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Last update: Fri, 29 Jul 2016 09pm

Global Business & Economy

World - Global Business & Economy

Britain's jobless total dips to 11-year low LONDON: Britain's unemployment rate dipped to 4.9 percent in the three months to May, the lowest level since 2005, official data showed on Wednesday.The unemployment rate had stood at 5.0 percent in the three months to April, which had been a near 11-year low, the Office for National Statistics said in a statement.The ONS added that the unemployment total dropped to an eight-year low of 1.65 million people in the three months to May.However, none of the data covers the period following Britain's surprise EU exit referendum that was held on June 23.Bank of England governor Mark Carney has warned that Britain could fall into recession as businesses delay new projects and cut jobs because of the Brexit vote.Copyright AFP (Agence France-Presse), 2016 ...

World - Global Business & Economy

Britain's jobless total dips to 11-year low LONDON: Britain's unemployment rate dipped to 4.9 percent in the three months to May, the lowest level since 2005, official data showed on Wednesday.The unemployment rate had stood at 5.0 percent in the three months to April, which had been a near 11-year low, the Office for National Statistics said in a statement.The ONS added that the unemployment total dropped to an eight-year low of 1.65 million people in the three months to May.However, none ...

World - Global Business & Economy

British inflation rate climbs to 0.5pc LONDON: Britain's annual inflation rate rose last month from May, official data showed Tuesday, and faces further gains as a weak pound caused by the Brexit vote raises import prices.The 12-month Consumer Price Index rose by 0.5 percent in June, the Office for National Statistics said in a statement.CPI had risen by 0.3 percent in the year to May, the ONS added."Rises in air fares, prices for motor fuels and a variety of recreational and ...

World - Global Business & Economy

Eurozone bank sector improves: ECB survey FRANKFURT: Europe's financial sector is showing further signs of mending and banks are increasingly competing for custom by easing credit standards, a key European Central Bank survey showed on Tuesday.The ECB said its quarterly bank lending survey (BLS) showed banks are easing credit standards for loans to companies, an encouraging sign, since the chronic weakness of credit activity in the euro area has previously been blamed for the absence of any noticeable recovery in the ...

World - Global Business & Economy

Malaysia, Singapore team up on bullet-train project KUALA LUMPUR: Malaysia and Singapore signed an agreement Tuesday to pursue an ambitious high-speed rail link touted as a first for Southeast Asia that would knit the historically fractious neighbours more closely together.The 350-kilometre (217-mile) bullet-train line from the regional financial hub of Singapore to Malaysia's capital Kuala Lumpur is expected to slash travel times to 90 minutes from the five or more hours by road today.The price tag is not yet known but analyst ...

World - Global Business & Economy

Greece says raid on ex-UBS man part of tax clampdown ATHENS: A police raid on the home of a former UBS banker earlier this month was part of a campaign to bring those accused of tax fraud to "justice", Athens said Tuesday."This is one more case where Greek authorities acted methodically and efficiently to hand out justice," government spokeswoman Olga Gerovassili said in a statement.The Financial Times revealed Tuesday that on July 4 authorities raided the home of former UBS head of investment banking in ...

World - Global Business & Economy

Ex-Yukos shareholders appeal quashing of $50 bn award THE HAGUE: Former shareholders of the now-dismantled Russian oil giant Yukos on Monday appealed a Dutch court's decision to overturn a ruling that ordered Moscow to pay them a record $50 billion in damages.Main ex-shareholder GML and Veteran Petroleum Limited "filed an appeal against the judgement... which challenged the July 2014 award against the Russian Federation," they said in a statement.Yukos was once Russia's biggest oil company but was broken up after its former owner, ...