Sat, Dec 20, 2014 page15

• World Business Quick Take

  • Agencies
  • • 
    • 
    • 

  ECONOMY

  Pimco forecasts growth

  Pacific Investment Management Co (Pimco) tapped former US Federal Reserve chairman Ben Bernanke to help formulate an outlook for next year that projects higher growth, a stronger dollar and muted inflation. The manager of the world’s largest bond mutual fund said global growth will accelerate next year in a “rising tide” as lower oil prices help most economies. Expansion will climb to about 2.75 percent from about 2.5 percent this year, Pimco said in a report posted on the company’s Web site on Thursday. Economists expect growth of 2.8 percent for next year, the average forecast in a Bloomberg survey.

  ECONOMY

  China’s GDP revised up

  The government revised up the size of its economy for last year, but sees that having little effect on economic growth this year. GDP was up 3.4 percent to an estimated 58.8 trillion yuan (US$9.5 trillion) last year, the National Bureau of Statistics said yesterday, following a new economic census. That marks a rise of 1.9 trillion yuan in the size of the economy that year, slightly below the entire GDP of Malaysia during the same period, according to World Bank statistics. The upward revision of GDP reflected greater contribution from the services sector, which accounted for 46.9 percent of last year’s GDP, up from an initial estimate of 46.1 percent, while the secondary sector — which includes manufacturing and construction — accounted for 43.7 percent of GDP, down from 43.9 percent.

  GERMANY

  Consumer confidence grows

  Consumer confidence saw a boost this month as shoppers hit the stores for Christmas and looked ahead to the new year with optimism, a poll found yesterday. After stabilizing last month following several months of decline, “consumer sentiment showed solid development in December,” market research company GfK said in a statement. “The consumer climate is continuing its upward trend.” Meanwhile, the widely watched Ifo business climate index showed solid gains this month after rising for the first time in seven months last month.

  CONSUMER GOODS

  Firms fined for price-fixing

  Penalizing a dirty business involving cleaning products, French regulators fined 13 consumer-products makers about 950 million euros (US$1.2 billion) for price fixing on goods like shampoos, detergents and toothpaste. France’s competition authority on Thursday said that the companies sought to maintain “artificially high” prices in negotiations with supermarkets which filtered down to consumers — and ultimately impacted the economy. Among those implicated were household names like US-based Colgate-Palmolive, Procter & Gamble, and Sara Lee and Anglo-Dutch firm Unilever.

  AUTOMAKERS

  GM halts Russian sales

  US carmaker General Motors Co (GM) on Thursday said it was halting sales to dealers in Russia due to the falling ruble, following in the footsteps of a number of companies seeking to limit their risk until the currency stabilizes. Company spokesman Sergei Lepnukhov said cars already purchased by customers would be delivered. The ruble has lost about 50 percent of its value since the beginning of this year as Western sanctions over Russia’s annexation of Crimea and support for an insurgency in Ukraine, along with falling oil prices, have hit the economy of the major energy exporter.
• Most Popular

  • 1

    Taiwan places military on high alert

  • 2

    China warships near Taiwan nearly doubles

  • 3

    Flights arranged for Taiwanese stranded in Okinawa

  • 4

    Intel needs a core business strategy: Morris Chang

  • 5

    Trump noncommittal on defense of Taiwan