IMF BOOSTS OUTLOOK FOR EUROPE, BUT NOT THE U.S.
WASHINGTON» The International Monetary Fund upgraded the economic outlook for Europe, Japan and China this year. But the fund left its forecast for global growth unchanged from an April forecast, partly because the United States is unlikely to get much help from tax cuts and higher spending.
In a report out Monday, the IMF kept its expectation for worldwide economic growth at 3.5 percent this year. But it now forecasts 1.9 percent growth for the 19 countries that use the euro currency (up from 1.7 percent in April). The fund expects Japan to grow 1.3 percent (up from the previously expected 1.2 percent) and China to expand 6.7 percent (versus 6.6 percent).
The U.S. economy is expected to grow 2.1 percent.
Report says automakers colluded on emissions.
GERMANY» The FRANKFURT, German auto industry’s troubles over excessive diesel emissions are looming larger.
Shares in the three biggest German automakers fell Monday after Der Spiegel claimed Volkswagen, Audi, BMW, Mercedes and Porsche had colluded since the 1990s over diesel technology.
BMW was off 2.6 percent, Daimler 3.7 percent and Volkswagen 2.6 percent.
Russia chides oil producers.
MOSCOW» Major oil producers need to show greater discipline in sticking to output cuts aimed at raising the price of crude, Russia’s energy minister Alexander Novak said Monday. OPEC and several non-OPEC states such as Russia decided last year to rein in output, but prices have fallen below $50 a barrel in recent weeks.
Greece prepares to return to bond markets.
GREECE» Greece is ATHENS, poised to tap international bond markets for the first time in three years in a move the government hopes will signal that the country is ready to its exit its bailout era. The country said Monday it had hired six global banks to manage the five-year bond issue on Tuesday.
Taxi app Grab builds war chest.
Taxi app Grab has been given an additional $2 billion in financing, revealing the competition among car services in Asia that have forced companies like Uber to take a back seat to rivals with deep pockets. The latest round of funding comes from Japan’s Softbank and China’s top ride-hailing firm Didi Chuxing.