IMF BOOSTS OUT­LOOK FOR EUROPE, BUT NOT THE U.S.

The Denver Post - - BUSINESS - — The As­so­ci­ated Press

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.

JAKARTA,

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.

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