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Last update: Sat, 02 Jul 2016 10am

Global Business & Economy

World - Global Business & Economy

IMF will lower growth forecast for German economy after Brexit, official says BERLIN: The International Monetary Fund is likely to lower its growth forecast for the German economy in the coming weeks as a result of Britain's decision to leave the European Union, a senior IMF official said on Wednesday.Britain is an important trade partner for Germany, and significant changes in the economic relationship between the two countries will have repercussions for Germany, Enrica Detragiache, the assistant director of the IMF's European department, said in a telephone conference on its latest report on Germany and general policy recommendations."In terms of the new forecast, of course we are thinking of a downward revision," Detragiache said. "We are already indicating in the report that the UK referendum was a downside risk."We will not know what this new relationship will look like for some time," she said, adding that the uncertainty alone would hurt growth prospects.In its assessment, which was concluded before the British vote, ...

World - Global Business & Economy

New Zealand business confidence at 6-month high, but ANZ says rate cut likely WELLINGTON: New Zealand business sentiment rose in June to a six-month high as the economy continues to show strong momentum, an ANZ Bank survey showed Thursday, but ANZ said Brexit could still force the central bank to cut its policy interest rate.The survey's headline measure showed a net 20.2 percent of respondents expected the economy to improve over the year ahead, compared to 11.3 percent in the previous poll.A net 35.1 percent of respondents expected ...

World - Global Business & Economy

Australia job vacancies fall May quarter: ABS SYDNEY: Job vacancies in Australia slipped 1.9 percent in the three months to May, the fist drop in almost two years and a possible sign that demand for labour might have plateaued.Data from the Australian Bureau of Statistics released on Thursday showed total job vacancies dipped to 169,400 seasonally adjusted in the March-May quarter, from 172,600 in the three months to February.Vacancies were still 8.1 percent higher than in the same period last year.Vacancies in ...

World - Global Business & Economy

Japan factory output dives in knock to recovery TOKYO: Japanese industrial production dived in May for the first time in three months, official data showed Thursday, in a worrying sign for the already fragile economy.Factory output dropped 2.3 percent in May from a month earlier, much worse than the average 0.2 percent drop expected by economists, according to Bloomberg News.The weak figures come after Japan logged a trade deficit in May, its first since January, while retail sales come in flat.The yen's surge ...

World - Global Business & Economy

Brazil unemployment stays at record 11.2pc BRASÍLIA: Brazil's national jobless rate remained stuck at a record 11.2 percent at the end of May, the government statistics office said Wednesday.The rate for March through May was unchanged from the previous trimester, with 11.4 million people officially out of work, the Brazilian Institute of Geography and Statistics (IBGE) said. A year ago, the jobless rate was 8.1 percent.The grim jobs outlook comes as Brazil struggles through its deepest recession in decades, with the ...

World - Global Business & Economy

Brazil's budget deficit tops expectations in May BRASILIA: Brazil posted a primary budget deficit of 18.125 billion reais ($5.57 billion) in May, central bank data showed on Wednesday, the largest ever for the month of May as the government faces an uphill battle to close what could be a record shortfall this year. The deficit was above market expectations for a gap of 17.3 billion reais and came after a surplus of 10.182 billion reais in April. Copyright Reuters, 2016 ...

World - Global Business & Economy

German inflation picks up fractionally: stats office FRANKFURT: Inflation in Germany accelerated fractionally in June, buoyed by rising prices in the services sector and shallower declines in energy prices, a preliminary estimate showed on Wednesday. The federal statistics office, Destatis, calculated that Germany's national inflation yardstick, the consumer price index, rose by 0.3 percent in June, slightly faster than the 0.1 percent recorded for Europe's biggest economy in the previous month.Using the Harmonised Index of Consumer Prices (HICP) -- the barometer used ...