MIDEAST OIL EXPORTERS FACE BIG LOSSES

dubai, united arab emirates» Oil exporting countries in the Middle East lost a staggering $390 billion of revenue because of lower oil prices last year and should brace for deeper losses of around $500 billion this year, the International Monetary Fund said Monday.

The fund had predicted a smaller loss. But oil prices took a tumble, and the drop in revenue amounted to a $30 billion larger loss. The IMF said these countries will see revenues from oil exports drop even more in 2016.

U.S. new-home sales fall for third month. Americans

stepped back from buying new homes in March, the third straight monthly decline as sales plunged sharply in the Western states.

New-home sales slipped 1.5 percent last month to a seasonally adjusted annual rate of 511,000, the Commerce Department said Monday. That rate has dropped steadily from 519,000 in February and 521,000 in January. Sales plummeted 23.6 percent in the West, which has been prone to volatile swings in sales as one of the nation’s priciest housing markets.

Fed likely to keep rates unchanged. The U.S. job

market is healthy. The stock market is up. Home prices are rising. Yet as the Federal Reserve prepares to meet this week, it seems in no mood to resume raising interest rates from ultra-lows.

With the global economy struggling and U.S. inflation still below the Fed’s target rate, many economists see little likelihood of a rate increase even before the second half of the year.

The outlook for the world economy was downgraded this month by the International Monetary Fund, which warned of the risk of another international recession. Any major global slump would, in turn, hinder U.S. growth.

Government closes Honda probe. The U.S. government

has closed an investigation into Honda’s failure to report deaths and injuries, saying that the company has met all of its obligations.

The National Highway Traffic Safety Administration said Monday that Honda paid a $70 million fine and took steps needed to make sure similar failures don’t happen again. The government fined Honda in December 2014 in what then was the largest civil penalty levied against an automaker.

Luxury SUVs vie for Chinese attention.

Automakers are showcasing a new generation of luxurious SUVs at China’s biggest auto show of the year as they battle for buyers in the country’s cooling, crowded market.

Sales of SUVs, the popular option on China’s rough roads, soared 52 percent last year, the only product segment that still is growing in the world’s largest market.

Valeant Pharma picks new CEO. Valeant Pharmaceuticals

has chosen Perrigo Co. chairman and CEO Joseph C. Papa to become its new CEO, replacing J. Michael Pearson. The embattled drugmaker said Monday that Papa will start early next month and will join the company’s board. He has served as Perrigo Co. Plc CEO since 2006 and was chairman of that company’s board since 2007.