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Appointment of U.S.-based economist as India adviser hits Modi hurdle

published about 2 hours ago
Appointment of U.S.-based economist as India adviser hits Modi hurdle
By Frank Jack Daniel NEW DELHI (Reuters) - Prime Minister Narendra Modi has not decided whether to appoint U.S.-based economist Arvind Subramanian as the government's chief economic adviser, a senior government source told Reuters, in a delay that may impact policy and budget preparations. Subramanian, a senior fellow at the Peterson Institute for International Economics, was informally recommended to the post by Finance Minister Arun Jaitley more than a month ago but Modi still wants to discuss the appointment, the ... more

South Africa's rand gains traction as weak data hurts dollar

published about 2 hours ago
South Africa's rand gains traction as weak data hurts dollar
JOHANNESBURG (Reuters) - South Africa's rand strengthened against the U.S. dollar on Thursday, extending its gains into a second session as the greenback slid on weaker-than-expected manufacturing activity. At 0624 GMT the rand was 0.49 percent stronger vs the dollar, its firmest in five days, trading at 11.2055 off a New York close of 11.2650. The local unit carried over its positive momentum from the previous session, strengthening after the dollar fell against major currencies as the world's largest economy ... more

Thai junta says will help kick-start stalled Dawei talks

published about 3 hours ago
Thai junta says will help kick-start stalled Dawei talks
BANGKOK (Reuters) - Thailand will revive talks with Japan and Myanmar aimed at kick-starting the floundering multi-billion dollar Dawei Special Economic Zone in Myanmar, a junta spokesman said on Thursday. The project is arguably Southeast Asia's most ambitious industrial zone - a 250-sq-km (100-sq-mile) deep-sea port, petrochemical and heavy industry hub located along the slim Thai-Myanmar peninsula. ...

South Africa's rand firms in temporary reprieve from heavy selling

published about 3 hours ago
South Africa's rand firms in temporary reprieve from heavy selling
JOHANNESBURG (Reuters) - The rand firmed against the dollar in late afternoon trade on Wednesday, momentarily shrugging off domestic pressures to mirror moves on the euro after weaker than expected U.S. data. South Africa's currency has been dragged to eight-month lows in the past week as poor domestic economic data compounded an emerging market rout prompted by expectations that the U.S. Federal Reserve will begin raising interest rates before long. ...

IMF says Kenya's new economic numbers show reforms are working

published about 3 hours ago
IMF says Kenya's new economic numbers show reforms are working
By Duncan Miriri and Edmund Blair NAIROBI (Reuters) - An upward revision of Kenya's economic output shows that the country's economic reforms are paying off, with the potential for future growth to exceed 6 percent a year, an International Monetary Fund (IMF) official said on Wednesday. Kenya announced on Tuesday that last year's gross domestic product was $53.4 billion - 25 percent higher than previously stated - after updating the base year for its calculation. Growth for 2013 was revised ... more