09292016Thu
Last update: Thu, 29 Sep 2016 03am

Global Business & Economy

World - Global Business & Economy

UK commercial property robust in wake of Brexit vote: Moody's LONDON: Britain's commercial property market remains robust in the wake of a vote to leave the European Union, although a weaker economic outlook may see some prices dip over the next two years, ratings agency Moody's said. The June 23 vote had created significant uncertainty about the market in the medium term, it said in a report on Monday, although the agency's base case view is that the fundamentals underpinning the sector are solid. "While political risk will keep market uncertainty high, commercial property sector fundamentals will remain robust in Europe. That said, a weaker macro outlook would take the steam out of the UK commercial property market," said Ramzi Kattan, Vice President - Senior Analyst at Moody's. "While we expect slower economic growth in the UK as a consequence of Brexit, we do not foresee a recession or - perhaps most importantly - a sharp increase in unemployment," the ...

World - Global Business & Economy

Thai Aug exports unexpectedly rise on boost from auto shipments BANGKOK: Thailand's customs-cleared exports in August unexpectedly rose for the first time in five months, led by auto shipments, but it is too early to tell if the trade-dependent economy's recovery is starting to solidify given the still-soft global demand.Exports increased 6.5 percent from a year earlier, commerce ministry data showed on Monday, compared with the median forecast for a fall of 1.4 percent in a Reuters poll. In July, shipments fell 6.4 percentIn August, ...

World - Global Business & Economy

Cracks showing in Germany's fragile truce with the ECB BERLIN: Michael Stuebgen, a conservative member of the German parliament, was speaking with the head of a local savings bank recently about the European Central Bank's quantitative easing (QE) programme."He told me the bond market was being emptied out," Stuebgen recalled. "He likened it to going into a supermarket where everything has been bought up. You might find a shrivelled old carrot or potato. Pretty soon you're starving." Stuebgen, a spokesman on European affairs for ...

World - Global Business & Economy

California dreamin' for Chinese investors in US LOS ANGELES: From real estate, to high-tech firms to entertainment giants, Chinese investments in the United States, notably California, are moving at a dizzying pace and are on course to smash records again this year.Chinese companies shelled out a record $15 billion last year in the US and that figure could more than double in 2016, according to research firm Rhodium Group and the National Committee on US-China Relations.California, especially the San Francisco Bay Area ...

World - Global Business & Economy

Moody's cuts Turkey's credit rating to 'junk' ISTANBUL: Credit ratings agency Moody's Investor Service has downgraded Turkey's sovereign credit rating to non-investment grade citing worries about the rule of law following an attempted coup, risks from external financing and a slowing economy.The agency, which cut the government's long-term issuer and senior unsecured bond ratings debt to Ba1 from Baa3, kept Turkey's outlook as stable, saying its "flexible" $720 billion economy and strong fiscal track record offset the balance-of-payments pressure it faces.Moody's decision ...

World - Global Business & Economy

Fed-fuelled equity rally fades LONDON: World stocks mostly slid Friday as investors paused for breath following a global rally after US and Japanese central banks kept their easy-money policies in place.In Europe, Frankfurt and Paris lost around half a percent in value, while London was steady.Investors also took their foot off the pedal in Asia Friday after two days of strong gains while the dollar recovered some ground on the yen after the Fed's decision to hold interest rates ...

World - Global Business & Economy

Portugal 2016 budget deficit seen at 2.2pc/GDP, below EU target LISBON: Portugal's budget deficit narrowed in the first half and will fall to 2.2 percent of gross domestic product this year from 4.4 percent in 2015, below a target of 2.5 percent agreed with Brussels, the National Statistics Institute said on Friday. The prediction sent to Brussels as part of Portugal's excessive deficit procedure is in line with the government's estimates and puts the country on course to cutting the gap below the 3 percent ...