12042016Sun
Last update: Sun, 04 Dec 2016 07pm

Global Business & Economy

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Spain to raise minimum wage by 8pc in 2017  MADRID: Spain's minority conservative government on Friday approved raising the country's minimum monthly wage by 8.0 percent in 2017 to 825.5 euros ($876) as demanded by the main opposition Socialists.Finance Minister Cristobal Montoro said the rise -- approved at a weekly cabinet meeting -- was "negotiated with other political groups".The minimum wage will rise from 764.4 euros to 825.5 euros, an increase of 61.1 euros.That is higher than the monthly minimum wage of 618 euros in neighbouring Portugal but far lower than the minimum wage of 1,467 euros in France.Prime Minister Mariano Rajoy was sworn in for a second term last month but this time around his Popular Party lacks a majority in parliament and needs to scrabble for approval from other opposition parties further to the left to win approval in parliament for legislation.The Socialists had demanded a rise in the minimum wage to back the government's budget for 2017, which will need to include measures to reduce public deficit targets ...

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Spain MADRID: The number of people in Spain registering as jobless rose by 0.66 percent in November from a month earlier, or by 24,841 people, leaving 3.79 million people out of work, data from the Labour Ministry showed on Friday.  November's increase marks the fourth straight month of rising unemployemt in Spain.In seasonally adjusted terms, the number of people officially registering as out of work rose by 14,543 in November from a month earlier.By sectors, the number of jobless rose in services, ...

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Mexico manufacturing growth slows in November   MEXICO CITY: Manufacturing activity in Mexico dipped in November on a drop in output and new orders, a survey showed on Thursday.  The Markit Mexico Manufacturing Purchasing Managers' Index ticked down to 51.1 in November after seasonal adjustments, from 51.8 in October.  A reading above 50 signals expansion, while a reading below that points to contraction.  Readings on new orders and output fell, but employment and suppliers' deliver times improved, the survey showed.  "Mexico's manufacturing sector remained stuck in a low gear, ...

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Italy November budget deficit narrows slightly from year earlier      ROME: Italy posted a state sector budget deficit of around 7 billion euros ($7.41 billion) in November, compared with a deficit of 6.52 billion euros in the same month last year, the Treasury said on Thursday.  In the first 11 months of the year, the budget deficit stood at 56.593 billion euros, some 5.9 billion euros below the deficit in the same period of 2015, the Treasury said in a statement.  The state sector borrowing requirement (SSBR), a measure of ...

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China factory activity growth accelerates in November BEIJING: China's factory activity grew at its fastest rate in more than two years in November, official data showed Thursday, as cheap credit and improving demand helped revive industry in the world's second-largest economy.The better-than-expected pick-up in the closely watched purchasing managers' index (PMI) will provide fresh hope for stability after a long-running slowdown in economic growth.The official PMI, which gauges conditions at factories and mines, came in at 51.7 in November, its highest since since July 2014, the National Bureau ...

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Eurozone inflation hits 31-month high of 0.6pc in November BRUSSELS: Eurozone inflation rose to a two-and-half year high in November as Europe moved further away from the low consumer prices that have put a fragile economic recovery under threat.The Eurostat statistics agency on Wednesday said consumer prices in the 19-country currency bloc rose by 0.6 percent this month, the first time it has hit that level since April 2014. Copyright AFP (Agence France-Presse), 2016 ...

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Brazil BRASILIA: Brazil's gross domestic product shrank 0.8 percent in the third quarter from the second after seasonal adjustments, statistics agency IBGE said on Wednesday, in line with the median expectation of 37 economists in a Reuters poll.  Brazil's economy shrank 2.9 percent from the third quarter of 2015, IBGE said.  <Center><b><i>Copyright Reuters, 2016</b></i><br></center> ...