09282016Wed
Last update: Wed, 28 Sep 2016 01pm

Global Business & Economy

World - Global Business & Economy

Italy revises down 2015 GDP growth, revises up 2014 ROME: Italy's economy grew less than previously estimated last year but was not in recession as previously believed in 2014, national statistics institute ISTAT reported on Friday, revising growth and public finance data for the last five years. ISTAT revised down 2015 gross domestic product growth to 0.7 percent from a 0.8 percent estimate in March, and raised 2014's GDP to show growth of 0.1 percent instead of a contraction of 0.3 percent.The revisions show the euro zone's third largest economy actually struggled out of a two-year recession in 2014 instead of posting a third straight year of contraction as thought.ISTAT revised down the debt-to-GDP ratio for the last two years, but the trend remained upwards, and the debt-to-GDP ratio posted a larger rise last year than previously estimated.The 2015 debt-to-GDP ratio was cut to 132.2 percent from 132.7 percent, while the 2014 ratio was lowered to 131.8 percent from ...

World - Global Business & Economy

Mauritius trade deficit widens 8pc in July PORT LOUIS: Mauritius said on Friday its trade deficit widened 8.0 percent to 8.16 billion rupees ($231.5 million) in July from the same period a year earlier, hit by a dip in exports of machinery and transport equipment. The Indian Ocean island nation's earnings from exports fell 17 percent to 6.86 billion rupees, its official statistics office said in a statement.Sales of machinery and transport equipment declined to 687 million rupees from 1.34 billion a ...

World - Global Business & Economy

French growth goes negative in second quarter PARIS: France's economy contracted by 0.1 percent in the second quarter, the Insee statistics agency said Friday, revising an initial estimate of zero growth.The revision, which shows both consumers and businesses held back spending in April through June, will be unwelcome news for the government as it puts together its 2017 budget and as campaigning in the French presidential election gets under way.The French government on Tuesday said it was sticking to its forecasts of ...

World - Global Business & Economy

South Africa holds repo rate, lowers inflation forecasts PRETORIA: South Africa's Reserve Bank kept its benchmark repo rate unchanged at 7 percent on Thursday, with a weak economic growth outlook balancing out its concerns about the inflation trajectory. The bank's Monetary Policy Committee (MPC) revised its forecast for growth in Africa's most industrialised country to 0.4 percent this year having said in July that the economy was expected to remain at a standstill. Inflation is expected to average 6.4 percent this year, slightly ...

World - Global Business & Economy

Mexico inflation unexpectedly jumps in early Sept MEXICO CITY: Mexico's annual inflation rate unexpectedly rose in early September and the core reading hit its highest since late 2014, which may back bets that policymakers could raise interest rates after a deep slump in the peso.Inflation in the 12 months through mid-September rose to 2.88 percent, the national statistics institute said on Thursday, its highest reading since February.A Reuters poll projected the rate would decline to 2.71 percent from 2.80 percent in early ...

World - Global Business & Economy

Brazil's inflation eases, bolstering case for rate cut BRASILIA: Brazil's inflation rate eased more than expected in mid-September as food prices fell, underscoring bets on an imminent interest rate cut by the central bank.Consumer prices as measured by the IPCA-15 index rose 0.23 percent in the month to mid-September, down from 0.45 in the previous month, government statistics agency IBGE said on Thursday. The index had been expected to rise 0.35 percent, according to a Reuters poll.In the 12 months through mid-September, consumer ...

World - Global Business & Economy

USTR says WTO finds $22bn in illegal Airbus subsidies WASHINGTON: The World Trade Organization found nearly $22 billion in illegal subsidies for European aircraft maker Airbus from the European Union, Germany, France, Britain and Spain, the US Trade Representative's office said. The USTR also said that the illegal subsidies identified by the WTO's dispute settlement panel included more than $4 billion in new subsidized financing for Airbus' new A350 XWB aircraft.Copyright Reuters, 2016 ...