08262016Fri
Last update: Fri, 26 Aug 2016 11am

Global Business & Economy

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 of the eurozone in 1999, emerged from three years of recession at the start of last year.But the recovery has struggled to gain any momentum and the International Monetary Fund (IMF) last month cut its forecast for Italy's 2016 growth from 1.1 percent to 0.9 percent, largely to take account of the negative impact of Britain's vote to leave the European Union.Confidence has also been hit by fears of a crisis in the country's bad ...

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 ...

World - Global Business & Economy

China retail sales growth slows in July, misses expectations BEIJING: China's retail sales growth slowed sharply in July, government statistics showed Friday, missing expectations in a disappointing sign for the world's second-largest economy as authorities look to consumer demand to push growth.Retail sales rose 10.2 percent in the month, the National Bureau of Statistics (NBS) said, a marked slowdown from June's 10.6 percent increase and below the median forecast of 10.5 percent in a Bloomberg News poll of economists.Beijing is looking to retool the ...

World - Global Business & Economy

German inflation increases slightly in July FRANKFURT: Inflation in the German economy, Europe's largest, picked up slightly in July, final official data confirmed on Friday.Germany's national inflation yardstick, the consumer price index, grew by 0.4 percent, the federal statistics office Destatis said.It was the third increase in the rate of inflation in as many months, and the largest this year since the 0.5 percent recorded in January.The uptick was driven by rising food and service prices, but slowed as energy and ...

World - Global Business & Economy

Exports, consumption boost German GDP in second quarter FRANKFURT: Expanding exports and domestic consumption pushed Germany's economy -- Europe's biggest -- to grow slightly faster than expected between April and June, preliminary data showed on Friday.With a 0.4 percent increase in calendar- and seasonally-adjusted terms, gross domestic product (GDP) grew slightly slower than the previous quarter's 0.7 percent, a statement from federal statistics office Destatis said.That was twice as fast as analysts surveyed by Factset had predicted."Compared with the previous quarter, positive impulses ...

World - Global Business & Economy

Italy's credit rating could handle bank bailout: S&P LONDON: Italy's credit rating would not be at risk of a downgrade if the government bailed out its ailing banks, Standard and Poor's head of sovereign ratings said in an interview.A referendum on constitutional reform due later this year, which will determine the political future of Prime Minister Matteo Renzi, is unlikely to have much impact either, Moritz Kraemer said. Estimates of the cost of shoring up Monte dei Paschi and other strained banks in ...