07302016Sat
Last update: Sat, 30 Jul 2016 02am

Global Business & Economy

World - Global Business & Economy

Kenya's inflation jumps to 6.39pc in July NAIROBI: Kenya's inflation rose to 6.39 percent year-on-year in July from 5.80 percent the previous month, the statistics office said on Friday. Policymakers held the benchmark lending rate on Monday at 10.50 percent saying this month's increase in the fuel tax would put temporary upward pressure on inflation.The statistics office said the transport index went up 1.13 percent in July on the back of the increases in the prices of petrol and diesel.Although the costs of some food items went down, they were outweighed by a jump in prices of others, driving up the good and non-alcoholic drinks index by 1.12 percent, the statistics office said.Copyright Reuters, 2016 ...

World - Global Business & Economy

Eurozone slows amid Brexit worries BRUSSELS: Growth in the eurozone slowed in the second quarter to 0.3 percent, official data showed on Friday, with analysts warning that the consequences of Brexit could harm the economy further later in the year.The Eurostat statistics agency said economic growth in the 19-nation single currency bloc halved in the April to June period from a far more robust expansion of 0.6 percent in the previous quarter.The rate was in line with forecasts of analysts ...

World - Global Business & Economy

Spain's economic growth slows in second quarter MADRID: Spain's economic growth slowed slightly in the second quarter, official data showed Friday, as the country remains mired in political limbo after two inconclusive general elections.The Ine statistics agency said that GDP expanded by 0.7 percent compared to a 0.8 percent rise in the previous three months.However, compared to the same period in 2015, the economy rose 3.2 percent from April to June, it added.Overall, acting Economy Minister Luis de Guindos has said he ...

World - Global Business & Economy

France reports 'disappointing' zero growth PARIS: French growth stagnated in the second quarter of the year, statistics bureau Insee reported Friday, a "disappointing" result that dashed hopes of a small economic expansion.France's gross domestic product (GDP) showed no change in the three months to June, according to a first estimate, after rising a revised 0.7 percent in the first quarter.The finance ministry called the flat figure "disappointing", given that Insee had predicted 0.3 percent growth and the Bank of France ...

World - Global Business & Economy

Taiwan recession lifts on 2Q GDP growth TAIPEI: Taiwan came out of recession in April-June, data showed Friday, as a pick-up in the island's key electronics sector helped end a run of three successive quarterly contractions.The 0.69 percent year-on-year growth beat expectations and comes after newly elected President Tsai Ing-wen pledged to kickstart growth, including establishing a "Silicon village" for Asia.Traditionally an export-driven technology hub, the island is home to industry giants such as Foxconn and Taiwan Semiconductor Manufacturing Company (TSMC), which ...

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Clinton: US economy 'not yet' working as it should PHILADELPHIA: Democratic White House nominee Hillary Clinton on Thursday acknowledged that Americans were right to be furious about an economy that was "not yet" working for all."I have heard from many who feel that the economy sure isn't working for them," Clinton told a party convention in Philadelphia. "Some of you are frustrated, even furious. And you know what? You're right. It's not yet working the way it should."Copyright AFP (Agence France-Presse), 2016 ...

World - Global Business & Economy

South Korean Aug manufacturers confidence slips to 4 month low SEOUL: South Korean manufacturers' confidence fell to a four-month low as dampened business sentiment amid weak exports dims the outlook for Asia's fourth largest economy.An index measuring expectations for August fell to a seasonally-adjusted 71 from 72 for July, a survey from the Bank of Korea showed on Friday. That is the lowest since April, when it was 70. A reading below 100 indicates that pessimists outnumber optimists. The last time the index showed manufacturers ...