Fri, Apr 01, 2016 - Page 15 News List

World Business Quick Take



US numbers improve

Companies in the US continued to add a solid number of jobs last month, increasing payrolls by 200,000 as the labor market improves, payroll firm ADP reported on Wednesday. ADP revised downward the February payrolls number to 205,000 from 214,000, but overall private-sector job growth has held above 190,000 for five months. Companies with at least 500 employees slowed hiring, adding 39,000 jobs last month, about half the increase in February.


BlackRock to cut 400 jobs

BlackRock Inc plans to cut about 400 jobs in what might be the biggest round of layoffs to date at the world’s largest money manager, people with knowledge of the matter said. The reductions, equal to about 3 percent of the firm’s 13,000 employees, would be announced in the coming weeks, the people said. Despite the cuts, the firm would continue to invest and hire in key areas and expects to end the year with a higher headcount, one of the people said. In a memo to employees, BlackRock said the job cuts have not yet been finalized.


Eurozone confidence falls

A closely watched survey shows that economic confidence across the 19-country eurozone fell for a third consecutive month last month, reaching a 13-month low, the latest in a run of figures to indicate that the recovery is losing pace. In its monthly assessment of confidence, the EU’s executive arm said its economic sentiment indicator fell 0.9 points to 103.0 last month. The European Commission said the deterioration in sentiment was due to lower confidence among consumers as well as managers in the services and construction sectors. The commission said that its survey results were collected before the Brussels terror attacks on Tuesday last week.


Portugal outlook falls

Portugal’s central bank on Wednesday lowered its growth forecast for this year due to slowing investment by companies and a worsening global outlook. The eurozone nation is now set to see GDP increase by 1.5 percent, the central bank said. That was down from its previously forecast 1.7 percent growth for this year. The Portuguese government still holds on to its forecast of the economy expanding by 1.8 percent this year, while the EU sees 1.6 percent growth and the IMF just 1.4 percent.


Turkey’s GDP grows 4%

Turkey’s GDP grew 4 percent last year from a year earlier, the nation’s statistics office said yesterday, beating expectations and helped by an unexpectedly robust fourth quarter. The economy grew 5.7 percent in the final quarter of last year from the same period a year earlier, the office said in a statement, well above the market consensus. The full-year growth figure was well above the 2.9-percent reading in 2014.


Italian firm names new head

Telecom Italia SpA on Wednesday appointed Flavio Cattaneo as its new chief executive, nine days after his predecessor quit following a clash with France’s Vivendi SA, the company’s biggest shareholder. Marco Patuano stepped down on Monday last week after Vivendi reportedly demanded larger-than-planned cuts under a restructuring program he had outlined for this year to 2018.

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