Industrial output rises
The nation’s industrial output, which measures production at factories, workshops and mines, rose 10 percent last month year-on-year, the National Bureau of Statistics (NBS) said yesterday. That was a slowdown from the 10.3 percent expansion recorded in October. Retail sales, a key indicator of consumer spending, increased, gaining 13.7 percent last month from the year before — an acceleration from the 13.3 percent registered in October.
Fed to meet on bond buying
Improvements in the labor market since September last year, when the US Federal Reserve started its most recent round of stimulus, provided the most powerful argument for reducing bond purchases, St Louis Fed President James Bullard said on Monday. Bullard, a voting member of the Fed’s policy committee, was speaking in St Louis. Fed policymakers is to meet next week, though few analysts are predicting that they will make changes to their bond-buying program. The meeting is to be held on Tuesday and Wednesday next week.
Gasoline prices might rise
The government on Monday floated the idea of raising gasoline prices, in one of the least expensive fuel markets in the world. “We have to have big debates in Venezuela,” Vice President Jorge Arreaza said in a meeting with business leaders. “For example, we have to talk about budget issues, for example the price of gasoline, starting to charge for it since it is given away almost for free.” Arreaza said the idea would be studied in consultation with “the people, in neighborhood councils, with businesses and with all Venezuelans.”
IMF sets economic timetable
The IMF on Monday gave the nation a timetable to improve its data on inflation and economic growth, after censuring the country last year for shoddy statistics. The censure decision has the potential to open the way for the Latin American country to lose its voting rights or membership at the IMF. In October, the official annual inflation rate stood at 10.3 percent, while a group of private-sector economists put the figure at 26 percent.
AA world’s largest airline
American Airlines (AA) emerged as the world’s largest airline on Monday, combining with US Airways after a hard-fought battle to overcome US competition concerns. AMR Corporation, the parent of AA, and US Airways Group announced they had completed the deal after AMR emerged from bankruptcy protection. The new American Airlines Group is a goliath, providing nearly 6,700 daily flights to more than 330 destinations in more than 50 countries.
China car sales increase
China’s passenger-vehicle sales rose 16 percent last month as Japanese automakers extended their recovery in the world’s largest auto market. Wholesale deliveries of cars, multipurpose and sport utility vehicles climbed to 1.7 million units last month, the state-backed China Association of Automobile Manufacturers said yesterday. Industrywide, total sales of vehicles — including buses and trucks — reached 19.9 million units this year through last month, putting China on course to be the first country to ever see 20 million units in annual vehicle sales.