India Inflation Rate Rises
India’s inflation rate rose by a rate more than expected in July as a weaker currency brought higher import costs. India’s main gauge of inflation, the Wholesale Price Index, rose 5.79 per cent from a year earlier, up from 4.86 per cent in June. The Indian rupee has fallen 10 per cent against the US dollar this year. Policymakers have taken various steps in recent days to try and stem the rupee’s decline. Analysts said the latest data may see the central bank unveil further measures.
Eurozone Exits Recession
Stronger growth in the euro zone’s two largest economies, Germany and France, helped the euro zone to emerge from its longest recession to date in the second quarter, confirming expectations that a fragile recovery was under way. The 17 countries sharing the euro needed seven quarters to return to a growth rate of 0.3 per cent, on a seasonally adjusted basis in the three months to June, data from the European Union’s statistics office Eurostat showed.
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New US Jobless Claims Fall to 6 Year Low
New claims for US unemployment insurance benefits fell last week to their lowest level in six years, a fresh sign of labour market tightening, the Labour Department said Thursday. Initial jobless claims totaled 320,000 in the week ending August 10, compared to 335,000 the previous week.
Boeing to Probe New Dreamliner Fault
Boeing has said that it will investigate the wiring defect that was found in a fire extinguisher system on three of its 787 Dreamliner jets. The fault was found on jets operated by Japan’s All Nippon Airways (ANA). After ANA reported the fault on Wednesday, rival Japan Airlines turned back a 787 plane travelling to Helsinki from Tokyo to check the wiring.
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China Mints Fewer Millionaires Amid Slowdown
The number of new Chinese millionaires grew by only 3 per cent in 2012, the slowest pace in five years, according to a new report from Hurun Research Institute and marketing firm Group M Knowledge. Just more than 1 million Chinese are now able to call themselves millionaires. Of those, 184,000 live in Beijing, while 172,000 are in Guangdong and 147,000 reside in Shanghai.
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