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UK economy grew twice as fast as expected in Q2
Britain’s economy grew almost twice as fast as expected in the second quarter of this year, buoyed by a sharp pick-up in services output and the fastest rise in construction output in almost 50 years, according to official data. The Office for National Statistics said GDP jumped 1.1 percent on the quarter, the fastest rise in four years, and rose by 1.6 percent on the year – the highest in two years. The figures may raise doubts over how long the Bank of England will keep interest rates at their record low, particularly with inflation running so far above target. Britain’s services sector enjoyed its fastest growth in three years, expan... -
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China visible in eurozone bond buys – EU trade chief
“China’s presence in Europe is visible across the board whether in China’s recent purchase of several hundreds of millions of euros of government bonds in the eurozone, particularly Spain or Greece, or in other large-scale investments too, such as the acquisition of Volvo by the car maker Geely,” European Trade Commissioner Karel De Gucht said. Speaking at the Shanghai World Expo, he said he was confident Europe’s salvage package for 860 billion euros ($1,097bn), has been very effective in easing the sovereign debt crisis. “I am quite confident that the euro is in good shape again.” The trade chief added that the eurozone bonds ... -
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Champagne makers signal return to growth
Remy Cointreau, which makes Piper-Heidsieck champagne, said sales of champagne rose 23 percent to 16.7 million euros ($21.3m) in its fiscal first quarter to June 30. Vranken-Pommery said sales rose 52 percent to 66 million in the quarter. “Because of the crisis, consumers temporarily switched to cheaper brands. This phenomenon is now receding. We’re seeing a move back to the major brands and cuvees de prestige,” Vranken-Pommery Chairman Paul-Francois Vranken said. Vranken-Pommery said it was optimistic about all of its champagne brands for the rest of the year, adding that the first half had seen “an end to the crisis for champagne”... -
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IMF: Low oil price a risk to Gulf region growth
In an updated report on GCC member states the IMF urged countries to prepare exit strategies from the current high spending levels but not to implement them until economic conditions were right. The IMF revised up its growth forecast for non-oil growth for GCC states to 4.3 percent, higher than the 4.0 percent it forecast in May. GCC states include Saudi Arabia, UAE, Kuwait, Oman, Qatar and Bahrain. The IMF said challenges in the financial sector in GCC states may restrain growth in the short-term but those problems remain manageable and should not undermine long-term prospects. It said banks’ capital adequacy ratios “remain strong and th... -
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IMF should be realistic about Hungary deficit-Kosa
The IMF should be realistic when considering a deficit target for Hungary for 2011, ruling Fidesz party vice chairman Lajos Kosa has told public television m1. When asked in an interview whether lenders’ expectations for Hungary to cut its deficit to 2.8 percent of GDP next year from a target of 3.8 percent in 2010 was too strict, Kosa said: “It is obvious that Hungary’s situation is one of the most difficult of all member states in European Union. In such a situation, expecting us to run the lowest deficit …. they can say that, but this will not work. “The IMF must be mindful to remain grounded in realities.” A review of Hungary... -
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South Africa faces hard choices to solve jobs crisis
But reforming labour markets, one obvious way to help narrow the gap with other emerging economies, will not be easy given the political clout of a union movement that was instrumental in bringing an end to white-minority rule in the 1990s. “You need a much more flexible labour force but the unions are still very powerful,” Mthuli Ncube, chief economist at the African Development Bank, said. “How do you tell the unions, ‘Don’t ask for more wages, don’t unionise?’ They’re such a big political and social force. I don’t know how you deal with that.” Similarly, boosting the export sector by weakening the rand, a proposal endor... -
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Argentina’s import curbs threaten to bite back
The South American nation, which saw exports rise 25 percent year-on-year in May, responded to the global financial crisis by limiting imports of shoes, fresh fruit and other goods that it also produces. The curbs, designed to protect jobs and boost local production, range from administrative delays at borders and in customs to anti-dumping penalties on goods such as steel products and textiles. China has stopped buying Argentine soy oil in response to the restrictions. Separate complaints from the EU at the World Trade Organisation and from Brazil, the top destination for Argentine exports, have raised concerns that Argentina’s protectioni... -
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Philippines may raise taxes
Asia’s largest sovereign issuer of offshore bonds may post its second successive record budget deficit this year, and the key factor that will determine how markets react to the election result will be whether the winning candidate tackles the fiscal situation with sufficient urgency and resolve. Most analysts say markets should not be too ruffled in the meantime if candidates pledge not to raise taxes or impose new revenue measures. Such promises are highly unlikely to be kept. “Any candidate who … promises no new taxes is going to eat his words,” said an economist at a large local bank. “It’s going to happen, otherwise we could ... -
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Africa equity funds end 44-week inflow streak
A 44-week streak of inflows to funds investing in emerging and frontier equities in Africa has ended while inflows to South Africa have risen, fund tracker EPFR Global said. EPFR Global had recorded net inflows of over $480m to African regional funds in the first half of the year, an indication of investor appetite for the fast-growing continent. But the fund tracker said that the long stretch of inflows ended in the week ending July 14. “Flows into (Europe, Middle East and Africa) Equity Funds were, for once, not driven by investor interest in the commodities story of Russia and Africa, with Africa Regional Equity Funds seeing their 44-wee... -
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Moody’s downgrades Ireland, outlook stable
Moody’s has downgraded Ireland’s sovereign bond rating by one notch to Aa2, citing weaker growth prospects and the high costs of rebuilding the country’s crisis-hit banking system. The rating agency, which cut Ireland from Aa1, said the outlook was stable. The move, which put Moody’s on par with rival agency Standard and Poor’s AA rating and still one notch above Fitch, comes a day before Ireland plans to sell bonds worth between Ä1bn and Ä1.5bn at its regular monthly auction. “Today’s downgrade is primarily driven by the Irish government’s gradual but significant loss of financial strength, as reflected by its deteriorating...
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