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Last update: Thu, 25 Aug 2016 09am

Global Business & Economy

World - Global Business & Economy

Japan's economic growth fizzles out in second quarter TOKYO: Japan's economy stalled in the April-June quarter, data showed Monday, missing market forecasts and rekindling worries about the government's faltering bid to stoke a recovery.Growth in the world's third largest economy was flat at 0.0 percent on-quarter, falling below economists' expectations for a modest 0.2 percent expansion, as weak exports and a fall in business spending dented activity.On an annualised basis, the economy expanded by a slight 0.2 percent in the latest period, well off expectations for a 0.7 percent rise and a 1.9 percent growth rate seen in the first quarter of the year.Japanese officials are under growing pressure to deliver as economists increasingly write off Prime Minister Shinzo Abe's years-long bid to cement a lasting recovery, dubbed Abenomics."Today's data are quite disappointing," said Junko Nishioka, chief economist at Sumitomo Mitsui Banking."The situation is becoming tougher and tougher. There is the rally in the yen and worries about ...

World - Global Business & Economy

PM Modi hails sweeping reforms for India's fast growth NEW DELHI: Prime Minister Narendra Modi said India was becoming the world's most attractive destination for foreign investors Monday, using his annual Independence Day speech to trumpet sweeping tax reforms designed to spur growth.In an address from Delhi's 17th-century Red Fort, Modi sought to highlight his government's achievements, including the recent passage of a landmark tax reform, that have contributed to India's robust growth during a global slowdown. "Be it the World Bank, the IMF ...

World - Global Business & Economy

Thai growth dips in second quarter BANGKOK: Thailand's economic growth slowed in the three months to June, new figures released Monday showed, days after a string of bomb and arson attacks struck the country's crucial tourism sector.High household debt, weakening exports, slumping foreign investment and low consumer confidence have cramped growth in what for years was Southeast Asia's flagship economy.A military junta seized power in 2014 vowing to end years of political instability and kickstart the lacklustre economy.Thailand's growth has since ...

World - Global Business & Economy

IMF warns on China's mid-term economic stability BEIJING: China must take "urgent" action to reform its economy or risk "permanently lower growth", the International Monetary Fund said in a report Friday, citing mounting corporate debt as a major concern.While near-term growth prospects remain good, Beijing's failure to move on long-promised reforms is raising the chances of a medium-term hard landing in the world's second-largest economy, it said.China is seeking to restructure its economy to make the spending power of its nearly 1.4 ...

World - Global Business & Economy

Italian economy grinds to a halt ROME: Italy's economy stalled in the second quarter of the year, official data indicated Friday, exacerbating fears a sluggish recovery from recession is running out of steam.Output in the three month to the end of June was the same as in the first quarter of 2016, leaving annual growth at 0.7 percent.Finance minister Pier Carlo Padoan had recently predicted 0.1-0.2 percent quarter-on-quarter growth.Italy's economy, which has barely expanded since the country became a founder member ...

World - Global Business & Economy

Eurozone growth slows, France and Italy falter BRUSSELS: Eurozone second quarter growth slowed sharply, official data confirmed Friday, weighed down by Brexit concerns and a poor performance in struggling France and Italy.Growth in the 19-nation eurozone came in at 0.3 percent, down from 0.6 percent in the three months to January but unchanged from the initial estimate given last month, the Eurostat statistics agency said.The 0.3 percent quarterly gain was in line with average forecasts compiled by data company Factset.Analysts said at ...

World - Global Business & Economy

Malaysia's economic growth slows to 4.0pc in Q2 KUALA LUMPUR: Malaysia's economic growth eased in the second quarter, the central bank said Friday, attributing the slowdown to a decline in exports amid subdued global demand.The economy grew 4.0 percent year-on-year in the April to June period, compared with 4.2 percent in the first quarter and 4.9 percent in the second quarter of 2015.It is Malaysia's slowest rate of expansion since a 1.1 percent contraction in the third quarter of 2009 during the global ...