News

  AFP Spain’s economic growth stagnated in the second quarter, official data showed on Thursday, as the country remains mired in political limbo after two inconclusive general elections. The Ine statistics agency said that GDP expanded by 0.8 percent compared to the previous three months — slightly higher than the 0.7 percent estimate it had announced in July. The agency ...

  AFP Germany is waking up to the threat of Brexit and could see weaker growth in 2017, analysts said on Thursday, after a key business confidence survey showed a sharp decline. The Ifo economic institute’s closely-watched index fell to 106.2 in August from its July level of 108.3, reaching its lowest point since December 2014. Analysts surveyed by Factset ...

  Bloomberg Orders for business equipment climbed in July for a second month, advancing the most since January and indicating US firms are becoming less reluctant to invest. Bookings for non-military capital goods excluding aircraft rose 1.6%, exceeding the most optimistic forecast in a Bloomberg survey, after a 0.5% June gain, Commerce Department data showed Thursday. Demand for all durable ...

  AFP The number of unemployed young people is set to swell by 500,000 worldwide this year to reach 71 million, marking the first hike in three years, the UN said Wednesday. In a new report, the UN’s labour agency estimated that the global youth unemployment rate would reach 13.1 percent in 2016, up from 12.9 percent in 2015, and ...

  AP The world’s first self-driving taxis began picking up passengers in Singapore starting Thursday. Select members of the public can hail a free ride through their smartphones in taxis operated by nuTonomy, an autonomous vehicle software startup. While multiple companies, including Google and Volvo, have been testing self-driving cars on public roads for several years, nuTonomy says is the ...

  Bloomberg Aussies are buying Bentleys, BMWs and Mercedes in record numbers even as living standards fall in a sign that rising inequality seen in the developed world is spreading Down Under. Top-end car sales surged to a record 104,277 in the 12 months through July, a 15.7 percent increase on the same period a year earlier, according to an ...

  Bloomberg Steel production in China, the world’s biggest supplier, will probably contract this year and shrink further in 2017 as local demand slows, hurting the outlook for iron ore, according to Li Xinchuang, a vice chairman at the China Iron & Steel Association. “There will be significant declines in the next three months,” said Li, who’s also dean of ...

  Bloomberg India’s ample coal stockpiles may blunt the power of unions planning a strike at Coal India Ltd., the world’s biggest miner of the fuel. Labor groups including All India Coal Workers’ Federation are demanding the company start early wage talks and begin recruiting to fill vacancies, as well as calling on the government to stop selling its shares ...

  DUBAI / WAM The Ministry of Economy in Dubai, Dubai Customs, DP World, Emirates SkyCargo, and the Department of Commerce and Tourism warmly welcomed the University of Dubai’s (UD) international MBA students from its partner university, the University of North Florida, for a Study Abroad Programme focusing on learning about the rich Arabic culture, the innovative education system, and ...

  DUBAI / WAM Emirates Environmental Group (EEG) held a panel discussion at Gloria Hotel on sustainable consumption and production, and how best to address the global environmental issues. The forum brought together experts to delve deeper into the Sustainable Consumption and Production of food. Dr Essam Elhashimi, Head of Food Studies Expert, Dubai Municipality, one of the panel speakers, ...