02112016Thu
Last update: Thu, 11 Feb 2016 05am

Global Business & Economy

World - Global Business & Economy

UK's Tesco takes full control of Harris+Hoole coffee chain LONDON: Tesco, Britain's biggest retailer, has taken full control of the Harris+Hoole coffee shop chain by buying out its founding investors, it said on Wednesday. The supermarket chain purchased a non-controlling stake in an agreement struck three years ago. That deal included an option which Tesco has now exercised. When Dave Lewis became Tesco chief executive in 2014 analysts had speculated the firm's stake in the coffee shop chain and its Giraffe restaurant chain could be sold. "We can confirm we have acquired full ownership of Harris+Hoole," Tesco said."We have worked successfully with Harris+Hoole since investing in the business...and will continue to partner with the management board in the future." Harris+Hoole trades from 43 outlets, employing around 500.Last month Tesco reported better than expected Christmas trading, while industry data published on Tuesday showed an improving trend. Shares in the firm have increased 16.3 percent so far this year.They were up ...

World - Global Business & Economy

Brazil's inflation outlook worsens in central bank poll BRASILIA: Economists raised their forecasts for Brazil's 2016 and 2017 inflation rate in a weekly central bank poll, adding pressure on policymakers to resume interest rate hikes despite a recession.The median expectation of about 100 analysts in the survey projected inflation at 7.56 percent at end-2016 and 6.00 percent at end-2017, up from 7.26 percent and 5.80 percent respectively in the prior week's poll. The forecasts are usually updated every Monday but were postponed this ...

World - Global Business & Economy

UK trade deficit widens in Q4, likely dragging on economic growth LONDON: Britain's trade deficit with the rest of the world worsened in the fourth quarter and likely dragged on economic growth, despite improving in the month of December, official data showed on Tuesday.The Office for National Statistics said Britain's total trade deficit widened to 10.352 billion pounds in the fourth quarter from 8.575 billion pounds in the previous quarter, marking the biggest trade gap since the start of 2015.Trade will likely appear as a drag ...

World - Global Business & Economy

US small business confidence at two-year low WASHINGTON: US small business confidence fell in January to its lowest level in nearly two years amid worries about the near-term outlook for business conditions and sales growth, consistent with a recent slowdown in economic growth.The National Federation of Independent Business said on Tuesday its Small Business Optimism Index fell 1.3 points to 93.9 last month, the weakest reading since February 2014. Still, small businesses remained fairly upbeat about the labor market.The NFIB said there ...

World - Global Business & Economy

Cyprus peace deal will pay for itself: UN NICOSIA: A UN-backed peace deal to end the division of Cyprus would cover its own costs in the long term by creating jobs and prosperity, the world body's envoy said Tuesday."Having a united island at peace with itself and its neighbours will create more jobs, more prosperity. So, the solution will pay for itself," Espen Barth Eide told reporters."The only issue is that you need an upfront sum of money in order to make some ...

World - Global Business & Economy

UK supermarket Sainsbury's outpaced big rivals in January LONDON: British supermarket Sainsbury's continued to outperform rivals in the early weeks of the year, industry data showed on Tuesday, providing reassurance for investors ahead of the takeover of Argos-owner Home Retail .Total sales at Sainsbury's rose 0.6 percent year-on-year in the 12 weeks to Jan. 31 and its market share edged up 0.1 percentage points to 16.8 percent, market researcher Kantar Worldpanel said on Tuesday .Sainsbury's said last week it had agreed a 1.3 ...

World - Global Business & Economy

Bangladesh inflation eases slightly to 6.07pc in January DHAKA: Bangladesh's annual inflation eased slightly in January as food prices rose at a slower pace, the planning minister said on Tuesday. Consumer prices in January were 6.07 percent higher than a year earlier, slowing from a rise of 6.10 percent in December, Mustafa Kamal told a news conference. Annual food inflation in January fell to 4.33 percent from 5.48 percent the previous month while non-food inflation increased to 8.74 percent from 7.05 percent.World food ...