News Wrap

IN THIS morning’s News Wrap: IMF cuts growth outlook; company on ANU blacklist takes action; and FAR discovers a potential billion barrels of oil.

Lou Caruana

IMF cuts growth outlook

The International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday, warning of weaker growth in core euro zone countries, Japan and big emerging markets like Brazil, according to the Sydney Morning Herald.

In its flagship World Economic Outlook report, the Washington-based lender cut its global growth expectations to 3.3% for this year and 3.8% for next year. In July it had expected growth of 3.4% in 2014 and 4% in 2015.

The IMF has now cut its current-year growth forecasts nine out of 12 times in the last three years as it consistently overestimated how quickly richer countries would be able to pull free from high debt and unemployment in the wake of the 2008-2009 global financial crisis.

Company on ANU blacklist takes action

One of the companies blacklisted by Australian National University’s $1 billion investment fund says it will pursue its legal rights against the consultants who advised the university on the move, according to the Australian Financial Review.

Karl Simich, CEO of Sandfire Resources, which operates the DeGrussa copper-gold mine 900km northeast of Perth, said the profile of his company provided by Canberra based CAER is “one of the most appalling and misleading and categorically incorrect and false reports or profiles I have ever read in my entire life”. CAER denies the charge.

FAR discovers a potential billion barrels of oil

Junior explorer FAR has welcomed a potentially huge oil discovery in its acreage off Senegal in West Africa, that could have a billion barrels of oil in place or more, according to the Australian Financial Review.