Business » World

Saturday, 23 May 2015

Domestic demand drives German growth

2015-05-23 GROWTH of the German economy, Europe’s biggest, is being driven by domestic demand, while foreign trade is having a negative effect, data published by the federal statistics office Destatis showed on Friday. Gross domestic product (GDP) expanded by...

US consumer prices soft

2015-05-23 US CONSUMER prices moderated in April on weak gasoline prices, but rising shelter and medical care costs boosted underlying inflation pressures, which should keep the Federal Reserve on course to raise interest rates later this year.The Labour...

Friday, 22 May 2015

In Brief

2015-05-22 US home sales slide in April amid listing shortageWASHINGTON: Sales of existing US homes slipped in April due to relatively few listings and rising prices, a trend that could weigh on the recovering housing market. The National Association of...

ECB sees no need to start tapering QE just yet

2015-05-22 THE European Central Bank revealed yesterday that its governing council believes its contested bond purchase programme is working and there is no talk of scaling it back just yet. “Members generally agreed that a steady hand and the firm...

US jobless claims climb, but still near 15-year low

2015-05-22 NEW claims for US unemployment insurance benefits rose more than expected last week but overall kept at a 15-year low, Labour Department data released yesterday showed.Initial jobless claims, an indicator of the pace of layoffs, rose by 10,000 to...

Thursday, 21 May 2015

Indian inspectors order recall of Maggi noodles, found excess lead

2015-05-21 INDIAN food inspectors have ordered Nestle India to recall a batch of Maggi noodles from shops across the country, saying the product contained dangerous levels of lead.The Food Safety and Drug Administration (FDA) in the northern state of Uttar...

Five global banks to pay US$5.7b in fines over rate rigging

2015-05-21 FIVE of the world’s largest banks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly US$5.7 billion, and four of them pleaded guilty to US criminal charges over manipulation of foreign exchange rates, authorities said on...

Takata doubling US recall for defective air bags

2015-05-21 JAPANESE air bag manufacturer Takata Corp is doubling a recall of potentially deadly air bags to nearly 34 million vehicles, making it the largest automotive recall in American history, US safety regulators said on Tuesday.The recall involves...

WTO to help settle US, NZ farm trade row with Indonesia

2015-05-21 THE World Trade Organization agreed on Wednesday to create a single panel of experts to study complaints from the United States and New Zealand over Indonesia’s import rules for agricultural products.Washington and Wellington have accused Indonesia...

Wednesday, 20 May 2015

In Brief

2015-05-20 AIIB members to meet in Singapore this weekSINGAPORE: Prospective founding members of the China-led Asian Infrastructure Investment Bank (AIIB) will hold a three-day meeting in Singapore this week to discuss policies, the city-state's finance...

Google backs farm-focused startup as ‘AgTech’ blooms

2015-05-20 GOOGLE on Tuesday pumped US$15 million into a farming-focused technology startup, the latest in a surge of investment applying Internet innovations to growing food. The funding round led by Google’s investment arm brings to nearly US$28 million...

Islamic mutual funds fall short of global demand: study

2015-05-20 ISLAMIC mutual funds are growing again after a slump that lasted years, but the sector still falls short of meeting demand for syariah-compliant investment products, a study by Thomson Reuters and its subsidiary Lipper showed on Tuesday.Many firms...

Tuesday, 19 May 2015

Kuwait to boost oil production

2015-05-19 KUWAIT is working to raise oil production from alternative oilfields to compensate for the loss of 250,000 barrels per day in a row with Saudi Arabia, an official said yesterday. “Kuwait Oil Company is trying its best to concentrate on high...

Greece in final stretch of troubled loan talks

2015-05-19 GREECE yesterday entered the final stretch of tortuous talks with its international creditors on a bankruptcy-saving loan deal, with the government calling for a breakthrough by the end of the month.“A deal is required immediately, this is why we...

Gold hits 3-month high after run of downbeat US data

2015-05-19 GOLD hits a three-month high yesterday, rising for a fifth session, as a run of soft US data supported expectations that the Federal Reserve will hold off raising interest rates for the time being.Spot prices rose three per cent last week, their...

Rolls-Royce to cut 600 jobs

2015-05-19 BRITISH engineering group Rolls-Royce said it would cut 600 jobs in its Norwegian-focused marine business in response to the lower oil price, a move it said would have a “broadly neutral” impact on 2015 profits.Rolls-Royce is in the middle of a...

In Brief

2015-05-19 Maybank exits Papua New Guinea for US$117 millionKUALA LUMPUR: Malayan Banking Bhd (Maybank), Malaysia's largest bank by assets, said on Monday it will sell its commercial banking units in Papua New Guinea for RM418 million (US$117.15 million). The...

Developing Asia becomes main driver of global FDI

2015-05-19 DEVELOPING countries in Asia became the world’s largest source of foreign direct investment (FDI) last year, overtaking the United States which remained the biggest single investor country.Developing countries in Asia invested US$440 billion abroad...

Monday, 18 May 2015

Greece warned of cash shortage ahead of deadline: report

2015-05-18 PRIME Minister Alexis Tsipras had warned foreign officials that Athens would not be able to pay the 750 million euros ($1.1 billion) due this month to the International Monetary Fund, Greek newspapers said Sunday.The reports came less than a week...

NZ imposes capital gains tax on housing investments

2015-05-18 NEW Zealand announced on Sunday a capital gains tax on residential property holdings in an effort to cool soaring property prices in its largest city, Auckland.Following a recent central bank announcement on curbing housing loans to Auckland...

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