Fri, Oct 16, 2015 page15

• World Business Quick Take

  • Agencies
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  ECONOMY

  US sees moderate growth

  The strong US dollar weighed on manufacturing and tourism spending in the US, while the economy continued “modest expansion” in recent weeks, the US Federal Reserve said in a report on Wednesday. Eleven of the central bank’s 12 districts reported growth, according to the Beige Book survey of economic conditions from mid-August through early this month. Consumer spending, driver of two-thirds of the US output, grew moderately, led by sharper gains in auto sales. Overall, the report was upbeat about the economy, the Fed said.

  EMPLOYMENT

  UK jobless figures dip

  The number of unemployed Britons has fallen to the lowest level in seven years, while average wages grew in real terms, official data showed on Wednesday. The jobless total dipped by 79,000 to 1.77 million people between June and August, the UK Office for National Statistics reported. That was the lowest level since the summer of 2008. The unemployment rate also sank to a seven-year low at 5.4 percent, while employment rose 140,000 to 31 million people, the highest since records began in 1971.

  ECONOMY

  Germany trims forecast

  The German government has trimmed its growth forecast for this year, citing weakness in China and other major emerging economies. German Federal Minister for Economic Affairs and Energy Sigmar Gabriel on Wednesday said that Berlin now expects growth of 1.7 percent, down slightly from the 1.8 percent the government predicted in April. He left the forecast for next year unchanged at 1.8 percent.

  MANUFACTURING

  Unilever boasts 3Q growth

  Unilever, the maker of Dove soap and Hellmann’s mayonnaise, yesterday boosted its full-year sales forecast after reporting third-quarter sales growth that beat estimates on improved results in emerging markets and a strong performance from its ice-cream business. Revenue increased 5.7 percent, the best growth in almost three years and well above the 4 percent median analyst estimate. Growth accelerated from the second quarter’s 2.9 percent, boosted by the hottest European summer on record. The company now expects full-year sales “towards the upper end” of a 2 to 4 percent range.

  BANKING

  BOA returns to profit

  Bank of America (BOA), the consumer banking giant, on Wednesday said it swung to a profit in the third quarter, helped by lower borrowing costs and legal expenses. The bank earned US$4.1 billion, or US$0.37 a share, for the three-month period ending last month. That compares with a loss of US$470 million, or US$0.04 a share, in the same period a year earlier. Revenue fell to US$20.68 billion from US$21.4 billion a year earlier.

  ? Apparel

  Burberry hit by decline

  Luxury-goods maker Burberry Group PLC yesterday indicated full-year profit is likely to decline for the second straight year as a drop in Asian sales led first-half revenue to miss analysts’ estimates. Adjusted pretax profit is likely to be “broadly in line” with an average of analyst estimates of ￡445 million (US$689 million) in the year through March, Burberry said. Earnings on that basis reached ￡455.8 million last year. Second-quarter retail sales climbed 1 percent, the slowest pace in three years.
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