07242016Sun
Last update: Sun, 24 Jul 2016 03pm

Global Business & Economy

World - Global Business & Economy

US jobless claims hold steady at low level WASHINGTON: A modest number of Americans filed new claims for US unemployment insurance benefits last week, fresh evidence of steady improvement in the jobs market, government data showed Thursday.Initial jobless claims, a sign of the level of layoffs, held near a three-month low for the second week running, the Labor Department said. Claims were unchanged at 254,000 in the week ending July 9 from the prior week's unrevised level. Claims have held below 300,000 for 71 straight weeks, the longest streak since 1973.The economy added a robust 287,000 jobs in June, quelling concerns about a broader US economic slowdown. Monthly job growth has slowed this year from the 2015 pace but remains strong enough to keep the unemployment rate declining, analysts said. It was 4.9 percent last month.The four-week moving average of initial jobless claims fell last week by 5,750 to 259,000. A year ago it was 280,250."We see no ...

World - Global Business & Economy

Vietnam posts $17mn trade deficit in June: customs HANOI: Vietnam reported a trade deficit of $17 million in June, its customs department said on Thursday, well below the $100 million deficit estimated by the government.June exports rose 2.5 percent from the previous month to $14.72 billion, while imports edged up 1.3 percent in the same period to $14.74 billion, the Finance Ministry-run Vietnam Customs said on its website.Vietnam exported $82.1 billion worth of goods during the January-June period and imported $80.4 billion, leaving ...

World - Global Business & Economy

Irish inflation rises to 22-month high of 0.4 percent in June DUBLIN: Ireland's annual inflation rate rose to its highest level in almost two years in June, with consumer prices rising 0.4 percent, fuelled by growing insurance premiums and higher prices in restaurants and hotels, data showed on Thursday.Despite three years of strong economic growth, consumer prices have remained muted and Ireland posted its first annual inflation growth for more than a year last December. Prices were flat in May after three months of annual falls.Consumer ...

World - Global Business & Economy

IMF deal will lower Iraq's fiscal, balance of payment challenges: Moody's BAGHDAD: A $5.34 billion standby agreement from the International Monetary Fund will lower Iraq's fiscal and balance of payment challenges, Moody's said on Thursday."The agreement is credit positive for Iraq because it will improve liquidity at a time of heightened fiscal and balance-of-payments risks," the rating agency said in a statement.The deal, which the IMF's executive board approved last week, could unlock $15 billion more in international assistance over the next three years to help ...

World - Global Business & Economy

Malaysia cuts interest rates for first time in 7 years KUALA LUMPUR: Malaysia on Wednesday cut interest rates for the first time in seven years in a shock move as the economy struggles with weak exports and an uncertain global outlook.The decision to slash borrowing costs by 25 basis points to 3.00 percent follows similar moves by Singapore and Indonesia and comes as major central banks around the world look to ease monetary policy to kickstart growth."Exports are projected to remain weak following more subdued ...

World - Global Business & Economy

Eurozone industrial production slides in May: Eurostat BRUSSELS: Eurozone industrial production fell back 1.2 percent month on month in May, reversing a revised 1.4 percent rise for April, Eurostat data showed Wednesday, raising concerns of sluggish growth.Explaining the fall, the European statistics body cited production of energy falling by 4.3 percent, capital goods by 2.3 percent and durable consumer goods by 1.4 percent.A Capital Economics research note suggested that "industry will probably detract from eurozone GDP growth in the second quarter. The ...

World - Global Business & Economy

Germany issues 10-year bond at negative interest rate for first time FRANKFURT: Germany issued a 10-year bond at a negative interest for the first time on Wednesday, selling more than 4.0 billion euros ($4.5 billion) with a yield of minus 0.05 percent, the German central bank or Bundesbank said. The 10-year German government bond or "Bund" acts as a benchmark on the debt markets and regarded as one of the safest investments.It is the first time that investors have accepted negative returns in the first issue ...