Business

China producer prices jump 7.8% in February: govt

BEIJING, China (AFP) — Prices for goods at the factory gate in China rose for the sixth straight month in February, officials said Thursday, slightly beating expectations as strong demand boosts the world’s second-largest economy. The producer price index (PPI) rose 7.8 percent year-on-year, according to the National Bureau of Statistics, topping economist expectations of a 7.7 percent increase in a Bloomberg poll. It marked an acceleration from the previous five months and fuelled expectations […]

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As Brexit looms, Britain forecasts strong economy

by Roland JACKSON Agence France-Presse LONDON, United Kingdom – Britain’s economy will grow far stronger than expected this year, finance minister Philip Hammond said in a budget update Wednesday, as the government prepares to trigger Brexit. Conservative Prime Minister Theresa May has vowed to activate Article 50 of the EU’s Lisbon Treaty in the next three weeks, sparking a painful two-year divorce process — and tense talks over the terms of Britain’s departure from the […]

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Japan’s economy grows revised 0.3% in Q4

TOKYO, Japan (AFP) — Japan’s economy expanded by a revised 0.3 percent in the last quarter of 2016, government data showed Wednesday, as company investment and a weaker yen propped up growth. The latest GDP figure was marginally higher than an initial estimate of 0.2 percent growth in the October-December period, but lower than market expectations for a 0.4 percent expansion. It marked the fourth straight quarter of expansion in the world’s third-largest economy. For […]

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US fines China’s ZTE $1.2 bn for violating Iran, N.Korea sanctions

by Heather SCOTT Agence France-Presse WASHINGTON, United States – The US government has slapped $1.2 billion in fines on Chinese telecom giant ZTE for violations of US export controls for selling goods to Iran and North Korea, officials announced Tuesday. It is the largest criminal penalty in US history in an export control case, US officials said, though there have been larger fines involving financial firms. The company will immediately pay $892 million, while another […]

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China’s price levels remain stable at beginning of 2017: official

CHINA (Reuters) — The Consumer Price Index (CPI) and the Producer Price Index (PPI) in China remain stable up to now and China will continue to deepen price reform said an official with China’s National Development and Reform Commission (NDRC) at a press conference on Monday in Beijing. “China’s price level was generally stable last year and remains so till now. The CPI grew 2 percent in the 2016 year on year, under the predicted […]

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Luxury in focus as Geneva car show opens

by Tangi QUEMENER / with Estelle PEARD in Frankfurt Agence France Presse PARIS, France (AFP) — Europe’s biggest annual car show kicks off in Geneva on Tuesday with luxury and crossover vehicles in the limelight, but with the emissions scandal still hanging over the industry. Automakers are celebrating the end of the sector’s crisis as European sales have returned to levels last seen in 2008 before a global financial meltdown inflicted deep dents on their […]

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White House’s Navarro: trade deficit threat to national security

WASHINGTON, United States (AFP) – The Trump administration’s top trade advisor said Monday US trade deficits are a threat to national security that could cause the loss of American freedom and prosperity. Outlining an unapologetically aggressive trade policy, Peter Navarro, director of the White House National Trade Council, accused economists and the media of ignoring the risk posed by trade deficits and embracing an “antiquated view of the world.” Navarro singled out China and Germany […]

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India’s gold imports surge on pent-up demand

INDIA (Reuters) — A gold rush in India. Jewellers across the country seeing a massive surge in people wanting to spend big on the country’s favourite precious metal, despite New Delhi’s recent shock cash crunch. Imports surged 82 percent in February, compared to the same time last year. That translates to 50 tonnes of gold. Reuters Euan Rocha explains what’s leading the turnaround. “Big factors in the Indian market without a doubt is wedding season. […]

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China to take further steps to support private investment – state planner

BEIJING, China (Reuters) — China said on Monday (March 6) continued economic growth needed to maintain employment, and will take further steps to support private investment. “Because China is a country with almost 1.4 billion people, employment is a really important issue. Without a certain level of economic growth, a certain quality of economic growth, creating enough employment opportunities would be very difficult. Based on our experience and understanding of the rules roughly, every increase […]

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Japan inflation picks up for first time in nearly a year

TOKYO, Japan (AFP) — Japanese consumer prices picked up in January for the first time in almost a year, official data showed Friday, halting a long string of declines as Tokyo struggles to put deflation in the rear view mirror. A nationwide consumer prices index, which excludes volatile costs of fresh food, rose 0.1 percent from a year earlier, the internal affairs ministry said. The rise was the first uptick in 11 months and ended […]

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Spotify extends lead over Apple Music with 50 million subscribers

NEW YORK, United States (AFP) — Spotify has extended its lead as the world’s largest streaming company as it announced Thursday that it had 50 million paying subscribers. The Swedish company posted the figure on Twitter. Apple Music, its closest competitor, said in December that it had 20 million subscribers. The update was the first from privately held Spotify since September. Spotify said in June that it had a total of 100 million users, including […]

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Oil companies roll back LPG prices

QUEZON CITY, Philippines (Eagle News) — Big oil companies on Thursday, March 2 implemented a price rollback on cooking gas or liquefied petroleum gas (LPG). Eastern Petroleum is now implementing a Php 0.35 centavos per kilogram or Php 3.85 per 11 kg cylinder rollback of its EC gas products. Petron also implemented the same rollback on Wednesday, March 1. The LPG price decrease was due to the downward trend of LPG contract prices in the […]

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