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Last update: Sat, 30 Jul 2016 12am

Global Business & Economy

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US durable goods orders tumble in June WASHINGTON: US durable goods orders fell for a second straight month in June, the Commerce Department reported Wednesday, hit by weaker aircraft sales but also slumping sales of electronics and machinery.Orders of durable goods -- long-lasting manufactured goods -- dropped 4.0 percent to $219.8 billion, following a 2.8 percent decrease in May.The two-month fall left durable goods orders flat for the first half of the year compared to the same period in 2015, a sign of the growth slowdown in international markets and the dampening effect on exports of the strong dollar, economists say.June's fall mainly came from lower civilian aircraft orders -- pointing mainly to slower sales recorded by aviation giant Boeing. Also down were orders for defense aircraft.New orders for motor vehicles and parts, the largest single category, rose 2.6 percent in June after a 3.1 percent fall the month before.There was also a 2.2 percent fall in ...

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China July official PMI likely to show factories struggling for traction BEIJING: China's manufacturing sector struggled for growth in July, a Reuters poll showed, adding to expectations that Beijing will step up measures to boost growth in the world's second-largest economy.The official manufacturing Purchasing Managers' Index (PMI) is expected to be 50.0 in July, the same as in June, according to the medium forecast of 23 analysts polled by Reuters.The neutral 50.0 mark separates expansion in activity from contraction on a monthly basis.After expanding for three ...

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UAE's property loans improving despite price slide: IMF DUBAI: The quality of real estate loans in the United Arab Emirates has continued to improve despite sliding home prices, the International Monetary Fund said, in a sign that the UAE is coping better with a real estate downturn than it did in the last slump seven years ago.Dubai's average residential real estate price plunged 11 percent in 2015 and in neighbouring Abu Dhabi prices sank 0.8 percent, the IMF said in a report on ...

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British economy grows 0.6pc in second quarter LONDON: Britain's economic growth unexpectedly accelerated in the second quarter from the previous three months, official data showed Wednesday.Gross domestic product grew 0.6 percent, the Office for National Statistics (ONS) said in a first estimate for April-June, which included the nation's shock EU exit referendum towards the end of the period. That followed a 0.4-percent expansion in the first quarter.Copyright AFP (Agence France-Presse), 2016 ...

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Venezuela to reassign private, public workers to agriculture sector CARACAS: Venezuela on Tuesday said private and public companies will be obliged to let their workers be reassigned to grow crops, in a dramatic move in the middle of the country's crippling economic crisis.The Labor Ministry announced the measure as part of the economic emergency already in effect; it will require all employers in Venezuela to let the state have their workers "to strengthen production" of food.President Nicolas Maduro's government is fighting for its life ...

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Brexit chips away at German consumer morale FRANKFURT: Confidence among German consumers suffered slightly in July as households digested Britain's vote to quit the European Union, a poll found on Wednesday.Last month's Brexit was "an important reason why uncertainty about future economic developments grew slightly," market research company GfK said in a statement.While the headline figure increased to 10.1 points from June's 9.8, the sub-index covering economic expectations suffered an 8.6-point fall to 9.4 points.More than half of the people surveyed said ...

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Australia inflation eases to 17-year low SYDNEY: Australian inflation eased to a 17-year low in April-June, official figures showed Wednesday, raising the prospects of another interest rate cut to shore up the economy.Borrowing costs are already at a record-low of 1.75 percent and economists said they could fall further after the consumer price index rose one percent year on year, the weakest level since the June quarter of 1999.It was also well off the Reserve Bank of Australia's target of 2.0-3.0 ...