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Global Business & Economy

World - Global Business & Economy

UK economy slows as global weakness, Brexit uncertainty weigh LONDON: Britain's economy slowed at the start of this year, buffeted by a slowing global economy and uncertainty ahead of this year's referendum on European membership, as it relied solely on the services sector to drive growth.First-quarter gross domestic product grew by 0.4 percent, down from 0.6 percent in the three months to December 2015 and in line with economists' forecasts of a 0.4 percent expansion, the Office for National Statistics said on Wednesday.Economists were clear that the weak global economy and doubts about Britain's future in Europe had contributed to the slowdown."Given that the next quarter is also likely to see some pre-referendum jitters, it looks likely that Q2 will see a soft reading for GDP growth," said Martin Beck, economist from the EY ITEM Club consultancy.The Organisation for Economic Co-operation and Development on Wednesday warned that Britain's large current account deficit could become harder to finance and sterling ...

World - Global Business & Economy

Greek PM to seek EU summit on creditor talks ATHENS: Greek Prime Minister Alexis Tsipras will on Wednesday ask European Council president Donald Tusk to call an EU summit to help facilitate negotiations with the debt-ridden country's creditors, a government source said.Tsipras's decision came after a meeting of eurozone finance ministers, mooted for Thursday, was postponed, with Eurogroup chief Jeroen Dijsselbloem saying "more time" was needed to decide on the next steps for Greece's massive bailout."No additional Eurogroup on Greece this Thursday, more time ...

World - Global Business & Economy

UK economic growth slows in first quarter LONDON: Britain's economic growth slowed in the first quarter of the year, hit by a heavy drop in construction and manufacturing, official data showed on Wednesday.Gross domestic product (GDP) -- the total value of all the goods and services produced in the economy -- grew by 0.4 percent between January and March, the Office for National Statistics (ONS) said in an initial estimate. That tallied with market expectations but marked a slowdown from 0.6-percent expansion ...

World - Global Business & Economy

Australia's quarterly CPI sees first fall since 2008 SYDNEY: Australian consumer prices fell in January-March for the first time since 2008 during the global financial crisis, data showed Wednesday, putting pressure on the central bank to cut interest rates and sending the local dollar tumbling.The statistics bureau said the consumer price index (CPI) fell 0.2 percent in the quarter from the previous three months -- when prices had risen 0.4 percent -- as plunging world oil prices sent the cost of fuel lower.The ...

World - Global Business & Economy

German consumer morale on the rise: survey FRANKFURT: Consumer confidence in Germany is on the rise again as households feel that economic recovery will gather pace in the coming months, a poll found on Wednesday. "Consumers are working from the assumption that the German economy will regain momentum again in the months to come," market research company GfK said in a statement."Economic expectations rose in April, pulling up income expectations and consumers' willingness to spend from already very good levels," the statement ...

World - Global Business & Economy

SWIFT admits international bank transfer system was hacked SWIFT, the global financial network that banks use to transfer billions of dollars every day, warned its customers on Monday that it was aware of "a number of recent cyber incidents" where attackers had sent fraudulent messages over its system.The disclosure came as law enforcement authorities in Bangladesh and elsewhere investigated the February cyber theft of $81 million from the Bangladesh central bank account at the New York Federal Reserve Bank. SWIFT has acknowledged that ...

World - Global Business & Economy

New Zealand's annual trade deficit widest in seven years WELLINGTON: New Zealand posted a monthly trade surplus of NZ$117 million ($80.7 million) in March, data from Statistics New Zealand showed Wednesday.The result left the country's annual trade deficit at NZ$3.838 billion, the largest in seven years.Economists polled by Reuters had forecast a monthly surplus of NZ$475.5 million and an annual deficit of NZ$3.56 billion.Exports totalled NZ$4.2 billion while imports were NZ$4.09 billion. Copyright Reuters, 2016 ...