12072016Wed
Last update: Wed, 07 Dec 2016 05pm

Global Business & Economy

World - Global Business & Economy

Dubai ranks No.5 globally in economic performance ISLAMABAD: Dubai ranked number five in performance among 300 world cities in the annual 2014 economic rankings of cities worldwide, released by Brookings Institution and JPMorgan Chase.Macau, the Chinese, outperformed the rest of the world's major cities economically last year, while four Turkish cities ranked among the top ten, Khaleej Times reported.Abu Dhabi and four other GCC cities also figured in the list.While Macau recorded a gross domestic product, or GDP, growth of eight per cent and employment growth of 4.2 per cent, Dubai posted 4.5 per cent GDP growth and 4.7 per cent employment growth.Cities in the developing world, especially of China, dominated the top of the annual economic rankings.Four Turkish cities made the top 10: Izmir, Istanbul, Bursa and Ankara. Copyright APP (Associated Press of Pakistan), 2015 ...

World - Global Business & Economy

Dreamworks Animation to slash 500 jobs, cut films LOS ANGELES: Dreamworks Animation announced plans Thursday to cut 500 jobs and reduce the number of films it produces over the next three years as part of a "strategic" plan to cut costs and boost profits.A statement from the studio responsible for blockbuster animated hits such as "Shrek" said the restructuring would see the company make two films per year instead of three up until 2017."The number one priority for DreamWorks Animation's core film business ...

World - Global Business & Economy

Sri Lanka govt says to lose $500mn revenue from fuel tax reduction COLOMBO: Sri Lanka's new government will lose 65.5 billion rupees ($500 million) in revenues after it cut fuel taxes, the island nation's power and energy minister said on Thursday. The government, which came into power after a Jan. 8 presidential poll, cut fuel prices by up to 22 percent with effect from Thursday following a promise by incoming president Maithripala Sirisena to reduce fuel taxes. Sirisena had promised to fight corruption and reduce the cost ...

World - Global Business & Economy

Spain sees record 65mn tourist visits in 2014, quarter British MADRID: Spain received a record 65 million visits from foreign tourists in 2014, nearly a quarter of them British, the government said Thursday in a fresh boost for the country's recovering economy.The overall number of visits by foreign tourists to Spain was the highest on record and rose by 4.3 million, or more than seven percent compared with 2013, the tourism ministry said.Neighbouring Portugal also reported a welcome surge in tourist visits and revenues.Just over ...

World - Global Business & Economy

US jobless claims fall after strong surge WASHINGTON: New claims for US unemployment insurance benefits, an indicator of the pace of layoffs, fell last week after a surge the prior week, the Labor Department said Thursday.Initial jobless claims totaled 307,000 in the week ending January 17, down 10,000 from the previous week's revised level, the agency said.The prior week's claims reading was revised up by 1,000 to 317,000, the highest level since early June.Analysts had expected a larger decline last week in ...

World - Global Business & Economy

US jobless claims off 7-month high; oil layoffs watched WASHINGTON: The number of Americans filing new claims for unemployment benefits fell last week from a seven-month high, pointing to continued improvement in labor market conditions.Initial claims for state unemployment benefits slipped 10,000 to a seasonally adjusted 307,000 for the week ended Jan. 17, the Labor Department said on Thursday.That reversed the bulk of the prior week's increase which had pushed claims to their highest level since early June, but fell short of economists expectations ...

World - Global Business & Economy

IMF welcomes ECB bond-buying, calls for more actions WASHINGTON: The International Monetary Fund on Thursday said it welcomed the European Central Bank's decision to buy government bonds, which will pump tens of billions of euros into a sagging euro zone economy.IMF Managing Director Christine Lagarde said the monthly purchases of 60 billion euros should "strongly reinforce" the ECB's accommodative policies, helping to lower borrowing costs across the euro zone, raise inflation expectations and support the central bank's mandate for price stability."It remains essential ...