05302016Mon
Last update: Mon, 30 May 2016 05am

Global Business & Economy

World - Global Business & Economy

Euro zone business growth slows, but not in Germany, France LONDON: Business growth across the euro zone dipped to a 16-month low in May but stronger showings from Germany and France suggest it is the smaller member countries that may be struggling.Offering the latest evidence that a strong acceleration in growth in the first three months of the year was only temporary, Markit's flash Composite Purchasing Managers' Index edged down to 52.9 from April's 53.0.While essentially stable - and still indicating growth - the reading was the lowest since the start of 2015. It ran against expectations in a Reuters poll, which had predicted a tick up to 53.2 in one of the earliest reported broad indicators of growth during the month.Markit said the PMI pointed to quarterly GDP growth of 0.3 percent, in line with forecasts in a Reuters survey published earlier this month, but short of 0.5 percent in the first quarter, which was initially reported as 0.6 ...

World - Global Business & Economy

Japan exports fall in April as strong yen, quakes weigh TOKYO: Japanese exports faltered in April after separate figures last week showed the world's number three economy dodged a recession in the first quarter.A fall in shipments of cars and steel overseas led exports lower, as key producers including auto giant Toyota warned that a rally in the yen was taking a bite out of profits, on the back of a slowdown in China and other emerging economies.Deadly earthquakes in southern Japan last month forced ...

World - Global Business & Economy

Obama confident TPP trade deal will be ratified in US HANOI: President Barack Obama said Monday he remained confident the Trans-Pacific Partnership (TPP) trade deal would be ratified in the United States despite strong political opposition in Washington. "I remain confident we're going to get it done and the reason I remain confident is it's the right thing to do," he told reporters in Vietnam where he is currently on a three-day visit.Copyright AFP (Agence France-Presse), 2016 ...

World - Global Business & Economy

G7 warns of Brexit 'shock' to global economy SENDAI: A British vote to quit the European Union would inflict a "shock" on the global economy, G7 ministers said Saturday, presenting a united front against the prospect of a "Brexit". Among the most vocal was German Finance Minister Wolfgang Schaeuble, who strongly cautioned against opting to leave the 28-member EU in next month's referendum."We were all of the opinion that it would be the wrong decision for the UK," Schaeuble said at the conclusion ...

World - Global Business & Economy

Benin cotton output has dropped by third during 2015-2016 season COTONOU: Cotton production in Benin plunged by more than a third during the most recent season, President Patrice Talon said in an interview with the French newspaper Le Monde. Output by Africa's third-largest cotton producer was 260,000 tonnes during the 2015-2016 season, Talon said, a drop from 394,000 tonnes in the previous season because farmers lacked pesticides or fertilizer.Cotton is a major export for the tiny West African nation. Last month Talon ceded control of ...

World - Global Business & Economy

Argentina posts 12.758bn peso primary fiscal deficit in April BUENOS AIRES: Argentina posted a primary fiscal deficit of 12.758 billion pesos ($894.4 million) in April, the Finance Ministry reported on Friday. Taming the fiscal deficit is one of the top policy priorities of pro-markets President Mauricio Macri. Since taking office in December, his government has slashed power subsidies and laid off tens of thousands of public workers in a drive to lower Argentina's bloated public sector wage bill. Copyright Reuters, 2016 ...

World - Global Business & Economy

Nigeria's economy contracts 0.36pc y/y in Q1 LAGOS: Nigeria's gross domestic product contracted by 0.36 percent in the first quarter of 2016 after growing 3.96 percent in the same period last year, the head of the Nigerian Bureau of Statistics (NBS) said on Friday on his Twitter feed.Africa's biggest economy is going through its worst economic crisis in decades, caused by the sharp fall in oil prices. Nigeria relies on crude oil sales for around 70 percent of national income and low ...