07282016Thu
Last update: Thu, 28 Jul 2016 07am

Global Business & Economy

World - Global Business & Economy

Euro zone marks solid Q4 but with slight loss of momentum LONDON: Euro zone businesses are about to mark their best quarter in 4-1/2 years but those in core economies reported a slight loss of momentum running into year-end with still no sign of inflation picking up, surveys showed on Wednesday.The data, compiled by Markit, leave open the debate over whether the European Central Bank's loose monetary policy will have to be made even looser still in the coming year to meet its inflation goal of close to, but just below, 2 percent.Businesses in the euro zone's smaller economies made up for what the core members lost, Markit said.Growth in Germany's private sector slowed and in France, the euro zone's second largest economy, activity fell to near-stagnation with the services sector decelerating sharply following the Nov. 13 attacks on Paris.But that did not spread to the wider euro zone data."Euro zone PMIs showed good resilience in December, remaining at healthy levels ...

World - Global Business & Economy

Qatar slashes 2015 GDP forecast, raises fiscal surplus projection DOHA: Qatar said on Wednesday it has halved its forecasts for economic growth in 2015, the latest sign of the hit taken by the wealthy Gulf state's economy at a time of low oil prices.Growth expectations were slashed to 3.7 percent from the 7.3 percent forecast in June. But the government's biannual outlook said the hydrocarbon-rich nation would record a fiscal surplus this year of 1.7 percent of GDP, a figure above the 1.4 percent ...

World - Global Business & Economy

Brazil Oct retail sales rise in rare positive surprise SAO PAULO: Retail sales in Brazil rose unexpectedly in October, helped by a recovery for supermarkets and apparel, in a rare positive surprise for an economy struggling with its sharpest recession in 25 years.Sales volumes rose a seasonally adjusted 0.6 percent from September, government statistics agency IBGE said on Wednesday, beating all 23 forecasts in a Reuters poll. The poll's media estimate was for a decline of 1.1 percent.Brazil's retail sales had fallen for the ...

World - Global Business & Economy

South Korea cuts 2016 growth forecast; pins hopes on consumption SEJONG: South Korea cut its economic growth forecast for next year, pinning its hopes on domestic consumption paving the path to expansion - with minimal help seen likely to come from stagnant exports. The Ministry of Strategy and Finance forecast the economy would grow by a real (inflation-adjusted) 3.1 percent next year, slightly down from the 3.3 percent estimated earlier this year. It said on Wednesday that the effects of recent interest rate cuts and ...

World - Global Business & Economy

New Zealand posts third-quarter current account deficit WELLINGTON: New Zealand posted a smaller-than-expected current deficit in the third quarter, official data showed on Wednesday.The actual quarterly deficit was NZ$4.75 billion in the three months to September, down from a deficit of NZ$1.17 billion in the previous quarter, according to Statistics New Zealand.The seasonally adjusted quarterly deficit was NZ$1.75 billion from NZ$2.08 billion in the previous quarter, as a rise in export earnings outweighed the increase in overseas expenditure, reducing the seasonally adjusted ...

World - Global Business & Economy

Starbucks steps up UK corporation tax payments LONDON: Coffee shop chain Starbucks paid £8 million (11 million euros, $12 million) of corporation tax in 2014, it said Tuesday, a huge increase on previous years, after announcing a record profit in Britain.The amount is only slightly less than the £8.6 million in corporation tax Starbucks handed over to Britain's tax authorities between its launching in 1998 and 2012, when it pledged to pay more amid controversy.The British arm of the US multinational paid ...

World - Global Business & Economy

US consumer prices unchanged in November WASHINGTON: US consumer prices were unchanged in November but underlying inflation hit the Federal Reserve's target, government data showed Tuesday.The Labor Department reported its consumer price index was flat in November, matching analyst expectations, after a 0.2 percent rise in October.Stripping out volatile food and energy prices, core CPI rose 0.2 percent for the third month in a row, driven by higher rents and health care prices.Year-over-year, core prices were up 2.0 percent, their largest ...