Rate hike

    A SURVEY of business economists found that a majority still expect the U.S. Federal Reserve to raise interest rates before the end of the year, with the broader economy expected to grow at a slightly faster pace in 2015 than previously forecast.

    Economists now expect the gross domestic product, adjusted for inflation, to rise 2.5 percent for the year, according to the survey by the National Association for Business Economics. That’s up from the previous forecast of 2.4 percent in June. The uptick is the result of a stronger-than-expected growth in the first half of the year, however. For the remainder of the year, economists lowered their forecast.

    Budget surplus

    NEW ZEALAND yesterday posted a budget surplus for the first time since 2008, fulfilling a financial target it set itself after borrowing billions of dollars to pay for the fallout from the global financial crisis and a devastating earthquake.

    The slim surplus of 414 million New Zealand dollars (US$275 million) in the year ending June represented just 0.2 percent of the nation’s economy. Finance Minister Bill English said the plan was to pay down public debt over time.

    Ride-hailing firms

    INDIA has drafted guidelines to regulate ride-hailing companies, including U.S.-based Uber and its domestic rival Ola, for the first time laying down federal rules that could end months of uncertainty on how they operate in the country.

    The federal transportation ministry has asked states to ensure companies operate with call centers and their taxis follow emission norms, according to a six-page advisory seen Tuesday. The guidelines also call for extensive background checks of drivers to ensure passenger safety. Any person who has in the past been convicted of any “cognizable offence” under India’s criminal laws should not be allowed to become a driver.