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Dollar fades from two-week high tied to trade fears

NEW YORK: The dollar dipped against a basket of currencies on Friday, fading from a two-week peak which was tied to news of a record Chinese trade surplus that may fuel US-China trade tensions and that briefly spurred safe-haven bids for the greenback. The dollar’s pullback likely stemmed from modest gains on Wall Street and a drop-off in trading volume before the weekend, analysts said. “The US dollar has been moving inversely with stocks. They could have restrained the dollar somewhat,” said Eric Viloria, currency…

New Zealand push on clean power comes with high political, economic risks

WELLINGTON/MELBOURNE: New Zealand has set out to burnish its clean, green image by becoming Asia Pacific’s first developed economy to stop using fossil fuels to generate power, although the pitfalls encountered by a Maori iwi, or tribe, may signal trouble ahead. The 3,000-member Ngaati Kea Ngaati Tuara iwi in Rotorua, when switching to renewables, found local geothermal sources were not hot enough to generate electricity. So, the tribe set up small hydro units for its meeting ground and dairy farm, but the units…

IMF raises Saudi Arabian growth prospects over high oil prices

DUBAI: The International Monetary Fund on Monday raised its growth projection for the deficit-hit Saudi economy on the back of higher oil prices but retained its estimates for the region. In its World Economic Outlook update, the IMF said the Saudi economy — which shrank 0.7 percent last year — is expected to grow by 1.6 percent in 2018, up 0.5 percent on its October estimates. The Saudi economy is also projected to grow by 2.2 percent next year, up 0.6 percent on the previous estimate, it said. The IMF however…