#IMF Report: has cut its two-year global economic growth forecast due to uncertainty surrounding Britain’s #Brexit from the European Union – @AceFinanceNews

#AceFinanceNews – July.24: Brexit Prompts Cuts in Global Economic Growth Forecasts

The #IMF said Tuesday it now expects the world’s Gross Domestic Product (GDP), the total value of goods and services produced annually by 189 member countries, to grow 3.1 percent in 2016 and 3.4 percent in 2017.

Both numbers are 0.1 percent lower than April estimates. Britain’s vote to leave the EU has created a “sizeable increase in uncertainty” that may adversely impact investment and consumer confidence, according to the IMF.

#Brexit is expected to have the greatest impact in Britain, where the IMF reduced its 2016 GDP forecast to 1.7 percent, down 0.2 percent from its April projections.

Britain’s 2017 forecast was cut more sharply, 0.9 percent, to 1.3 percent.

The #IMF’s projections are based on relatively mild assumptions about #Brexit, including limited political fallout and no further major financial market disruptions.

The #IMF also prepared a “severe” projection which anticipates a messy British #Brexit from the EU in which London loses much of its financial services sector to continental Europe.

That scenario predicts Britain would fall into recession and global economic growth would dip to 2.8 percent in 2016 and 2017.

A middle “downside” projection shows global growth at 2.9 percent in 2016 and 3.1 percent in 2017. IMF Chief Economist Maury Obstfeld said rebounds in global financial markets after the initial shock of #Brexit helped persuade the #IMF to choose the most benign of the three scenarios.

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BRITAIN: News story: The UK supports Vietnam in improving the recognition and enforcement of economic development in Vietnam and providing funding to improve trading – @AceFinanceNews

#AceFinanceNews – July.24: Under a new project funded by the UK Government’s Prosperity Fund- Project “Supporting the implementation of international arbitration standards to increase Vietnam’s economic development through its improved business investment environment”

The two parties will seek to enhance the capacity of the Ministry of Justice and other stakeholders through the establishment of guidelines on the recognition and enforcement of foreign arbitral awards in Vietnam.

A long-term action plan will also be developed for the Ministry of Justice to carry out its tasks as the National Agency responsible for the implementation of the New York Convention in Vietnam. In addition, a report on co-operation and monitoring mechanism among relevant agencies will be drafted in order to enhance the recognition and enforcement of foreign arbitral awards in Vietnam.

Giles Lever, British Ambassador, said:

Read more: Latest News Story: The UK supports Vietnam in improving the recognition and enforcement of foreign arbitral awards in Vietnam | ‘ Ace Press Releases & Live Reportshttps://acenewsgroup.wordpress.com/2016/07/24/news-story-the-uk-supports-vietnam-in-improving-the-recognition-and-enforcement-of-foreign-abritral-awards-in-vietnam/

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Recode and Bloomberg are reporting that Verizon plans to announce on Monday a deal to buy Yahoo, according to sources with knowledge of the situation – Bloomberg – @AceFinanceNews

#AceFinanceNews – July.24: Verizon in one-on-one talks with Yahoo to buy internet assets, apparently beating out rival bidders, say sources – Bloomberg

http://bloom.bg/2af4QGY

Recode and Bloomberg are reporting that Verizon plans to announce on Monday a deal to buy Yahoo, according to sources with knowledge of the situation.

The deal is reported to be valued at almost $5 billion and is expected to be announced pre-market, sources say.

Others interested in buying Yahoo have included private equity firm TPG and a group led by Quicken Loans’ Dan Gilbert, according to Recode … Developing story …..

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BRITAIN: #Brexit Measures as Hammond prepares to reboot UK economy by stimulating borrowing thus creating greater debt and bringing the fall of the financial institutions even closer to the collapse – Was this the plan before #Leave took place to cover up all of #Osborn’s austerity gaffs – @AceFinanceNews

#AceFinanceNews – July.24: Brexit offers key opportunity to reboot UK economy

Britain urgently needs a version of Abenomics, involving monetary policy, fiscal policy and structural reform

After years of sitting on its hands, the Bank of England will swing back into action next month with measures to nurse the economy through the post-Brexit period. Interest rates will be cut from their already historic low of 0.5%. The Bank is considering pumping more electronic money into the economy and could ease credit conditions.

The Treasury is also gearing up to provide stimulus measures. Now that George Osborne’s plan to balance the budget by the end of parliament has been ditched, there is scope for Philip Hammond to be more creative in his autumn statement later this year. He has already dropped the broadest of hints that he will seize this opportunity….

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Verizon customers who use excessive data must make a choice switch plans or lose service this will affect a small number of unlimited data users whose usage is “hundreds of times” greater than the a verage, Verizon said in a statement – @AceFinanceNews

#AceFinanceNews – July.24: Verizon warns HUGE data users: Switch plans or else

The wireless provider informed affected customers about the change — a small number of unlimited data users whose usage is “hundreds of times” greater than the average, Verizon said in a statement.

Users who fit this category must switch over to one of Verizon’s new plans by August 31. If they don’t, their lines will get disconnected.

More than 100 million Americans rely on our network to stay connected to their friends, family and colleagues, and to the information they need,” the statement read. “Our network is a shared resource and we need to ensure all customers have a great mobile experience.”

Verizon said less than 1% of its customers still have unlimited data. Only a small number of these customers use “extraordinary amounts of data” and are subject to the change.

The highest data plan currently offered by Verizon is 100 GB — it’s meant to be shared by several users and costs $450 a month. It includes the monthly amount of data as well as unlimited unlimited talk and text.

Verizon said the users who have been notified were using “significantly more” than 100 GB on their individual devices.

The customers received letters with information about the change and there will also be a note about it on their statements.

Verizon stopped offering unlimited data in 2011. The affected customers were grandfathered in and have yet to switch over to limited data plans….

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CHINA: #G20 After #Brexit and Trumps nomination the members of the exclusive club decide to band together under what they call ‘ Inclusive Economic Trading ‘ to control growth rather than allow growth – @AceFinanceNews

#AceFinanceNews – July.24: G20 pledges inclusiveness, but payoff will take time

Global finance officials, jolted by growing anti-trade and economic nationalism movements behind Britain’s vote to leave the European Union and Donald Trump’s U.S. presidential campaign, are intensifying pledges for more “inclusive” growth…..

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