08302016Tue
Last update: Tue, 30 Aug 2016 06pm

Global Business & Economy

World - Global Business & Economy

Mexico factory exports, consumer imports climb in July MEXICO CITY: Mexico's factory-made exports and non-oil consumer imports rose in July, data showed on Friday, suggesting a possible renewal in economic growth after the gross domestic product contracted in the second quarter.Manufactured exports rose 0.47 percent in July from June in seasonally adjusted terms, the national statistics agency INEGI said, helped by a 2.8 percent rise in auto exports. Non-auto exports slid 0.65 percent.Mexico exports mostly manufactured goods like televisions and cars to the United States as well as industrial components used by American factories to turn out finished products.Exports have been weak to the United States, Mexico's main market, despite a sharp drop in the peso against the dollar.Non-oil consumer imports rose 0.26 percent in July from June. Domestic household consumption has helped buoy the Mexican economy while exports and oil production have faltered.On Monday, data showed Mexico's economy shrank in the second quarter for the first time ...

World - Global Business & Economy

UK consumers powered growth in Q2 despite approach of Brexit vote LONDON: Britain's consumers and businesses showed no sign of reining in their spending ahead of the country's Brexit vote in June, official data showed on Friday, adding to signs that the economy went into the referendum in strong shape.Households increased their spending by the most since before the financial crisis in the second quarter, the Office for National Statistics said.The data also showed investment by businesses unexpectedly rose between April and June - a period ...

World - Global Business & Economy

German economy set fair on growth path despite Brexit risk BERLIN: Germany's domestic economy is set fair for further growth, with robust household and government spending propelling a self-reinforcing cycle of activity, though Britain's Brexit vote has unnerved German companies trading abroad.Data and surveys released this week showed domestic demand cementing its role as the main driver of Europe's biggest economy, more than compensating for a sluggish export sector that is facing waning demand.A robust labour market, rising wages and ultra-low borrowing costs suggest the ...

World - Global Business & Economy

South Korea Aug consumer sentiment reaches 8-month high SEOUL: South Korea's key measure of consumer sentiment rose to an eight-month high in August, a central bank survey showed on Friday. The Bank of Korea said its composite consumer sentiment index (CCSI) rose to 102 for August, up from July's 101 and the highest level since December 2015. A reading above 100 shows that consumers who expect living conditions to improve in the coming month outnumber those expecting them to deteriorate. The central bank ...

World - Global Business & Economy

Mexico 2nd-qtr current account deficit widens vs preceding qtr MEXICO CITY: Mexico's current account deficit widened slightly in the second quarter to $7.852 billion against a revised $7.597 billion deficit in the first quarter, the central bank said on Thursday. In the first half of 2016, the current account deficit was the equivalent of 3.0 percent of gross domestic product, it said. Copyright Reuters, 2016 ...

World - Global Business & Economy

US 30-year mortgage rate unchanged in latest week NEW YORK: Interest rates on US 30-year mortgages were unchanged in the latest week as benchmark Treasury yields have held in a tight trading range in advance of a speech from Federal Reserve Chair Janet Yellen on Friday, mortgage finance agency Freddie Mac said on Thursday.The average 30-year mortgage rate was 3.43 percent in the week ended Aug. 25 for a second straight week, Freddie Mac said in its latest mortgage rate survey. Copyright Reuters, ...

World - Global Business & Economy

Portugal public deficit shrinks 10pc in January-July LISBON: Portugal's public deficit shrank by 10 percent in January-July from a year earlier, to 4.98 billion euros ($5.62 billion), which the Finance Ministry said was a better performance so far than envisaged in this year's budget. The country barely avoided European sanctions last month after overshooting the 2015 deficit target with a gap of 4.4 percent of GDP, and has to meet this year's deficit goal of 2.5 percent, which means much bigger cuts ...