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In the News
Gas prices up 11 cents
in past week
AAA Michigan says gasoline prices are up 11 cents per gallon over the past week to a statewide average of $3.86.
The auto club says today the statewide average is about 96 cents per gallon higher than last year at this time.
Of the cities it surveys, AAA Michigan says the cheapest price for self-serve regular fuel is in the Lansing area, where it's $3.77 a gallon. The highest average can be found in the Ann Arbor area at $3.89.
Dearborn-based AAA Michigan surveys 2,800 Michigan gas stations daily.
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World economy not facing major risk: IMF
The global economy is not facing 'any major downside risk,' but more needs to be done to put the financial sector on sounder footing and to lay plans for tightening budgets in rich nations, the IMF's chief economist said on Monday.
'Clearly the health of the financial system is still not good,' the IMF's Olivier Blanchard told a news conference, adding that Europe still had a lot to do in the short run.
'On fiscal, what is needed, especially most in advanced countries, is a very substantial fiscal adjustment and only a limited number of countries have put in place a medium-term fiscal plan which is fully credible.' he added.
Developed nations are seeing very little pass-through to core inflation from rising food and energy prices, he said.
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Middle East is a major target for international retailers
Middle East markets are benefiting from the ongoing global economic instability as international retailers target economies with the best growth prospects and those least likely to be affected by austerity measures, according to recent studies.
The study mapped the global footprint of 323 of the world's top retailers across 73 countries to identify trends in global retail expansion at national and local level. It found that Middle East markets are attracting an increasing number of international retailers and are competing with established global retail centers, with Dubai climbing the rankings to share the top position with London as the most targeted retail destination. Kuwait City and Riyadh also maintained key positions in the top 20 ahead of many established destinations.
The United Arab Emirates (UAE) placed second to the United Kingdom (UK) as the most highly penetrated global market, attracting 54% of all international retail brands surveyed. The UK maintained its position as the world's most international retail market for the fourth year running with 58%, while the US made up the final position in the top three with 50%. Other Middle East countries fairing well in the study were Saudi Arabia (11th), Kuwait (14th), Bahrain (29th), and Qatar (=30th).
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