The government yesterday reported a slide in jobless numbers last month as the economy gingerly recovered from a long, employment-destroying recession. The number of people registered as unemployed fell by 16,620 from the previous month to 4.8 million, the steepest decline for March since 2006, the Labor Ministry said. After correcting the data to smooth out seasonal fluctuations, the ranks of the registered unemployed fell by 17,000 people, the eighth straight month of decline, it said.
Market operator probed
German stock market operator Deutsche Boerse said yesterday that its clearing and settlement unit Clearstream is the target of a money-laundering probe in the US. “Clearstream Banking has been informed that the United States Attorney for the Southern District of New York has made Clearstream subject of criminal investigation in connection with alleged violations of US money laundering and Iran sanction laws,” Deutsche Boerse said in a statement. Clearstream was cooperating with the investigation, the statement added.
Bond issuing announced
The government, fighting to emerge from bailouts which began in 2010, will try to return to borrowing normally on the medium-term debt mark by June, press reports said yesterday, citing the finance minister. “We are going to try to issue small bonds” with a life of three or five years “in the first half of 2014,” the Ana news agency reported, citing Finance Minister Yannis Stournaras, who made the remarks on Tuesday outside a meeting of the Eurogroup of eurozone finance ministers in Athens.
Samsung head summoned
India’s Supreme Court ordered Samsung Electronics Co chairman Lee Kun-hee to appear before judges within six weeks in a dispute over a US$1.4 million payment involving Uttar Pradesh in northern India. A two-judge panel directed Lee, South Korea’s richest person, to go before a court near New Delhi in connection with the case.
VW applies for Thai plant
German carmaker Volkswagen AG (VW) has applied to set up its first plant in Thailand to help narrow the gap with Toyota Motor Corp, Bloomberg reported on Tuesday, citing people familiar with the matter. The manufacturer is seeking to participate in a government program offering tax exemptions for automakers investing at least 6.5 billion Thai baht (US$200 million) in local manufacturing.
US sales rebound
Automakers on Tuesday reported US sales gains last month, pointing to a spring rebound from weakness in the prior two months that were hammered by severe winter weather. A total 1.54 million vehicles were sold in the US last month, an increase of 5.7 percent from March last year, according to industry specialist Autodata.
Semiconductor firm fined
Semiconductor firm Marvell Technology Group has been ordered to pay US$1.54 billion for patent violations in a case brought by Carnegie Mellon University. In a decision on Monday, US District Judge Nora Barry Fischer increased the award, which was set at US$1.17 billion by a jury in December 2012. The company on Tuesday said it would appeal the decision.