06262016Sun
Last update: Sun, 26 Jun 2016 04pm

Global Business & Economy

World - Global Business & Economy

Euro zone business growth at four-year high LONDON: Business activity in the euro zone picked up at its fastest pace since mid-2011 this month, and far quicker than expected, as slowing growth in France following the Nov. 13 attacks was offset by a buoyant Germany.While the upturn in activity may be welcomed by European Central Bank policymakers, Monday's surveys showed firms again cut prices, suggesting ultra-loose monetary policy is doing little to get inflation near their 2 percent target."This upbeat survey about the European economy fell short on one important aspect though: inflation," said Bert Colijn at ING. "The survey indicated that despite the strongest output growth and job creation since early 2011, there was still no sign of inflationary pressures."Even with the ECB injecting 60 billion euros a month of new money through its bond-buying programme since March to support growth and inflation, prices rose only 0.1 percent last month. It is expected to expand the ...

World - Global Business & Economy

Eurozone economy picks up pace in November: survey BRUSSELS: Eurozone business activity hit a four-and-a-half year high in November, helping create much-needed jobs in a broad-based upturn despite the impact on France of the Paris attacks, a key survey showed Monday.Data monitoring company Markit said its closely watched Composite Purchasing Managers Index rose to 54.4 points from 53.9 points in October, putting it well above the 50-point boom-or-bust line.Markit said "employment, new orders and backlogs of work indicators all signalled the strongest monthly ...

World - Global Business & Economy

German private sector defies economic concerns, grows faster in November: PMI BERLIN: Growth in Germany's private sector accelerated in November, a survey showed on Monday, suggesting Europe's biggest economy is defying worries over a slowdown in China and the emissions scandal at car maker Volkswagen.Markit's flash composite Purchasing Managers' Index (PMI), which tracks manufacturing and services activity and accounts for more than two-thirds of the economy, rose to 54.9 from 54.2 in October - far above the 50 mark that separates growth from contraction for the ...

World - Global Business & Economy

China seeks to remove provincial barriers to trade BEIJING: China will accelerate reforms to remove internal barriers to both foreign and domestic trade, the country's cabinet said on Monday, a move designed to bolster domestic consumption in its slowing economy.In a comprehensive statement on its website, China's State Council outlined plans to increase economic activity across a wide range of sectors in the world's second-largest economy.China is looking to give both international and domestic investors increased access to the world's second-largest economy in ...

World - Global Business & Economy

Chinese developer Evergrande strikes $617mn life insurance deal HONG KONG: Chinese property developer Evergrande Real Estate Group Ltd will pay $617 million for a 50 percent stake in a joint-venture life insurer, it said in a stock exchange filing on Sunday. The deal was approved by China's insurance regulator on Friday. Evergrande Nanchang, an indirect wholly owned subsidiary, will pay 3,939,110,600 yuan ($617.08 million) for a 50 percent stake in Great Eastern Life Assurance (China) Co Ltd. After the transaction the insurer will ...

World - Global Business & Economy

Kuwait to study raising fees for services DUBAI: Kuwait's government is studying whether to raise fees for its services, Finance Minister Anas al-Saleh said in comments published by the local al-Rai newspaper on Sunday.Saleh said the study was part of a project to rationalise spending, review subsidies and diversify sources of revenue."It is not intended only to plug the (budget) deficit resulting from low oil prices - it will be permanent whether oil prices continue to drop or increase," Saleh told the ...

World - Global Business & Economy

Spanish economic growth improved from Q3 in October: Economy Minister MADRID: Spain's economic output picked up in October from the third quarter, when it posted one of the fastest growth rates in the euro zone, Economy Minister Luis de Guindos said in a newspaper interview published on Sunday."Early indications tell us that at least for the month of October growth was stronger than the third quarter," he said in the interview in the Spanish paper ABC.Economic output in Spain grew by 0.8 percent from the ...