12082016Thu
Last update: Thu, 08 Dec 2016 02pm

Global Business & Economy

World - Global Business & Economy

Germany 3Q growth confirmed at 0.2 percent BERLIN: Germany's economic growth in the third quarter this year was just 0.2 percent, driven mainly by domestic consumption but dented by foreign trade, the federal statistics office Destatis confirmed on Thursday.Domestic spending rose 0.4 percent and state expenditure by one percent compared to the preceding quarter, but gross investment and imports experienced negligible growth and exports fell by 0.4 percent."Foreign trade had a negative effect on gross domestic product (GDP) growth" in the order of 0.3 percentage points, Destatis said.The period covers the immediate aftermath of the Brexit referendum in Britain, a major market for German goods.The report confirmed provisional figures issued on November 15. Analysts have predicted a pick-up in activity for the final quarter.Expressed on a year-on-year basis, Germany's economy expanded 1.7 percent in the third quarter, after 1.8 percent in the second quarter and 1.9 percent in the first quarter. In 2015, Germany notched up economic ...

World - Global Business & Economy

Mexico central bank cuts 2017 growth outlook, cites possible US risks MEXICO CITY: Mexico's central bank on Wednesday narrowed its 2016 growth forecast, and cut its 2017 outlook, adding it may revise estimates if new US policies have a negative effect on Mexican exports and foreign investment in the country. In its quarterly inflation report, the central bank tweaked its 2016 growth forecast to between 1.8-2.3 percent compared to a previous estimation of 1.7-2.5 percent.It cut its 2017 economic growth outlook to between 1.5-2.5 percent versus ...

World - Global Business & Economy

Fed policymakers confident of need for rate hikes on eve of Trump win WASHINGTON: Federal Reserve policymakers appeared confident on the eve of the US presidential election that the economy was strengthening enough to warrant interest rate increases soon, minutes from the Fed's Nov. 1-2 meeting showed. The minutes released on Wednesday back the consensus view on Wall Street that the Fed is poised to raise rates in December. Policymakers left borrowing costs unchanged earlier this month, just days before Republican Donald Trump triumphed in the Nov. 8 ...

World - Global Business & Economy

Most US Fed members support rate hike 'relatively soon' WASHINGTON: Most US interest rate policymakers believe a rate hike to be appropriate "relatively soon," boosting the chances of an increase in December, according to meeting minutes released Wednesday.Some participants at the Federal Reserve policy meeting early this month said an rate increase "should occur at the next meeting" to "preserve credibility," because failure to do so would be counter to the public signals sent so far, the minutes showed.However, members also saw potential dangers ...

World - Global Business & Economy

US 30-year mortgage rates reach 16-month high NEW YORK: The average interest rate on US 30-year fixed-rate mortgages rose above 4 percent to a 16-month high, in step with rising US government bond yields, mortgage finance agency Freddie Mac said on Wednesday.The borrowing cost on 30-year mortgages, the most widely held type of US home loan, averaged 4.03 percent in the week ended Nov. 23, which was the highest since 4.04 percent in the week of July 23, 2015. Last week, 30-year ...

World - Global Business & Economy

Atlanta Fed holds US 4th qtr GDP growth view at 3.6pc NEW YORK: The US economy is on track to grow at a 3.6 percent annualized pace in the fourth quarter as upbeat data on domestic durable goods orders were offset by mixed readings on home sales, the Atlanta Federal Reserve said on Wednesday. The latest fourth-quarter GDP estimate was unchanged from the growth rate calculated on Nov. 17, the Atlanta Fed's GDP Now forecast model showed. The forecast contribution from equipment investment and inventory investment ...

World - Global Business & Economy

EU-Canada trade deal clears legal test hurdle in EU parliament STRASBOURG: The planned EU-Canada free trade deal cleared a hurdle to its implementation next year when the European Parliament rejected a motion on Wednesday to ask the top European Union court to rule on its legality. The vote by lawmakers in the parliament is an indication they will also ultimately back the EU-Canada Comprehensive Economic and Trade Agreement (CETA) itself, allowing it partially to enter force early in 2017. The motion was brought by 89 ...