Global markets: Drought in India expected to take financial toll

By Commodity News Service Canada

WINNIPEG, May 11 – The following is a glance at the news moving markets globally.

INDIA’S DROUGHT EXPECTED TO HURT ECONOMY
India’s drought is expected to take about a US$100 billion toll on the national economy, according to reports on Wednesday.

Water shortages across ten states and loss of livestock and farm economy are expected to contribute to the declines.

SOUTH AFRICAN ECONOMY MOVES TO THIRD PLACE IN AFRICA: IMF
Egypt has likely replaced South Africa as Africa’s third largest economy, International Monetary Fund (IMF) officials said.

The South African economy is expected to expand only 0.6 per cent this year, according to reports.

Nigeria became the first largest economy in Africa in 2014.

MITSUBISHI FUEL SCANDAL EXTENDS TO TWO MORE MODELS
Mitsubishi’s falsified fuel efficiency data extends to another two models of vehicles, according to reports on Wednesday.

Four models of vehicles had already been identified—about 625,000 mini-vehicles have been produced using misreported data since June 2013, reports say.

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