02132016Sat
Last update: Sat, 13 Feb 2016 01pm

Global Business & Economy

World - Global Business & Economy

Mexico's Cemex reports surprise fourth-quarter profit MEXICO CITY: Mexico's Cemex, one of the world's largest cement companies, on Thursday said it made a surprise profit in the fourth quarter, helped by lower financial expenses. The company reported a profit of $144 million compared to a loss of $178 million in the year-earlier quarter. Analysts had expected the company to report a loss of $111 million. Cemex, which reports its results in US dollars, said its core profit or operating earnings before interest, taxes, depreciation and amortization (EBITDA) fell 4 percent to $663 million from $692 million, hurt by currency volatility. Copyright Reuters, 2016 ...

World - Global Business & Economy

EU cuts 2016 eurozone growth forecast on China risks BRUSSELS: The European Commission on Thursday cut its eurozone 2016 growth forecast to 1.7 percent from 1.8 percent, warning that the slowdown in China and increased global turmoil cloud the outlook."Risks to the economy are becoming more pronounced and new challenges are surfacing -- slower growth in China and other emerging market economies, weak global trade as well as geopolitical and policy-related uncertainty," the Commission said in its Winter economic forecast.Copyright AFP (Agence France-Presse), 2016 ...

World - Global Business & Economy

German real wages rise 2.5pc in 2015 FRANKFURT: Wages in Germany rose by 2.5 percent in real or price-adjusted terms last year, the biggest increase in eight years, thanks to the low level of inflation, official data showed on Thursday."According to preliminary quarterly data, the real wage index in Germany rose by 2.5 percent in 2015, the steepest increase since this index began to be calculated in 2008," the federal statistics office Destatis said in a statement.On a nominal basis, wages increased ...

World - Global Business & Economy

Canada PM pledges aid to struggling oil-rich province OTTAWA: Canadian Prime Minister Justin Trudeau has pledged up to nearly Can$1 billion (US$727 million) in government aid to the oil-rich province of Alberta that has been hit hard by falling crude prices."Alberta's economy is important to Canada's economy and federal-provincial action is needed to promote jobs and growth -- especially given how low oil and other commodity prices are affecting the province," Trudeau said Wednesday after a meeting with Alberta Premier Rachel Notley.Alberta is ...

World - Global Business & Economy

Moody's says June EU vote would ease uncertainty for UK economy LONDON: A June referendum in Britain on whether to remain part of the European Union would reduce political and economic uncertainty caused by the vote, Moody's said on Wednesday, warning again that a "Brexit" would be negative for the UK's credit rating.Kathrin Muehlbronner, Moody's lead sovereign analyst for the UK, also told Reuters that proposals laid out by Brussels for a new deal with Britain should help Prime Minister David Cameron convince the UK public ...

World - Global Business & Economy

US services sector cooling; jobs market resilient NEW YORK: Activity in the vast US services sector slowed to a near two-year low in January, suggesting that economic growth weakened further at the start of the first quarter even as the labor market remains resilient.The economy has been undermined by a strong dollar, softening global demand and an inventory destocking, which have pressured manufacturing and export industries. Spending cuts by energy firms, reeling from a collapse in oil prices, have also dragged on ...

World - Global Business & Economy

US services sector slows again in January WASHINGTON: The US services sector's activity sputtered in January, the third straight month of lower growth, a closely watched private survey showed Wednesday.The Institute for Supply Management (ISM) purchasing managers index for non-manufacturing activity fell to 53.5 in January, down from 55.8 in December.The fall in the PMI index for services was more than expected; analysts had penciled in a 55.0 reading. A number above 50 indicates growth.Details in the report on the services sector, ...