07022016Sat
Last update: Sat, 02 Jul 2016 05am

Global Business & Economy

World - Global Business & Economy

Euro zone escapes deflation in June, as prices rise more than expected BRUSSELS: Consumer prices rose in the euro zone during June for the first time in five months, suggesting the European Central Bank's efforts to fight deflation were beginning to have some effect. Annualised inflation picked up to 0.1 percent in June from -0.1 percent in May, the European Union's statistics agency Eurostat said in a flash estimate released on Thursday. Economists polled by Reuters had expected no increase in June. Prices had not risen in the 19 countries using the euro since January, when inflation reached 0.3 percent. Deflation set in for three of the next four months. Prices were unchanged in March. June's inflation rate remains far from the ECB's target of just below 2 percent. But any sign that inflation is reviving is good news for the central bank. The ECB has been buying 80 billion euros worth of assets a month to pump money into the economy ...

World - Global Business & Economy

Kenya's Q1 2016 GDP growth up, tourism boosts NAIROBI: Kenyan growth picked up in the first quarter of 2016, helped by improved performance across the economy and especially tourism, the statistics office said on Thursday. The Kenya National Bureau of Statistics (KNBS) said in a statement the economy expanded by 5.9 percent in the first three months of this year from 5.0 percent in the same period last year.In 2015, East Africa's biggest economy struggled with a number of challenges including attacks blamed ...

World - Global Business & Economy

French telecoms watchdog to shine a light on poor Internet access PARIS: French Internet users will get the information they need to choose the best telecoms provider under plans to make data on the quality of their services publicly available. The country's telecoms regulator hopes that the move, combined with new high-speed Internet capacity targets announced on Thursday, will improve connectivity for around 65 million people living in France, which lags its European peers."For a long time our focus was to make sure French people benefit ...

World - Global Business & Economy

India's fiscal deficit reaches nearly 43pc of budgeted target in May NEW DELHI: India's fiscal deficit during April-May was 2289.86 billion rupees ($33.92 billion), or 42.9 percent of the budgeted target for the fiscal year ending in March 2017, government data showed on Thursday. The deficit was 37.5 percent during the same period a year ago. Net tax receipts in the first two months of 2016/17 fiscal year were 496.90 billion rupees. Copyright Reuters, 2016 ...

World - Global Business & Economy

Poland's preliminary CPI at -0.8pc y/y in June, as f'cast WARSAW: Polish consumer prices (CPI) fell by 0.8 percent year-on-year in June compared to a decline of 0.9 percent in May, a first estimate from the statistics office showed on Thursday. Analysts had expected the preliminary CPI at -0.8 percent year-on-year in June. The office also said that prices rose by 0.2 percent compared to May. Copyright Reuters, 2016 ...

World - Global Business & Economy

Mauritius Q1 GDP growth at 3.7pc, maintains full year 2016 forecast PORT LOUIS: Mauritius has maintained its 2016 economic growth forecast at 3.9 percent and said first quarter growth accelerated, helped by improved performance in hospitality.Statistics Mauritius said in a statement on Thursday gross domestic product grew 3.7 percent in first quarter 2016 from 3.2 percent in the same period in 2015.It grew by 3.5 percent in 2015 as a whole. It said the accommodation and food service sector grew by 1 percent compared with 0.7 ...

World - Global Business & Economy

South Africa's trade balance swings to 18.73 billion rand surplus in May JOHANNESBURG: South Africa recorded a bigger-than-expected trade surplus of 18.73 billion rand ($1 billion) trade in May, from a revised 127 million rand shortfall in April, data from the national revenue agency showed on Thursday. Exports rose 14 percent to 104.68 billion rand on a month-on-month basis, while imports were down 6.6 percent to 85.95 billion rand, the South African Revenue Service said in a statement.Analysts polled by Reuters had expected a trade surplus of ...