Economy: More bilateral trade agreements

MORE bilateral trade agreements? In place of the TPP, President Trump will seek quick progress towards a deal with Japan when Prime Minister Shinzo Abe visits the White House next month.

The US economy likely ended 2016 with a mild groan more than a rousing cheer, at least according to the government’s end-of-year report card. Gross domestic product is forecast to taper off to 2.2 per cent in Q4, meaning the US will have gone an 11th straight year without reaching 3 per cent GDP.

Greece and its creditors failed to resolve their differences on Thursday during talks held in hopes of finding a solution for the country’s deadlocked bailout. Its government has been caught for months between the IMF’s demands for more austerity and Germany’s refusal to discuss major debt relief, while the country’s debt stands at about 180 per cent of its GDP.

The Bank of Japan is still ways away from its 2 per cent inflation target. December’s core consumer price index — which excludes fresh food — fell 0.2 per cent on year, marking the 10th consecutive month of decline. The yen also came under downside pressure overnight, as the BoJ increased its buying in 5- to 10-year bonds, sending a message that a tapering of its asset purchase programme isn’t on the table.

Iranian supertankers are sailing to Europe for the first time since sanctions were eased last year as one of the world’s biggest crude shippers moves to step up deliveries. While European refiners have been taking small cargoes of Iranian oil, these are the first vessels operated by the National Iranian Tanker Company rather than independent shippers. Each of the very large crude carriers (VLCCs) are capable of carrying more than 2m barrels.