ECONOMY
Wednesday, August 20, 2008
'No recession in Germany'
BERLIN: German investors do not expect a recession in Europe's biggest economy, a key indicator suggested yesterday, as cheaper oil and a weakening euro take some of the pressure off firms and consumers. The ZEW research institute said its index of economic sentiment stood at minus 55.5 points, up 8.4 points from July when the survey hit its lowest level since its creation in December 1991.
"The improvement ... signals that fear about an economic downturn among financial market experts is contained," the ZEW said.
Gulf states inflation
DUBAI: Oil-rich Arab states in the Gulf should aim to narrow the gap in their inflation rates before a 2010 target for monetary union, a report said yesterday, proposing a depegging from the US dollar. "Inflation should be the priority item on the policy agenda," said the Dubai International Financial Centre in its progress report toward monetary union in the Gulf Cooperation Council.
Malaysia inflation to climb
KUALA LUMPUR: Malaysia's annual inflation rate probably hit a 27-1/2-year high in July due to higher fuel and electricity tariffs, but analysts see only a small chance of an interest rate rise next week, a poll showed. Consumer prices in July likely climbed 7.8 per cent from a year earlier, the steepest rise since January 1981.
Manila's July budget deficit
MANILA: The Philippine budget swung to a deficit of 15.4 billion pesos (US$33.9 million) in July after three months of surpluses as the government boosted spending to rev up the economy in the face of a global slowdown. "We remain committed to accelerating spending for the poor to help them cope with the higher cost of food and oil," Finance Secretary Margarito Teves told reporters.
Agencies
BERLIN: German investors do not expect a recession in Europe's biggest economy, a key indicator suggested yesterday, as cheaper oil and a weakening euro take some of the pressure off firms and consumers. The ZEW research institute said its index of economic sentiment stood at minus 55.5 points, up 8.4 points from July when the survey hit its lowest level since its creation in December 1991.
"The improvement ... signals that fear about an economic downturn among financial market experts is contained," the ZEW said.
Gulf states inflation
DUBAI: Oil-rich Arab states in the Gulf should aim to narrow the gap in their inflation rates before a 2010 target for monetary union, a report said yesterday, proposing a depegging from the US dollar. "Inflation should be the priority item on the policy agenda," said the Dubai International Financial Centre in its progress report toward monetary union in the Gulf Cooperation Council.
Malaysia inflation to climb
KUALA LUMPUR: Malaysia's annual inflation rate probably hit a 27-1/2-year high in July due to higher fuel and electricity tariffs, but analysts see only a small chance of an interest rate rise next week, a poll showed. Consumer prices in July likely climbed 7.8 per cent from a year earlier, the steepest rise since January 1981.
Manila's July budget deficit
MANILA: The Philippine budget swung to a deficit of 15.4 billion pesos (US$33.9 million) in July after three months of surpluses as the government boosted spending to rev up the economy in the face of a global slowdown. "We remain committed to accelerating spending for the poor to help them cope with the higher cost of food and oil," Finance Secretary Margarito Teves told reporters.
Agencies
Business Besides Oil
