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  Jeddah / Tribune News Service Saudi Arabia is a key partner in international development and among the world’s top donors as the provision of external assistance and donations are major aspects of its foreign policy. In a speech delivered at the Human Rights Council by Faisal bin Trad, Saudi ambassador to the UN, in Geneva, said that the Kingdom ...

  Bloomberg Federal Reserve Chair Janet Yellen seems to be coming around to what her one-time rival, Lawrence Summers, has been arguing for a while: Some of the forces holding down interest rates may be long-lasting and secular. That’s reflected in a marked downgrade in rate projections released by policy makers after their meeting on Wednesday. Six of 17 now ...

  Bloomberg The world’s most prominent oil forecaster, the International Energy Agency, anticipates near-equilibrium between supply and demand in global crude markets next year. If OPEC members can’t resolve some massive output disruptions, that will turn into a significant shortfall. World oil production in 2017 will very nearly match consumption, ending several years of oversupply, the Paris-based IEA forecast on ...

  Bloomberg Brazil’s Acting President Michel Temer proposed to legislators spending caps that are designed to shrink a near-record budget deficit and restore investor confidence in Latin America’s largest economy. The proposal would amend the constitution, essentially freezing current government expenditures in inflation-adjusted terms through 2036, though there would be the possibility of adjustments after the first 10 years, according ...

  Bloomberg Mexico’s retail market is getting a jolt as Chile-based retail giant SACI Falabella reaches northward to grab a piece of an expanding consumer market. South America’s largest department store chain, which sells everything from power tools to women’s clothes and treadmills, is making headway in Mexico as consumption drives a better-than-expected expansion in the country. The company is ...

  Bloomberg Jaguar Land Rover opened a factory in Brazil as part of efforts to increase local sourcing of components and reduce the impact of currency fluctuations on its profits. The plant is the company’s first wholly owned facility outside its home market of the U.K. and will produce the Discovery Sport and Range Rover Evoque sport utility vehicles for ...

  Bloomberg California has overtaken France as the world’s sixth-largest economy, fueled by strong growth and the U.S. dollar’s gains against foreign currencies, state data show. The most-populous U.S. state, with a gross domestic product of $2.5 trillion, has also eclipsed recession-plagued Brazil. “This is the result of both good growth in California and exchange-rate movements of the U.S. dollar ...

  Bloomberg Car owners and the U.S. government have an extra week to file settlement proposals in Volkswagen AG’s diesel-cheating case after a federal judge delayed the filing deadline, citing the “highly technical nature” of the negotiations. Lawyers for the drivers, the U.S Department of Justice and the Federal Trade Commission now have until noon on June 28 to file ...

  Bloomberg Mark Carney hit back against critics who accused him of supporting the U.K.’s membership in the European Union as a new poll showed the Leave campaign holding its lead ahead of next week’s referendum. The Bank of England has “a duty” to report its “evidence-based judgment” to parliament and the public, the institution’s governor wrote in a letter ...

  Bloomberg The pound dropped toward a two-month low versus the dollar as traders awaited the Bank of England’s final policy meeting before the U.K. votes on its membership to the European Union. Sterling weakened against 12 of its 16 major peers, dropping to a three-year low versus the yen. The June 23 referendum has dominated the currency market with ...