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IMF renews $73b credit line for Mexico

Washington: The International Monetary Fund renewed a $73 billion standby credit line for Mexico on Friday, with the aim of giving the country a backstop amid global financial turbulence.

The new two-year “flexible credit line” is mainly precautionary, the IMF said as it renewed the facility for the third time since 2009.

“Since the global crisis, M


Deals site LivingSocial cuts 400 jobs worldwide

New York: Online deals company LivingSocial is cutting 400 jobs worldwide, or about nine per cent of its work force, as the deals market continues to face challenges.

LivingSocial spokesman Andrew Weinstein said on Thursday that all but a few dozen of the cuts are in the US. The company’s sales force faced the highest number of cuts, while others a


Coffee prices plunge on global supply forecast

The price of coffee plummeted 3.7 per cent on Friday on expectations that bountiful harvests in Brazil and Central America will add to already ample global supplies.

Coffee for March delivery fell 5.8 cents to end at $1.506 (Dh5.53) per pound. The price has fallen nearly 34 per cent this year, largely on predictions that Brazil’s harvest will be r


Italy’s Monti moves to save steel plant

Rome: The Italian government on Friday issued a decree allowing work to resume at a massive steel plant caught up in a pollution dispute but considered vital to the country’s economy.

Thousands of workers had faced losing their jobs at the Taranto plant, the biggest steel mill in western Europe, which was shut down this week after prosecutors


Moody’s cuts AAA rating of ESM rescue fund

Washington: Moody’s cut the triple-A rating of the European Stability Mechanism rescue fund on Friday by one notch and gave it a negative outlook, citing its earlier downgrade of key ESM backer France.

Moody’s said the French downgrade on November 19, a one-step cut also from Aaa, reflects its view that there has been “a marginal diminution” in the


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Abatera Tours is an expert destination management company that covers all aspects of inbound tourism business including FIT Travel, Leisure groups and Meetings, Incentives, Conferences & Events (MICE)...

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