Output grows 3.3 percent
Industrial output grew at the fastest pace for nine months in August on robust car and mobile phone production, state data showed yesterday. Production in the mining, manufacturing, gas and electricity industries rose 1.8 percent from a month ago, following a revised 0.3 percent fall in July, according to Statistics Korea. It was the fastest expansion since the 2.1 percent growth posted in November last year. Compared to a year ago, the August output rose 3.3 percent — the highest on-year gain since January.
Sales rise in Germany
German retail sales rose in August following two consecutive months of decline, official data showed yesterday. Retail sales expanded by 0.5 percent in price, calendar and seasonally adjusted terms in August compared with July, the federal statistics office said in a statement. Retail sales had contracted by 0.2 percent in July and by 1.1 percent in June. Business also improved for retailers on a 12-month basis, where sales showed a modest increase of 0.3 percent in August compared with the same month last year, the statisticians calculated.
Uniqlo moves into Australia
The operator of Japanese cheap-chic clothing chain Uniqlo yesterday said it was branching out to Australia, with a store in Melbourne set to open early next year. “Uniqlo has selected Emporium Melbourne, a brand new retail complex in the heart of Melbourne’s city centre, as the location for its first official Australian presence,” Fast Retailing said in a statement. The company has more than 1,200 stores worldwide, and follows the establishment of branches all over Asia, as well as in London and New York.
Lenders break talks
The nation’s international creditors on Sunday announced a pause in their discussion with Athens over the release of rescue loans. Teams from the IMF, EU and European Central Bank have been in the Greek capital since Sept. 17 for another audit of the country’s finances. The lenders said in a statement that the break would “allow completion of technical work” and that “the government’s economic program has made good progress.” Discussions, they said, are to resume in the coming weeks.
Capital rules may be relaxed
The world’s banks watchdog could relax stringent capital rules on securitization or asset-backed products as part of a second look at the instruments blamed for triggering the global financial crisis, the Financial Times reported on Sunday. Stefan Ingves, head of the Basel Committee on Banking Supervision, told the newspaper in an interview that the supervisory body could soften tough capital rules on the instruments, which include pooled assets such as mortgages or commercial loans that are resold to investors in tranches.
Bankers sent out into world
Nomura Holdings Inc plans to send about 30 junior bankers to study abroad annually to build language and international experience, according to a memo obtained by Bloomberg News. Top-performing retail and corporate bankers, traders and other employees with the firm for three years will be sent overseas for about a year, Nomura chief executive officer Koji Nagai said in the memo yesterday. The program will begin this year, according to the memo.