01242017Tue
Last update: Tue, 24 Jan 2017 03am

Global Business & Economy

World - Global Business & Economy

Crumbling lira pressures Turkish retailers as economy slows ISTANBUL: Turkish businessman Tekin Acar had contracts to open branches of his leading cosmetics chain in ten new shopping malls this year. A few days ago he cancelled nine of them after sharp falls in the lira meant he would struggle to afford the rents. Turkey's currency has lost around a quarter of its value since the middle of last year, causing havoc for retailers selling imported goods or paying rent pegged to the US dollar. Many were already suffering from a sharp economic slowdown and dwindling tourism numbers after a spate of deadly bombings. Foreign brands in Turkey are also suffering. Dutch clothing chain C&A, Britain's Topshop, German cosmetics firm Douglas and US-based dietary supplement retailer GNC have disappeared from shopping centres in recent months. Retail spaces in some of Istanbul's biggest malls stand empty. "Since many brands have closed up stores one by one, people don't notice it," ...

World - Global Business & Economy

Oil prices to push up eurozone inflation: ECB survey BERLIN: Rising oil prices will lead to higher inflation in the eurozone over the next two years than previously expected, a European Central Bank survey said on Friday.The report comes a day after ECB president Mario Draghi said it was still too early for the bank to start scaling back its easy money policies despite a recent spike in consumer prices.According to the ECB's quarterly survey of professional forecasters, eurozone inflation is expected to rise ...

World - Global Business & Economy

U.S housing starts surge in December; jobless claims near 43-year low WASHINGTON: US homebuilding rebounded more than expected in December as a strengthening economy boosts demand for rental housing. Other data on Thursday showed the number of Americans filing for unemployment benefits unexpectedly falling last week to a near 43-year low, pointing to a further tightening in the labor market that should underpin economic growth this year. Housing starts jumped 11.3 percent to a seasonally adjusted annual rate of 1.23 million units last month, the Commerce ...

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Euro zone inflation rise not convincing: Draghi FRANKFURT: Rising inflation in the euro zone is primarily being driven by fluctuating energy prices and there are no signs it is sustainable, European Central Bank President Mario Draghi said on Thursday. "There are no signs yet of a convincing upward trend in underlying inflation," he told a news conference. "Headline inflation is likely to pick up further in the near term, largely reflecting movements in the annual rate of change of energy prices. However, ...

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Brazil's central bank says inflation fight on right path BRASILIA: Brazil is going in the right direction in terms of inflation and inflation expectations, central bank governor Ilan Goldfajn said on Thursday, after mid-January data showed prices rose at the slowest pace in nearly three years. Goldfajn added during a press conference in Davos that the bank plans to roll over currency swap contracts due to expire in February. Copyright Reuters, 2017 ...

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US jobless claims fall in mid-January WASHINGTON: New claims for US unemployment benefits fell in the second week of January, pulling the four-week average down to a 43-year low, the Labor Department reported Thursday.Initial claims for jobless benefits fell by 15,000 to 234,000 in the week ending January 14, seasonally adjusted. The figure, which can show big swings week to week, was 18,000 below an analyst consensus forecast.The data for the latest week continued a nearly two-year streak of jobless claims ...

World - Global Business & Economy

IMF says Egypt on track for next aid tranche CAIRO: Egypt has made a "good start" on reforms under a loan deal with the International Monetary Fund and soaring inflation is expected to drop around mid-2017, an IMF official said Wednesday.Chris Jarvis, the international lender's mission chief in Egypt, said the North African country's implementation of the reforms had put it on track to receive its next aid tranche."I think Egypt's made a... good start" on the reforms, Jarvis said in a live webcast.Under ...