Wed, Oct 12, 2022 page10

• World Business Quick Tak

  • Agencies
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  UNITED KINGDOM

  Unemployment drops

  Unemployment fell unexpectedly to the lowest since 1974 as people dropped out of the workforce at a record rate. The government said that 3.5 percent of adults were looking for work in the three months through August, down from 3.6 percent the month before and a rate last lower in 1974. Chancellor of the Exchequer Kwasi Kwarteng hailed the figures as indicating strength in the UK. “The fundamentals of the UK economy remain resilient, with unemployment at its lowest point for almost 50 years,” Kwarteng said in a statement. Average earnings growth excluding bonuses accelerated to 5.4 percent, Office for National Statistics figures showed.

  AUSTRALIA

  Confidence near historic low

  Consumer confidence is hovering around historic lows at the same time as business conditions strengthen, reinforcing a divide between households and corporates’ experiences in the economy. Westpac Banking Corp’s index of consumer sentiment slid to 83.7, highlighting that pessimists easily outweigh optimists with the divide at 100. Shortly after, National Australia Bank Ltd’s business conditions — measuring hiring, sales and profits — rose above their pre-COVID-19 pandemic peak. The contrast likely reflects policy lags, with the Reserve Bank of Australia hiking interest rates by 2.5 percentage points since May as it tries to rein in inflation.

  AIRLINES

  Region’s outlook improves

  Passenger airline traffic in the Asia-Pacific region should recover to about 73 percent of 2019 levels by the end of the year as travel restrictions relax, up from 53 percent in August, the International Air Transport Association (IATA) said yesterday. “There is no mistaking I think the momentum is very strong especially with all major markets in the Asia-Pacific now open except for China,” IATA Asia-Pacific vice president Philip Goh (吳仕綿) told reporters on a webinar. Taiwan’s border controls are to ease tomorrow. The year-end traffic estimate is based on China opening its borders soon, although the actual date remains unclear, Goh said.

  AUTOMAKERS

  NEV China sales rise

  New-energy vehicle (NEV) sales in China retained their strong momentum last month, led by record sales from local automaker BYD Co (比亞迪) and US electric vehicle giant Tesla Inc. Total NEV sales, which include pure-electric vehicles and plug-in hybrids, rose 83 percent from a year earlier to 611,000 units, China Passenger Car Association data released yesterday showed. BYD sold just over 200,000 vehicles for the first time, while Tesla delivered a record 83,135 vehicles after upgrading production capacity at its Shanghai factory. Overall passenger vehicle sales in China increased 21 percent from a year earlier to 1.95 million units last month, the association said.

  TURKEY

  Deficit enters 10th month

  Turkey’s current account remained in deficit for a 10th consecutive month as the trade balance took a hit from a global rally in energy prices. The deficit widened to US$3.1 billion in August compared with a surplus of US$1.1 billion the same month a year earlier, Turkey’s central bank said yesterday. The shortfall for the first eight months of this year widened to US$39.7 billion. Tourism revenue was US$5.1 billion, with services posting a surplus of US$7.2 billion. Foreign tourist arrivals had risen by an annual 58 percent in August, a separate data release said.
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