Sat, Sep 09, 2017 - Page 10 News List

World Business Quick Take

Agencies

CHINA

Exports drag, imports rally

Exports grew slower than forecast last month, hit by weak global demand, but analysts said yesterday that a jump in imports indicated a pick-up domestically and point to further improvement. Exports increased 5.5 percent year-on-year, the General Administration of Customs said, down from 7.2 percent in July and well off the 6 percent in a Bloomberg News survey. Imports climbed 13.3 percent, beating July’s 11 percent and the 10 percent forecast in the survey. The trade surplus for the month came in at US$42.0 billion.

JAPAN

Growth unexpectedly slow

The economy grew at a slower pace in the April-to-June quarter, not the surprisingly strong spurt indicated by an earlier estimate, revised government data showed yesterday, although signs of a revival are holding up. The Cabinet Office said GDP grew at an annualized rate of 2.5 percent. That second preliminary reading is a dramatic adjustment from the first preliminary reading, released last month, of 4 percent growth. On a quarterly basis, the economy grew 0.6 percent, the latest data showed.

GERMANY

Imports beat exports in July

Imports outpaced exports in July, slightly narrowing the nation’s massive and oft-criticized trade surplus, provisional data showed yesterday. Exports from Europe’s economic powerhouse were up 0.2 percent compared with June, while imports rose by 2.2 percent, federal statistics office Destatis said, as both figures rebounded from last month’s dips. Germany’s trade surplus dropped from 21.2 billion euros (US$25.5 billion) in June to 19.5 billion euros in July, Destatis said.

UNITED STATES

‘Interest can keep growing’

The central bank can continue to raise interest rates gradually, despite persistent low inflation that could suggest a fundamental change in the economy, Federal Reserve Bank of New York President William Dudley said on Thursday. Dudley said while he has been surprised that inflation has remained stubbornly below the central bank’s 2 percent target, even as the economy has grown steadily, that has not changed his basic outlook for the course of the benchmark interest rate.

FINANCE

Mastercard shares hit record

Mastercard Inc shares climbed to a record in New York after the payments network boosted its earnings growth target and said it is aiming for the “high end” of its previous full-year revenue forecast. Shares gained as much as 4.3 percent, the biggest intraday jump since January last year. Mastercard on Thursday said that it aims for 20 percent annual growth in earnings per share in the three-year period ending next year. The company also expects this year’s revenue to increase at the high end of its previous target of low-double-digit growth.

AIRLINES

Fares can drop 30%: Aero

A new South Korean budget carrier says it can help push airfare down by as much as 30 percent and still stay profitable in a market already crowded with six rivals. Aero K Airlines Co, backed by venture capital funds, plans to use new, fuel-efficient aircraft and a base where airport levies are at least 60 percent cheaper than the nation’s main hub in Seoul, chairman Kang Byung-ho said in an interview. The operator expects to get a permit this month and start services as early as April next year, he said.

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