05042016Wed
Last update: Wed, 04 May 2016 04pm

Global Business & Economy

World - Global Business & Economy

Brazil's manufacturing PMI hits lowest in 7 years in April BRASILIA: Brazil's manufacturing activity slumped in April, prompting firms to cut jobs at the sharpest pace on record as the recession worsened, a private survey showed on Monday.The Purchasing Managers' Index compiled by research firm Markit fell to a seasonally adjusted 42.6 in April, the lowest since 2009, from 46.0 in March.For the 15th straight month, the headline PMI index remained below the 50 threshold that indicates activity has contracted."Manufacturers braced themselves for tougher times and shed jobs at the fastest pace in the history of the survey, with many indicating that costs had to be slashed if they wanted to stay in business," said Markit economist Pollyana de Lima.Brazil's economy is expected to contract nearly 4 percent for a second straight year in 2016 as a ballooning budget deficit and a corruption scandal put President Dilma Rousseff on the brink of impeachment.Years of job losses in Brazil's manufacturing sector ...

World - Global Business & Economy

Canada manufacturing growth picks up for 2nd month in April OTTAWA: The Canadian manufacturing sector saw growth pick up for the second month in a row in April as businesses increased their production volumes in response to stronger demand, data showed on Monday.The RBC Canadian Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, rose to a seasonally adjusted 52.2 last month from 51.5 in March.A reading above 50 shows growth in the sector. April's was the highest level in over a year ...

World - Global Business & Economy

German manufacturing growth accelerates to three-month high in April BERLIN: German factory activity rose to a three-month high in April, buoyed by rising demand at home and abroad, a survey showed on Monday, but doubts about the health of the global economy kept the growth modest.Markit's Purchasing Managers' Index for manufacturing, which accounts for about a fifth of the German economy, rose to 51.8 in April from 50.7 in March.The reading was the highest since January and above the 50 line that separates growth ...

World - Global Business & Economy

The mysterious father of Bitcoin reveals himself His name is Craig Steven Wright, an Australian entrepreneur who has identified himself as Satoshi Nakamoto the mysterious creator of ‘Bitcoin’, the online currency.According to BBC, the admission by Craig has laid down to rest the years of speculations of who is behind the virtual currency. Is it a hoax, well Wright has brought ‘technical proof’ to back his claim as the Bitcoin owner.As a demonstration, the Australian digitally signed messages using cryptographic keys created ...

World - Global Business & Economy

Swedish SPES unemployment fell in April STOCKHOLM: Sweden's unemployment rate as measured by the number of registered jobless fell to 7.5 percent in April compared to 7.8 percent in March, a Reuters calculation based on data from the Swedish Public Employment Service (SPES) showed on Monday. The relatively big fall is likely due to normally lower unemployment at the beginning of the year, with May having the seasonally lowest unemployment rate.SPES, which publishes weekly unemployment data as well as monthly gauges, ...

World - Global Business & Economy

Australian entrepreneur reveals himself as Bitcoin creator LONDON: Australian entrepreneur Craig Wright on Monday revealed himself as the creator of the virtual Bitcoin currency to media outlets the BBC, The Economist and GQ magazine.After years of speculation on the identity of the crypto-currency's founder, Wright presented proof that only the true creator of Bitcoin could have provided, the BBC said.He digitally signed messages using encryption keys that were created in the days following Bitcoin's 2009 launch.These keys had to be created by ...

World - Global Business & Economy

Turkish manufacturing contracts to seven-month low-PMI ISTANBUL: Turkish manufacturing activity slowed in April to its lowest rate in seven months, driven by declines in output, new orders and exports, a survey showed on Monday, suggesting business conditions continue to deteriorate. The manufacturing Purchasing Managers' Index (PMI) fell to 48.9 last month from 49.2 in March, survey data from the Istanbul Chamber of Industry and Markit showed. That was the lowest reading since September, and below the 50.0 mark that separates expansion ...