05242016Tue
Last update: Tue, 24 May 2016 06pm

Global Business & Economy

World - Global Business & Economy

Irish unemployment rate falls below 8 percent DUBLIN: Ireland's unemployment rate fell below 8 percent in April for the first time since its financial crisis, revised statistics showed on Tuesday.The unemployment rate was 7.9 percent in April, a revision from an earlier estimate of 8.4 percent, the central statistics office said following the publication of detailed data for the first three months of 2016.Employment has increased strongly since the jobless rate hit a high of 15.1 percent in early 2012 when Ireland was midway through a three-year international bailout, and has fallen from 9.8 percent a year ago amid a broadening economic recovery.Copyright Reuters, 2016 ...

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Brexit fears spook German investors in May: ZEW institute FRANKFURT: Investor confidence in Germany fell unexpectedly in May as uncertainty over a possible exit by Britain from the European Union overshadows better-than-expected economic data, a leading survey showed on Tuesday.The investor confidence index calculated by the ZEW economic institute decreased by 4.8 points to 6.4 points in May, the think tank said in a statement.Analysts had projected a slight increase in the index this month to around 12 points. "The strong growth of the ...

World - Global Business & Economy

Swedish unemployment lowest in nearly 8 years STOCKHOLM: Swedish adjusted unemployment fell to its lowest level since 2008 in April, reinforcing the picture of a strong economy ahead of next week's growth figures as well as the central bank's view that inflation will continue to rise.Seasonally adjusted unemployment was 6.7 percent, the lowest figure since October 2008, and down from 7.2 percent in March."The strong growth and improved labour market support our view that the Riksbank is done easing, although the bank's ...

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Eurozone ministers seek debt deal for Greece BRUSSELS: Eurozone finance ministers will on Tuesday push for a deal to unlock bailout cash for Greece and resolve a row with the IMF over debt relief for Athens.The 19 ministers from the countries that use the euro meet in Brussels two days after Greek lawmakers passed yet another round of spending cuts and tax hikes as well as a guarantee of further measures in case of budget overruns down the road.Greece is looking to ...

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Consumer spending, investment drove German growth in Q1: data FRANKFURT: The German economy, Europe's biggest, grew at its fastest rate in two years in the first three months of 2016, driven primarily by rising investment and household spending, data showed on Tuesday. German gross domestic product (GDP) expanded by 0.7 percent in seasonally and calendar-adjusted terms in the period from January to March, the federal statistics office Destatis said in a statement, confirming a preliminary estimate released two weeks ago.That was faster than the ...

World - Global Business & Economy

Morocco cuts 2016 growth forecast to below 2pc, to renegotiate IMF credit line RABAT: Morocco cut its economic growth forecast for this year to less than 2 percent from 3 percent after the North African kingdom's cereal harvest suffered its worst drought in three decades, the finance minister said on Monday. It was Mohamed Boussaid's first public comment since the release of the annual cereal harvest by the Agriculture Ministry showed a 70 percent drop. Agriculture accounts for 15 percent of the economy. The abnormally dry weather across ...

World - Global Business & Economy

Russian economic slump shows further signs of easing MOSCOW: Russia's economy showed a potential path to recovery in April, according to retail and jobs data on Monday, further improving the outlook for a return to growth towards the end of the year.Russia's GDP is still estimated to fall anywhere between 0.2 percent and 1.5 percent in 2016, depending on estimates, but the raft of the recent economic activity published showed that the slump continued to ease and fourth-quarter GDP might be positive.Retail sales, ...