Industrial production continued to fare badly in July, as the index dropped by 4.8% compared with July 2009. During the period January – July 2010, the index recorded a decrease of 1.4% over the same period of the previous year. The manufacturing subsector in July recorded a decrease of 6.6% over July 2009.
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Turnover in the wholesale and retail trade sector was down in the first half of 2010, according to the latest data, primarily as a result of weak automotive sales. In January-June 2010 the turnover value index of wholesale and retail trade, and repair of motor vehicles and motorcycles fell by 6.1% compared with the corresponding
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England and Manchester United striker Wayne Rooney has been dropped by his sponsor Coca-Cola from an advertising campaign following media allegations about his private life. The 24-year-old forward, who has endured intense media scrutiny in recent weeks, will continue to work with Coca-Cola on other projects but his face will not appear on cans and
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The yen eased and Japanese government bond futures rose to a seven-year peak on Tuesday amid reports the Bank of Japan may unveil monetary policy easing steps that are more aggressive than expected at its meeting later. Asian stock markets fell, with resource shares prominent losers, pressured by declines in U.S. equities and in oil
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Brazil on Monday doubled a tax on foreign investors buying local bonds, trying to curb a currency rally that has turned into an issue in the country's presidential race. As emerging economies globally struggle to cope with hot investment inflows that have pushed up their currencies, Finance Minister Guido Mantega said the so-called IOF tax
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Japanese and Chinese leaders said they wanted to improve strained ties, but both stressed their claims to islands at the heart of a bitter row, suggesting tensions between Asia's top two economies were far from over. The prime ministers of Japan and China met on Monday for the first time since a feud over a
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Egypt and Iran have agreed to resume direct flights between their capitals for the first time since 1979, Egypt's ministry of civil aviation said on Monday, but an official played down any chance of a political thaw. The two countries severed ties in 1980 following Iran's Islamic revolution and Egypt's recognition of Israel. Sameh Hefni,
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Greece is due to unveil on Monday a 2011 draft budget aimed at cutting its deficit below a 7.6%-of-GDP target agreed in a bailout deal with the IMF and its euro zone peers. More austerity is expected as the heavily-indebted country continues to dig out of its debt crisis in hopes of eventually normalising its
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Portugal must quickly find a political consensus to support public sector cutbacks, central bank governor Carlos Costa said on Monday as the government battles to win opposition support for next year's budget. A tough budget unveiled last week aims to save 5.1 bln euros next year in a bid to ease investors' nerves over Portugal's
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Ireland's economy will flatline this year, defying government expectations for modest growth, the central bank said on Monday underlining the challenge facing Prime Minister Brian Cowen in salvaging the country's fortunes. Cowen, the most unpopular Irish leader in modern history, will unveil a four-year plan next month for tackling the worst budget deficit in the
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