07292016Fri
Last update: Fri, 29 Jul 2016 05pm

Global Business & Economy

World - Global Business & Economy

Google CEO defends Europe tax practices, warns on Brexit BERLIN: Google CEO Sundar Pichai hit back Sunday at accusations that the global internet giant failed to pay enough taxes in Europe, and warned of the potential fallout from Britain leaving the EU.As Google faces a raft of fiscal probes across the continent, Pichai told Germany's Welt am Sonntag newspaper that the US company invested "very heavily" in Europe and employed 14,000 people there."As a global company, we find ourselves between the conflicting priorities of international tax law," he said, in remarks published in German."Based on the structure of existing tax law, most companies pay the bulk of their taxes in their home countries."He said that Google respected the laws on the books, and that governments would have to take action if they wanted to ensure more revenues stayed at home."Only the further development of the global tax system by politicians can lead to better results," he said.Asked about a ...

World - Global Business & Economy

China will struggle to maintain growth pace for wages: stats bureau BEIJING: Wages in China kept pace with economic growth in the first half of 2016 but maintaining that will be difficult, the country's statistics bureau said on Sunday.It cited issues such as overcapacity in China's coal and steel sectors as well as some declining agricultural prices as taking a toll on salaries.Maintaining the relationship between the pace of growth and that of wage increases is a challenge requiring "close attention", Wang Pingping, head of the ...

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India's June exports rise after falling for 18 months NEW DELHI: India's merchandise exports rose for the first time in June, after falling for 18 consecutive months, spurred by increasing commodity shipments, data released by the Ministry of Commerce and Industry showed on Friday. The value of overseas shipments rose 1.27 percent to $22.57 billion compared with a year earlier, while imports slid 7.33 percent to $30.69 billion, leaving a $8.12 billion trade deficit, the data showed. India's merchandise exports contracted 15.8 percent to ...

World - Global Business & Economy

US retail sales, consumer prices rise as domestic demand picks up WASHINGTON: US retail sales rose more than expected in June as Americans bought motor vehicles and a variety of other goods, reinforcing views that economic growth picked up in the second quarter. Other data on Friday showed consumer prices increasing for a fourth straight month in June on rising housing, gasoline and healthcare costs, indicating a steady build-up in inflation. The stream of upbeat data and a rally on Wall Street could allow the Federal ...

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Turkish June budget deficit 7.9 billion lira, finance minister says ANKARA: Turkey's budget produced a deficit of 7.9 billion lira ($2.74 billion) in June, bringing the overall surplus to 1.1 billion lira in the first six months of the year, Finance Minister Naci Agbal said on Friday. The primary deficit, which excludes interest payments, was 5.7 billion lira, Agbal also said at a news conference.Copyright Reuters, 2016 ...

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OECD's Gurria says expects around 4pc growth for Turkey in 2016, 2017 GAZIANTEP: OECD Secretary-General Angel Gurria said on Friday he expects Turkey's economy to grow around 4 percent this year and next. Gurria made the comment at a joint news conference with Turkish Deputy Prime Minister Mehmet Simsek in the southern city of Gaziantep to announce the results of the Organisation for Economic Co-operation and Development's latest survey on Turkey.Copyright PPI (Pakistan Press International), 2016 ...

World - Global Business & Economy

China's second-quarter economic growth beats forecasts BEIJING: China's economy expanded more than expected in the second quarter of the year, Beijing said Friday, fuelling hopes growth may be stabilising, but analysts warned private investment was worryingly low.The world's second biggest economy grew 6.7 percent year on year in April-June, slightly quicker than forecast in an AFP survey and the same as the year's first quarter.The result is also in line with the government's 6.5-7.0 target for the full year and will ...