Pakistan will reduce power subsidies, remove tax breaks and penalize those not declaring income as Prime Minister Nawaz Sharif tries to narrow the budget deficit to meet the terms of an International Monetary Fund loan.
Thirty-year Treasuries extended a fifth monthly gain, the longest rally since 2006, and European bonds climbed while U.S. stocks fell before a report that may show a contraction in the world’s largest economy.
U.S. stocks fell, after a four-day rally lifted the Standard & Poor’s 500 Index to a record, as losses among retailers overshadowed gains in phone shares and utilities before a report tomorrow that may show the economy contracted in the first quarter.
Nigeria’s currency may face a “gradual depreciation” of as much as 15 percent this year with the naira coming under pressure as the Federal Reserve reduces its asset purchase program, said United Bank for Africa Plc Chief Executive Officer Phillips Oduoza.
United Bank of India Ltd., the lender with the highest percentage of bad loans in the country, may receive a government capital injection to boost its risk buffers, Finance Ministry Banking Secretary Rajiv Takru said.