Economy

Global economy ‘grim’ and G20 must step up to fix it: China

The global economic situation is grim and major economies must lead the way in tackling problems including sluggish growth and weak trade, China’s trade minister Gao Hucheng said on Saturday. Gao made the remarks at the start of a two-day meeting of trade ministers from G20 economies in Shanghai, as uncertainty hangs over the outlook for a slow-growing global economy ... Read More »

U.S. Payrolls Seen Rebounding in June in Boost to Economy

U.S. job growth likely rebounded in June as striking Verizon employees returned to work and wages probably rose steadily, more evidence the economy has regained speed after a first-quarter lull. The U.S. Labor Department’s jobs tally due on Friday is likely to show nonfarm payrolls increased by 175,000 jobs last month after a meager 38,000 gain in May, according to ... Read More »

Brexit vote becomes crucial for US economy

Wall Street dropped for a fourth straight session on Tuesday as central bank policymakers weighed the health of the US economy and investors worried about an upcoming vote in Britain on whether to leave the European Union. Investors launched a late day rally but the major indices still ended with losses. The US Federal Reserve began its two day meeting ... Read More »

Zim scraps plan to convert dollar earnings to rands, euros

Zimbabwe’s central bank abandoned a plan to convert half of its export earnings into rands and euros as it explores ways to ease a shortage of dollars. In a statement on Tuesday, the institution said it will now require 50% of export earnings to be transferred to a Reserve Bank of Zimbabwe account. The central bank will then immediately credit ... Read More »

SA still most attractive in Africa for investments – index

South Africa still ranks as the most attractive economy for investments destined for the continent despite challenges emanating from slow growth, a gloomy ratings outlook and waning perceptions, EY said in an index released Wednesday. The auditing and advisory company has also predicted a tough few years ahead for the continent. The global economy is struggling for growth amid slowing ... Read More »

Home loan demand falls overall, but investors return to property market

Demand for home loans fell in March, although the value of investor loans rose, suggesting investors have headed back to the market despite a crackdown by banks and regulators. The data from the Bureau of Statistics showed the number of loans taken out by owner-occupiers dropped by 0.9 per cent over the month to 56,316, seasonally adjusted, although they are ... Read More »

Refugees hold key to German economic growth, IMF says

The International Monetary Fund has urged Germany to do more to help find work for the hundreds of thousands of refugees in the country, saying such moves would help counter the effects of an ageing population. The country should also make the most of low borrowing costs to bolster spending on infrastructure, the IMF said in its annual assessment of ... Read More »

Oil prices rise as dollar slips to 18-month low against yen

Oil prices rose on Tuesday as the dollar slipped to an 18-month low against the yen, potentially spurring fuel demand, but gains were restricted by rising Middle East output that renewed concerns of a global supply overhang. The international Brent crude benchmark LCOc1 was trading at $46.04 (31 pounds) per barrel at 0210 GMT, up 21 cents from its last ... Read More »

Sensex recovers 166 points on value-buying, Asian cues

Sensex had lost 169.65 points on Monday. MUMBAI: Market benchmark Sensex rebounded over 166 points in early trade on Tuesday on value-buying by investors in select bluechips amid a recovery in Asian markets. The 30-share index was trading higher by 166.41 points or 0.65 per cent to 25,603.38 with all the sectoral indices led by auto and capital goods leading ... Read More »

Woolworths sales slide, shares follow

Stagnating food and liquor sales, combined with a steep drop in petrol revenue, has seen Woolworths’ third quarter sales fall 0.3 per cent overall. The key supermarket and liquor division posted sales of $10.66 billion for the 13 weeks to April 3, 2016, up just 0.4 per cent on the same period a year ago. If adjusted to take into ... Read More »