09282016Wed
Last update: Wed, 28 Sep 2016 10pm

Global Business & Economy

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 of the initial investments and this is money that is coming into the island and not money that is leaving the island," he added after meeting president Nicos Anastasiades, the Greek Cypriot leader.Anastasiades and his Turkish Cypriot counterpart Mustafa Akinci made an unprecedented joint appearance before global business and political leaders in Davos, Switzerland last month to proclaim their peace-building credentials.Anastasiades called for a substantial financial contribution from the international community to finance a solution ...

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 ...

World - Global Business & Economy

German industrial production down in December FRANKFURT: German industrial production decreased in December, weighed down by falling activity in the energy and manufacturing sectors, the economy ministry said on Tuesday. The ministry calculated that factory output -- a key yardstick for gauging the health of Europe's biggest economy -- contracted by 1.2 percent in December compared with a month earlier, corrected for seasonal factors.In November, output had declined fractionally by 0.1 percent. Manufacturing output was down by 1.1 percent month-on-month and ...

World - Global Business & Economy

Germany runs up highest trade surplus as exports top new record FRANKFURT: Germany clocked up its highest-ever trade surplus in 2015 as both exports and imports powered ahead to new records, official data showed on Tuesday. German exports jumped by 6.4 percent to 1.196 trillion euros ($1.3 trillion) in the whole of 2015 and imports advanced by 4.2 percent to 948 billion euros, the federal statistics office calculated.That meant that the trade surplus -- the balance between exports and imports -- grew to 247.8 billion euros, ...

World - Global Business & Economy

India sees higher growth even after economy loses steam NEW DELHI: India's economic growth slowed in the last quarter of 2015, adding to pressure on Prime Minister Narendra Modi's government to expedite stalled reforms in the next session of parliament when it presents its annual budget.Gross domestic product grew an annual 7.3 percent in the October-December quarter, government data showed on Monday, less than an upwardly revised 7.7 percent in July-September but in line with the forecast in a Reuters poll of economists.That rate ...

World - Global Business & Economy

US inflation survey tumbles in red flag for Fed NEW YORK: An increasingly important gauge of US inflation tumbled last month to its lowest level since the Federal Reserve Bank of New York began the survey in mid-2013, in what could be taken as another warning bell for the U.S. central bank.The New York Fed's survey of consumers found expectations for inflation one and three years in the future fell as Americans were more cognizant of lower gasoline prices and costs of medical care ...