Tue, Dec 12, 2017 - Page 10 News List

World Business Quick Take

Agencies

NEW ZEALAND

Orr to head central bank

Adrian Orr is to oversee the biggest overhaul of the Reserve Bank of New Zealand since it pioneered inflation targeting in the early 1990s. Orr, 54, is to begin a five-year term as governor of the central bank on March 27, Finance Minister Grant Robertson said in Wellington yesterday. A former deputy governor and chief economist at the central bank, Orr currently heads the government’s sovereign wealth fund, which has swelled to more than NZ$37 billion (US$25.61 billion) under his decade-long leadership. The New Zealand dollar jumped on Orr’s appointment as traders bet he would not allow the goals of full employment and price stability to weaken the central bank’s inflation-fighting resolve.

TURKEY

Resilient output ups growth

The economy grew by a strong 11.1 percent in the third quarter of this year compared with the same period last year, official statistics showed yesterday, with the high reading driven by one-off effects, as well as resilient output. The figure was well above the consensus market forecast, which had been for 10 percent growth. Growth was driven by construction and services, as well as a strong rise in exports, official data published by the Statistics Institute showed. Analysts said ahead of the data release that the third-quarter figure would be particularly strong as last year’s comparative period was especially weak due to the effects of the July 15 failed coup and a long religious holiday. The economy grew by 1.2 percent in the third quarter from the second quarter on a seasonally adjusted basis, the institute said. QNB Finansbank Research said its end of year forecast was for 6.3 percent GDP growth.

UNITED KINGDOM

Festive spending tumbles

Squeezed consumers reined in Christmas travel plans and bought fewer new cars last month, setting the stage for the first fall in festive spending in five years, credit card company Visa said yesterday. The downbeat message came alongside a cut by the Chambers of Commerce to its economic outlook for the next two years as the business organization sees inflation rising faster than pay for the next two years. Visa said inflation-adjusted consumer spending last month was 0.9 percent lower than last year. This was a smaller decline than October’s 2.1 percent drop, but still enough to make annual falls in spending likely for the first time since 2012 for both the Christmas season and this year overall, the company said.

AUTOMAKERS

BYD to build cars in Morocco

Chinese electric car manufacturer BYD Co (比亞迪) on Saturday signed an agreement to open a factory near the Moroccan city of Tangiers to build battery-powered vehicles, officials said. BYD is to become the third car manufacturer, after Renault SA and PPSA Peugeot Citroen of France, to construct cars in the North African state. The memorandum of understanding was signed at the royal palace in the coastal city of Casablanca in the presence of King Mohammed VI and BYD chairman Wang Chuanfu (王傳福), whose company is backed by US investor Warren Buffett. The factory in the new Mohammed VI Tangier Tech City, part of a project between China and Morocco, is to produce electric cars, buses and trucks at a 50-hectare site employing 2,500 people, the project directors said.

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