Finance & Economics | WPN World People News

Seasonally adjusted GDP rose by 0.5% in both the euro area (EA19) and the EU28 during the first quarter of 2016, compared with the previous quarter, according to a flash estimate published by Eurostat, the statistical office of the European Union. In the fourth quarter of 2015, GDP grew by 0.3% and 0.4% respectively.

The World Bank Group auctioned 20 million dollars of climate funds on May 12, and this could lead to a reduction of the equivalent of 5.7 million tons of carbon dioxide emissions – or taking 1.2 million passenger vehicles off roads for a year - by 2020. Twenty-one companies took part in a pilot online auction for the right to sell carbon credits, and in order to cash in, the winning 9 firms must reduce methane emissions.

Thirty-nine growth hubs giving 4.7 million businesses across England ready access to the support they need to start up, scale up and create more jobs are now launched, Business Minister Anna Soubry announced on 14 May ahead of the start of Growth Hub Week.

The Executive Board of the International Monetary Fund (IMF) completed its annual review of the Fund’s income position for the financial year ending April 30, 2016 (FY 2016) and set the margin for the lending rate for IMF credit for FY 2017 and FY 2018, on April 22, 2016.

Until China has fulfilled the EU's five criteria for market economy status, its exports to the EU must be treated in a "non-standard" way, say MEPs in a non-legislative resolution passed on Thursday. This non-standard methodology, for use in anti-dumping and anti-subsidy investigations, should assess whether China's costs and prices are market-based, so as to ensure a level playing field for EU industry and defend EU jobs, they add.

The World Bank’s Board of Executive Directors approved a US$150 million loan to the government of Vietnam for the Third Economic Management and Competitiveness development policy operation, on May 12.. The loan is providing flexible budget support to the Government while reinforcing selected structural reform priorities in the government’s Socio-Economic Development Plan.

Country of origin labelling should be made mandatory for meat and milk, MEPs reiterate once again in a non-binding resolution voted on Thursday. Mandatory labelling would help improve consumer confidence in food products by making the food supply chain more transparent, they say.

The OECD and Italy’s National Anti-Corruption Authority have agreed to step up cooperation as part of their broader efforts to combat corruption.

An International Monetary Fund (IMF) staff mission, led by Harald Finger, visited Dubai from May 2-11, 2016 to conduct discussions on the eleventh review of Pakistan’s economic program supported by a three-year IMF Extended Fund Facility (EFF) arrangement. The staff team met with Finance Minister Ishaq Dar, State Bank of Pakistan (SBP) Governor Ashraf Wathra, and other senior officials.

On May 9, 2016 the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Guyana.

Real economic activity expanded by 3 percent in 2015. Lower export commodity prices and budget delays weighted down on activity, while the opening of two new large gold mines helped support growth.