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Nepal And The World News In Brief (2 - 8 September 2013)

  2 min 37 sec to read

US GDPUS GDP Accelerates Sharply 
The U.S. economyaccelerated more quickly than expected in the second quarter thanks to a surge in exports, bolstering the case for the Federal Reserve to wind down a major economic stimulus program. Gross domestic product grew at a 2.5 percent annual rate, according to revised estimates for the period that were released by the Commerce Department on Thursday.  
 
China Oil China Oil Giant Sinopec Buys into Egypt for $3.1 bln
Chinese oil giant Sinopec will pay $3.1 billion for a one-third stake in the Egyptian oil and gas business of US firm Apache Corp. it said on Friday, as China builds up its access to global energy reserves. The deal, which is still subject to regulatory approval, marks Sinopec’s first entry into Egypt’s upstream oil and gas sector, according to a company statement.
 
Gold Drops Below $1,400Gold Drops Below $1,400
Gold slid below $1,400 an ounce on Friday as the dollar rallied to a four-week high, with investors squaring positions at the end of the month and cashing in on a recent run-up ahead of a long U.S. holiday weekend. Spot gold eased 0.93 percent to $1,394.51 an ounce by after slipping to a session low of $1,392.06 an ounce. U.S. December gold futures lost $18.10 an ounce to $1,394.8 an ounce, down 1.28 percent.
 
BRICS AgreeBRICS Agree Capital Structure for Development Bank 
The BRICS bloc of large emerging economies have agreed on the capital structure for a proposed development bank that aims to reduce their reliance on Western financial institutions, a newspaper reported. Officials from Brazil, China, India, Russia and South Africa agreed to set up the bank with a total capital of $50 billion, shared equally among them, it quoted an unnamed senior Indian government official as saying.  
 
SamsungSamsung Emerges as the Top supply chain Company in Asia Pacific
Korean electronics major Samsung has been ranked at the top in IT research firm Gartner’s list of 25 major performing supply chain organisations in Asia Pacific region.  Chinese PC and mobile devices maker Lenovo bagged the second position, backed by impressive revenue growth and inventory turns, Gartner said. 

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