The oil-rich kingdom said that its spending is expected to reach 890 billion riyals ($237 billion) with revenues of $184 billion. The budget deficit will reach 8 percent of GDP or 198 billion riyals ($52.7 billion) a decline compared to the 2016 deficit, which reached 297 billion riyals ($79 billion).
Five counties exceeded $1 billion: Davidson County and Nashville at $6.5 billion; $3.5 billion in Shelby County, where Memphis is located; $2 billion in Sevier County, gateway to the Smoky Mountains; $1.1 billion in Hamilton County, Chattanooga's county; and $1.1 billion in Knox County, home to Knoxville.
Global remittances have grown to a record level of $613-billion in 2017, a 7% increase from $573-billion in 2016, according to the World Bank. Payments to low- and middle-income countries rose at a high percentage: up 8.5% to $466-billion last year, from $429-billion the year before, according to the World Bank's Migration and Development Brief. This follows two years of decline in these payments, which are generally by expats sending money home to family. African countries Nigeria (with $22-billion) and Egypt ($20-billion) ranked fifth and sixth in the list of top recipients, behind India ($69-billion), China ($64 billion), Philippines ($33 billion), and Mexico ($31 billion). "Sub-Saharan Africa remains the most expensive place to send money to, where the average cost is 9.4%," said Dilip Ratha, lead author of the brief.
WASHINGTON – The U.S. trade deficit narrowed to $42.4 billion in August, the lowest in 11 months. The Commerce Department said Thursday that the trade gap -- the difference between exports and imports -- fell in August, from $43.6 billion in July. Exports were $195.3 billion, up from $194.5 billion in July and most since December 2014 on higher shipments of cars, telecommunications equipment and pharmaceuticals. Imports slid to $237.7 billion from July's $238.1 billion. The monthly deficit in goods rose 26 percent with Mexico to $6.2 billion, and 4 percent with China to $34.9 billion.
Ericsson is also looking towards artificial intelligence (AI) and automation to push its business, as the company reported 54 billion Swedish kronor (SEK) (almost $6 billion) in net sales for the third quarter, up from 49 billion SEK in the same quarter last year. Cost of sales for the quarter was 34 billion SEK, down from 36 billion SEK this time last year, while research and development (R&D) expenses were down from 10.5 billion SEK to 9.4 billion SEK. Opex was 16 billion SEK, down from 17 billion SEK. Total net income for the quarter was 2.6 billion SEK, an improvement on the 3.5 billion SEK loss this time last year, with net sales in its Networks division up by 13 percent year on year to 35.9 billion SEK. Across Networks, products were up by 17 percent to 25 billion SEK and services rose by 5 percent to 10.6 billion SEK.