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Last update: Thu, 05 May 2016 12am

Global Business & Economy

World - Global Business & Economy

German inflation turns negative in April, weaker than expected BERLIN: German annual inflation turned negative again in April, preliminary data showed on Thursday, suggesting that price pressures in Europe's largest economy remain weak, despite the European Central Bank's ultra-loose monetary policy. German prices, harmonised to compare with other European countries (HICP), fell by 0.1 percent on the year after inching up by 0.1 percent in March, the Federal Statistics Office said.The April reading came in weaker than expected. The Reuters consensus forecast for annual consumer prices was to remain unchanged. A breakdown of non-harmonised inflation data showed that energy remained the main drag on the headline figure while the costs for food, services and rents increased at a slower pace than in the previous month. Copyright Reuters, 2016 ...

World - Global Business & Economy

US economy stalls in first quarter as activity weakens broadly WASHINGTON: US economic growth braked sharply to its slowest pace in two years as consumer spending softened and a strong dollar continued to undercut exports, but a pick-up in activity is anticipated given a buoyant labor market. Gross domestic product increased at a 0.5 percent annual rate, the slowest since the first quarter of 2014, the Labor Department said on Thursday in its advance estimate, also as businesses doubled down on efforts to reduce unwanted ...

World - Global Business & Economy

German unemployment at record low despite global uncertainties FRANKFURT: Germany kept unemployment at historic lows in April as the recovery in Europe's biggest economy remains on track, unfazed by global uncertainties and a huge influx of refugees, data showed on Thursday.The unemployment rate -- which measures the jobless total against the working population as a whole -- stood at 6.2 percent in April, unchanged from March.In numerical terms, the number of people registered as unemployed in Germany declined by 16,000 to a seasonally-adjusted ...

World - Global Business & Economy

Spain's jobless queue rises in first quarter MADRID: Unemployment in Spain rose to 21 percent over the first three months of the year, official statistics showed Thursday, an increase that was quickly shrugged off by acting Economy Minister Luis de Guindos.Spain is only just emerging from a damaging crisis that has seen its unemployment rate rise to dizzying heights -- second only to Greece in the European Union -- and the ruling conservatives have made creating jobs one of their priorities as ...

World - Global Business & Economy

Venezuela's economic troubles 'not sustainable': IMF MEXICO CITY: Venezuela's economic situation, blighted by the collapse of oil prices, is unsustainable in the medium term, a senior International Monetary Fund official warned on Wednesday.Alejandro Werner, the director of the IMF's Western Hemisphere department, said the South American country's economy has "deteriorated even more" in recent months due to an energy crisis stemming from a lack of infrastructure and unfavorable weather.With oil prices sapping Venezuela's gross domestic product, "the economic situation is clearly ...

World - Global Business & Economy

US pending home sales rise to a 10-month high WASHINGTON: Contracts to buy previously owned U.S. homes increased more than expected in March to reach their highest level in nearly a year, suggesting sustained momentum in the housing market.The National Association of Realtors said on Wednesday its pending home sales index, based on contracts signed last month, rose 1.4 percent to 110.5, the highest level since May.These contracts become sales after a month or two, and last month's increase pointed to a further pick-up ...

World - Global Business & Economy

IMF says Latin America at risk from deeper Chinese slowdown MEXICO CITY: Latin America's regional recession could worsen if China's economy slows more than expected and hits commodity exporters, the International Monetary Fund said on Wednesday.Latin America has been hurt by slowing global growth, lower commodity prices and tighter global financial conditions. Economic activity in the region is projected to contract by 0.5 percent in 2016, the fund said in an annual report.A deeper Chinese slowdown could drive the contraction in Latin America to around ...