05282016Sat
Last update: Sat, 28 May 2016 10am

Global Business & Economy

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Argentina could export 25pc less soy this year after flooding BUENOS AIRES: Argentina could export up to 25 percent fewer soybeans this year than last, analysts said, after severe rains left many fields underwater, damaging oilseed quality. In April, floods inundated key farm areas of Argentina, the world's third-biggest exporter of raw soybeans, prompting the US Department of Agriculture to slash its forecast for soybean output to 56.5 million tonnes this year. The USDA maintained its export forecast of 11.4 million tonnes, however, despite skepticism from market watchers. "Argentina will not be able to fulfill its bean export projections," said Sebastian Gavalda, president of consultancy Globaltecnos, which sees Argentine exports of just 8.5 million tonnes of soy for the 2015/2016 season. Damaged soybeans from the affected region, which, according to the government, has already lost 6 million tonnes of output, do not meet quality standards for export. The low quality beans would have to be sent to mills to be ...

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Spain's Rajoy eyes tax cuts despite EU deficit sanctions threat MADRID: Spain's acting Prime Minister Mariano Rajoy said in a Wednesday interview he was eyeing more tax cuts if re-elected, just as Brussels mulls sanctions against Madrid for breaking deficit rules."We raised taxes at the start of our term in office, and we lowered both income and corporate tax in 2015," Rajoy told the Financial Times."If tax revenues continue to rise, as they are doing now, we can plan another tax cut."His comments came just ...

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British unemployment stays at ten-year low LONDON:: Britain's unemployment rate stands at its lowest level since 2005 after a dip in the amount of people without work, official data showed on Wednesday.The unemployment rate stood at 5.1 percent in the three months to March, unchanged from the quarter to the end of December, the Office for National Statistics (ONS) said in a statement.The ONS added that the unemployment total dipped by 2,000 to 1.69 million people.Copyright AFP (Agence France-Presse), 2016 ...

World - Global Business & Economy

British unemployment stays at ten-year low: data LONDON: Britain's unemployment rate stands at its lowest level since 2005 after a dip in the amount of people without work, official data showed on Wednesday.The unemployment rate stood at 5.1 percent in the three months to March, unchanged from the quarter to the end of December, the Office for National Statistics (ONS) said in a statement.The ONS added that the unemployment total dipped by 2,000 to 1.69 million people.Copyright AFP (Agence France-Presse), 2016 ...

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Australian wage growth slowest on record in Q1, keeps rate cut window open SYDNEY: Australian wages grew at their slowest pace on record last quarter, reflecting a subdued inflation environment that should keep the door open for another cut in interest rates this year.Figures from the Australian Bureau of Statistics on Wednesday showed the wage price index rose a mere 0.4 percent in the first quarter, the smallest increase since records began in 1997. The outcome undershot the median forecast for 0.5 percent.That took the annual rate to ...

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China April home prices accelerate, recovery spreads to smaller cities HONG KONG: China's home prices posted their fastest growth in two years in April, with gains in regional centres indicating a broader recovery in the country's housing market beyond the major cities.However, while Shanghai and Shenzhen remained the country's two hottest housing markets, there are signs recent tightening measures are beginning to temper demand in those cities.Average new home prices in 70 cities climbed 6.2 percent in April from a year ago, up from March's ...

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Weak exports seen weighing on Philippines' Q1 GDP MANILA: Sluggish exports are expected to have weighed on the Philippine's first-quarter economic growth, but the outlook remained upbeat on strong domestic demand and infrastructure spending by the incoming administration.Gross domestic product (GDP) was seen expanding a seasonally adjusted 1.6 percent in January-March from the previous quarter, a Reuters poll showed, slower than 2.0 percent growth in the fourth quarter of last year, as patchy global demand hurt exports.Shipments dropped by the most in six ...