05262016Thu
Last update: Thu, 26 May 2016 07pm

Global Business & Economy

World - Global Business & Economy

US housing starts, building permits increase in April WASHINGTON: US housing starts rose more than expected in April as builders ramped up the construction of single and multi-family homes, supporting views that the economy was regaining steam early in the second quarter.Groundbreaking increased 6.6 percent to a seasonally adjusted annual pace of 1.17 million units, the Commerce Department said on Tuesday. March's starts were revised up slightly to a 1.10 million-unit rate from the previously reported 1.09 million-unit pace.Economists polled by Reuters had forecast housing starts rising to a 1.13 million-unit pace last month. The government revised seasonally adjusted housing starts data from January 2014 through March this year.Last month's housing starts data added to strong April retail sales in suggesting that the economy was picking up momentum after growth almost halted in the first quarter.Housing is being supported by a buoyant labor market, which is increasing employment opportunities for young adults, and in turn bolstering household formation.In ...

World - Global Business & Economy

Italy statistics bureau cuts Italian 2016 GDP forecast to 1.1pc ROME: Italy's economy will grow by 1.1 percent this year, national statistics institute ISTAT forecast on Tuesday, cutting its previous estimate of 1.4 percent made in November due to a weaker outlook for world trade. ISTAT's gross domestic product forecast is marginally below that of Prime Minister Matteo Renzi's government, which last month cut its projection to 1.2 percent from 1.6 percent.It would mark a slight acceleration compared with the 0.8 percent growth posted in ...

World - Global Business & Economy

Olympics to give battered Brazil economy only limited boost: report RIO DE JANEIRO: The Rio Olympics in August will give Brazil's battered economy only a limited shot in the arm, Moody's ratings agency said Monday, as bad news mounted for the city's Olympic transportation network."Rio de Janeiro's upcoming summer Olympic games will give the city some lasting infrastructure improvements, as well as a temporary boost in tax revenues, but once the events are over, the country will wake up once again to its deepening recession," ...

World - Global Business & Economy

Argentine wheat exports leap on Macri policies; plantings seen up BUENOS AIRES: Argentine wheat exports more than doubled in the first quarter, government data showed, as farmers rushed to sell stockpiles ahead of an expected jump in plantings spurred by the open-market policies of new President Mauricio Macri. The surge in Argentine supply is hitting an oversaturated world market and putting downward pressure on wheat prices already near their lowest levels in six years. Days after his December inauguration Macri ditched trade and currency controls ...

World - Global Business & Economy

Peru's economy grows slower than expected in March LIMA: Peru's economy grew at a slower-than-expected 3.7 percent in March from the same month a year ago, state statistics agency INEI said on Monday, curbed by two fewer working days. The reading was at the bottom end of the range of estimates in a Reuters poll of 14 economists, which had a 4.1 percent median forecast. On a seasonally adjusted basis, the economy contracted 0.6 percent in March from February, Inei said, while the ...

World - Global Business & Economy

Russian economy shrank by 1.2 percent in first quarter MOSCOW: Russia's economy contracted by 1.2 percent in the first quarter of this year compared with the same quarter last year, in a tentative sign of stabilisation, the state statistics service said on Monday.The latest GDP figures compared favourably to the 3.8 percent contraction in the last quarter of 2015 and were better the forecast by Economy Minister Alexei Ulyukayev who had expected a decline of 1.4 percent in the first quarter.Russia has seen its ...

World - Global Business & Economy

Slovenia must boost private sector, privatise banks swiftly: IMF LJUBLJANA: The International Monetary Fund (IMF) said on Monday that Slovenia, which narrowly avoided having to ask for an international bailout in 2013, needs to encourage private investment and swiftly privatise its banks.In a report, the IMF also urged the government, which is struggling to reduce the budget deficit and public debt, to agree a deal with unions that would keep a lid on wages."To sustain the reasonable growth rates from 2014-15 given the expected ...