Sun, Sep 07, 2014 - Page 15 News List

World Business Quick Take

Agencies

MACROECONOMICS

Canada’s jobless still 7%

Canada’s unemployment rate remained at 7 percent last month as the country unexpectedly shed 11,000 jobs in the month, the Canadian government said on Friday. Full-time jobs declined by 2,300 compared with the previous month while part-time positions dropped by 8,700, Statistics Canada said. Year-on-year, however, employment increased by 81,000 — or 0.5 percent — mostly in part-time positions. Employment declined among young people aged 15 to 24 last month, as well as among women aged 25 to 54. However, men aged 25 to 54 saw an uptick in jobs, edging that group’s unemployment rate down by 0.2 percent.

ITALY

Domestic tourists spend less

Tourists in Italy spent around 1 billion euros (US$1.3 billion) less this summer than the same period last year, as a long economic slump sapped Italians’ disposable incomes and bad weather kept people away from the seaside, the country’s main tourist body said on Friday. The report by the association representing Italian bar and restaurant owners (Fipe) is a blow to hopes of an economic recovery in the third quarter. A 2.1 percent annual drop in domestic tourism this summer outweighed a 0.3 percent increase in foreign visitors, Fipe said, adding that Italian tourists spent an average of 90 euros (US$117) per day, down from 92 euros last year.

BANKING

Albania bank head arrested

Albania’s central bank Governor Ardian Fullani was arrested on Friday on suspicion of abuse of power after millions of euros were stolen from the bank, prosecutor’s spokesman Albi Serani said. Fullani was arrested after the bank discovered last month that at least US$7 million had been taken from its reserves over the past four years, Serani said. An arrest warrant was also issued for the bank’s inspector-general Elivera Golemi, who is also suspected of abuse of power. Since last month, 14 employees of Albania’s Central Bank have been arrested in the case. Fullani, who has been the head of Albania’s central bank since 2004, has denied any involvement.

INTERNET

Amazon secures credit line

Amazon.com Inc has secured a US$2 billion credit facility, which could give chief executive officer Jeff Bezos more leeway to boost investments in new businesses. The credit agreement with Bank of America Corp is for two years and could be extended for another three with approval, Amazon said in a regulatory filing on Friday. The credit line was announced a month after the world’s largest online retailer reported a second-quarter loss of US$126 million, more than double what was predicted.

RETAIL

Family Dollar rejects bid

Discount retailer Family Dollar on Friday rejected an enhanced US$9.8 billion takeover offer from Dollar General as it sought to discourage a hostile campaign that could threaten its deal with Dollar Tree. For the second time in a month, Family Dollar’s board raised the issue that the unsolicited merger proposal would give Dollar General too much market power with 20,000 stores, mostly serving low-income areas, and bring a delay if not a veto from the US Federal Trade Commission.

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