07022016Sat
Last update: Sat, 02 Jul 2016 03am

Global Business & Economy

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Brazil to cut 2018 inflation target below 4.5pc BRASILIA: The Brazilian government will reduce its inflation target to between 4.25 and 4 percent in 2018 to show greater commitment to ending years of high inflation, a government official told Reuters on Thursday.The National Monetary Council, the country's highest economic policy body formed by the central bank chief and the planning and finance ministers, will announce the new target later on Thursday.The target will keep the tolerance range of 1.5 percentage points either way, the official said. Brazil has kept its inflation target at 4.5 percent, one of the highest in the region, since 2005. For 2017 the target remains at 4.5 percent. "This is a big effort to contain the second-round effects of the price readjustments of 2015," said the official who asked for anonymity because he is not allowed to speak publicly. Interim President Michel Temer will decide on the final figure once the economic team makes ...

World - Global Business & Economy

London gold trade agrees reforms to boost transparency LONDON: The London Bullion Market Association (LBMA) has taken steps to help to preserve London's role as a major global gold trading centre by making its management more open and independent, documents seen by Reuters showed. London currently dominates the global over-the-counter gold trade but is facing increasing competition from China. There are also more regulatory demands after scandals over attemps to rig interest rate and currency benchmarks. Several banks have run into trouble with ...

World - Global Business & Economy

India's infrastructure output growth hits 5-month low in May NEW DELHI: India's infrastructure output grew an annual 2.8 percent in May, its slowest pace in five months, primarily dragged down by a slowdown in output of electricity, steel and refinery products, government data showed on Thursday. The output expanded 5.5 percent from a year ago between April and May.Annual growth in electricity production last month slowed to 4.6 percent from 14.7 percent in April. Refinery products expanded 1.2 percent year-on-year in May compared with ...

World - Global Business & Economy

UK economic growth slows in first quarter: data LONDON: Britain's economic growth slowed in the first quarter from the previous three months, official data confirmed Thursday, as business investment faltered on uncertainty before the Brexit referendum.Gross domestic product (GDP) grew 0.4 percent, the Office for National Statistics (ONS) said in a final estimate for the period between January and March, ahead of the June 23 EU membership vote.That was unchanged from the previous figure but marked a slowdown from the fourth quarter of ...

World - Global Business & Economy

German jobless remains at record low FRANKFURT: Unemployment in Germany in June remained at its lowest level since unification, as Europe's top economy remains robust, data showed on Thursday.The unemployment rate -- which measures the jobless total against the working population as a whole -- stood at 6.1 percent in June, unchanged from May, the federal labour office said in a statement.In numerical terms, the number of people registered as unemployed in Germany declined by 6,000 to 2.69 milion.Unemployment now stands ...

World - Global Business & Economy

Eurozone inflation back to positive, Brexit worries weigh BRUSSELS: Eurozone inflation left negative territory in June, statistics showed Thursday, but economic uncertainty from Brexit sparked concerns that damaging deflation could return to Europe.The rise in consumer prices is welcome news after months of an unprecedented stimulus programme by the European Central Bank to jumpstart sluggish growth and low prices in the eurozone. Consumer prices in June rose a slight 0.1 percent after slipping 0.1 percent in May, the EU's Eurostat statistics agency said. ...

World - Global Business & Economy

Leoni to cut 1,100 jobs at car wiring systems division BERLIN/MUNICH: Germany's Leoni will cut about 1,100 jobs this year at its division that makes cable harnesses and wiring systems for the auto industry and expects the retrenchments to boost annual earnings from 2017, it said. Streamlining the division, which generates about 60 percent of company revenue, will marginally improve results this year before leading to a "sustained increase in profitability", starting in 2017, Nuremberg-based Leoni said on Thursday.A year ago, Leoni was grappling with ...