LONDON (Reuters) - British manufacturing output posted an unexpected fall in April, raising the risk of a longer recession and turning up pressure on policymakers to take action to boost economic growth.
Unemployment jumped by 70,000 in the three months to the end of February, amid the lowest growth in pay rises since 2001, as pressure mounts on George Osborne to adopt a more aggressive growth strategy, reports The Guardian.
After beating expectations for 6 months in a row, the whisper expectations for December's Manufacturing ISM was a small miss of the 56.8 consensus print. Instead, the US inventory build up in the quarter boosted the ISM for one more month with the headline print of 57.0 beating expectations modestly, if recording the first decline in seven months, down from November's 57.3. There was little surprise in the internals, which saw New Orders (64.2 vs 63.6), Employment (56.9 vs 56.5) and Prices Paid (53.5 vs 52.5) all rise modestly.
PARIS — The OECD slashed its growth forecasts for major developed economies on Monday, urging much more aggressive ECB stimulus to ward off the risk of deflation in a subdued eurozone.
The call adds to growing pressure on the eurozone, and the European Central Bank in particular, to boost growth ahead of a meeting of finance ministers and central bankers from the Group of 20 economic powers later this week in Australia.
Cnooc Ltd. reported 2012 profit that missed analyst estimates as China’s biggest offshore oil producer spent more to explore and revive stalled output growth.
Net income fell to 63.7 billion yuan ($10.3 billion) in the 12 months ended Dec. 31 from 70.3 billion yuan a year earlier, the company said in a statement to the Hong Kong stock exchange today. That compared with the 65.3 billion yuan mean of 29 analyst estimates compiled by Bloomberg. Sales climbed 2.8 percent to 247.6 billion yuan.
OTTAWA – New legislation designed to keep mentally ill murderers like Greyhound bus passenger beheader Vince Li and child killer Allan Schoenborn off the streets for longer periods, if not indefinitely, is raising concerns this is little more than a knee-jerk reaction to a few sensational, albeit rare, cases.