German jobless rate rises
Unemployment in Germany rose slightly in seasonally adjusted terms last month, but the labor market is continuing to hold up well to the eurozone debt crisis, official data showed yesterday. The raw or unadjusted jobless total fell by 77,541 to 3.02 million and the jobless rate slipped to 7.1 percent from 7.3 percent in March, the Federal Labor Office said. Nevertheless, the seasonally adjusted jobless total rose by 4,000, slightly faster than analysts’ expectations. The seasonally adjusted jobless rate was flat at 6.9 percent.
Spain’s GDP dips 0.5%
Spain’s economy shrank 0.5 percent in the first quarter, official data showed yesterday, as a job-killing recession gripped the country. GDP dipped 0.8 percent in the previous quarter and has been contracting since the middle of 2011, pushing the jobless rate above 27 percent.
S Korean output drops
South Korea’s industrial output fell for a third straight month in March, as carmakers struggled in the face of a weaker yen, official data showed yesterday. Production in the mining, manufacturing, gas and electricity industries fell 2.6 percent from February and was down 3 percent from a year ago, Statistics Korea said.
UA orders 30 planes
United Airlines (UA) on Monday announced an order for 30 Embraer 175 jetliners as it updates its fleet of regional aircraft. It did not disclose the price of the purchase. The planes, built by Brazil’s leading aircraft maker, will be added to the fleet of United Express.
BP beats profit forecasts
BP PLC profits outperformed expectations by almost US$1 billion in the first quarter thanks in part to the high margin nature of new production that came on stream at the end of last year and a strong performance from its trading division. The British oil company turned in underlying replacement cost net profit of US$4.215 billion for the quarter. That was down from US$4.65 billion a year ago mainly due to asset sales, but beat analysts expectations of about US$3.27 billion.
Fiat Q1 profit disappoints
Fiat’s first-quarter profit fell more than expected as sales by its US unit Chrysler suffered from the phase-out of the Jeep Liberty pending a new model launch. First-quarter trading profit was 618 million euros (US$805 million), while pre-tax profit came in at 160 million euros.