, the World Trade Organisation said on Wednesday. | | Obama sends Congress $3.77 trillion spending plan | | President Barack Obama is sending Congress a $3.77 trillion spending blueprint that seeks to achieve an elusive “grand bargain” to tame runaway deficits by raising taxes further on the wealthy and trimming popular benefit programs that provide pensions and health care to elderly and poor. | |
