08242016Wed
Last update: Wed, 24 Aug 2016 09am

Global Business & Economy

World - Global Business & Economy

Japan exports fall at fastest pace since financial crisis on strong yen TOKYO: Japan's exports tumbled in July at the fastest pace since the global financial crisis with a resurgent yen and weakness in overseas economies weighing on overseas shipments - leaving the economy and the government more reliant on shaky domestic demand to drive growth.The 14.0 percent annual decrease in exports in July matched the median estimate in a Reuters poll of economists and was the fastest decline since October 2009.Japan's exports have now fallen for 10 consecutive months, the longest losing streak since losses on US subprime mortgages sparked a global financial crisis that almost destroyed the US financial system.Economists say there is a growing risk that weakness in exports will persist as global economic uncertainty shows little sign of receding, which could undermine Japanese policymakers' efforts to re-energise the economy."Exports do not have the strength required to lead Japan's economy," said Norio Miyagawa, senior economist at Mizuho Securities. "This ...

World - Global Business & Economy

Japanese exports drop in July on surging yen TOKYO: Japan's exports in July suffered their sharpest monthly fall in seven years, data showed Thursday, as a surging yen clouds the country's trade picture, with shipments of cars, ships and steel all tumbling.The gloomy export figures come despite Japan logging a bigger-than-expected trade surplus as imports also dropped at their fastest rate since 2009.The finance ministry said the value of exports last month fell 14 percent from a year earlier, the 10th straight monthly ...

World - Global Business & Economy

Traders pare US rate hike view after FOMC minutes NEW YORK: US interest rates futures turned higher on Wednesday, erasing their earlier losses, as traders reduced their bets on a US rate increase following the release of minutes on the Federal Reserve's policy meeting in July. Federal funds futures for December delivery were up 1 basis point at 99.53. This implied traders saw a 47 percent chance the central bank would raise rates at its Dec. 13-14 meeting, down from 58 percent shortly before ...

World - Global Business & Economy

Brazil raises 2017 GDP growth forecast as confidence improves BRASILIA: The Brazilian government revised its economic growth forecast upward to 1.6 percent in 2017 from 1.2 percent previously as confidence indicators improve, the finance ministry said on Wednesday. The ministry's economic policy secretary Carlos Hamilton Araujo said an increase in business and consumer confidence levels has started to help sectors of the economy that had been struggling in two years of recession. Copyright Reuters, 2016 ...

World - Global Business & Economy

South African economic hubs set for opposition rule JOHANNESBURG: South Africa's two main opposition parties have put aside huge ideological differences to unseat the ruling ANC in major cities it has controlled for 22 years, they said on Wednesday.The African National Congress lost its majority in the local governments that rule Pretoria, Johannesburg and Port Elizabeth this month, its worst electoral performance since coming to power after apartheid, leaving the other parties free to discuss coalitions. In the end, the gulf separating the ...

World - Global Business & Economy

British unemployment claims fall after Brexit vote LONDON: Britain witnessed a surprise drop in claims for unemployment benefits in July, the immediate aftermath of the country's vote in favour of exiting the European Union, official data showed Wednesday.In the run-up to the June 23 Brexit referendum, Britain's unemployment rate was meanwhile unchanged at 4.9 percent -- but analysts expect it to rise in the coming months despite the drop in benefits, or claimant count."Although the claimant count will be taken as a ...

World - Global Business & Economy

Bulgarian current account surplus 1.5pc of GDP through June SOFIA: Bulgaria posted a current account surplus of 1.5 percent of gross domestic product in the first six months compared with a deficit of 0.2 percent in the same period last year, mainly due to a drop in imports, central bank data showed on Wednesday.The surplus for June alone was 562.8 million euros ($633.4 million) compared to a surplus of 100.3 million in June 2015, data showed.Foreign direct investment, much needed to spur growth in ...