Australian consumer confidence hit its highest level in almost two years this month as expectations grew that the financial crisis was coming to an end, a monthly survey showed yesterday.
The Westpac-Melbourne Institute consumer sentiment index rose 3.7 percent to 113.4 points this month, its best reading since October 2007.
Consumer confidence rebounded almost 30 percent since May, the biggest three-month rally since the survey began in 1975, Westpac senior economist Matthew Hassan said.
“The message is clear: as far as consumers are concerned, the worst of the current downturn appears to have passed,” he said.
Hassan said the surge in confidence reflected strong gains in Australian stocks and data showing the property market was also recovering.
Figures released on Tuesday showed a similar sense of optimism in Australia’s business community, with confidence at its highest since August 2007.
Separately, South Korea’s unemployment rate fell to its lowest level in six months last month amid hopes the economic downturn is close to an end, official data showed yesterday.
The rate was 3.7 percent last month, down from 3.9 percent the previous month, the National Statistical Office said in a statement.
But the country lost a total of 76,000 jobs last month compared with a year earlier, a turnaround from year-on-year jobs growth in June.
The central bank on Tuesday froze its key interest rate at a record low 2 percent for the sixth straight month to nurture a nascent economic recovery.
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Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
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UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source