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China’s economy to grow in Q2
SHANGHAI: China’s economy will likely to expand around 6.7 per cent in the second quarter this year, the State Information Center (SIC) said in an article in the state-owned China Securities Journal on Saturday. The forecast was slightly slower than the 6.8 per cent expansion posted in the first quarter. The SIC is an official think tank affiliated with the National Development and Reform Commission, the country’s top economic
 
 
Brazil to boost currency swap programme
BRASILIA: Brazil’s Central Bank (CB) will boost its currency swap program to reduce local currency volatility, Finance Minister Eduardo Guardia told Reuters. The minister spoke a few moments after the Central Bank announced that it would on Monday offer 15,000 currency swap contracts, which are equivalent to operations to sell dollars in futures markets, instead of the 5,000 contracts that were offered daily this week.
   
US stock indices post weekly loss on reports from trade summit
NEW YORK: The S&P 500 ended lower after a choppy trading session as bank and chipmaker stocks weighed on the index and investors grappled with US-China trade talks. All three major US stock indices posted a weekly loss as the markets reacted to reports from the US-China trade summit, rising US government bond yields and increasing oil prices. “I think everybody’s waiting on some sort of direction on American trade talks that
 
 
IKEA to enter South America after deal with Falabella
STOCKHOLM: IKEA, the world’s biggest furniture retailer, plans to open its first stores in South America after signing a franchise agreement with Chilean retailer Falabella, the companies said. The Swedish firm aims to open at least nine stores in Chile, Colombia and Peru over a period of 10 years and will sell through online sales channels in the three countries, it said. The move will support IKEA’s target to boost the number
   
Mirae Asset puts up two office towers for sale
SAO PAULO: Mirae Asset Global Investments Co has put two office towers in Sao Paulo worth around 1 billion reais ($272 million) up for sale, three people familiar with the matter said, as South America’s largest real estate market kicks into gear. Seoul-based Mirae, which has real estate investments on three continents, has offered to sell Towers A and B of the upscale Rochavera Corporate Towers complex, said the sources, who
 
 
Home24 to raise $236m in Frankfurt stock listing
BERLIN: Germany’s Home24 is planning a stock market listing in Frankfurt aiming to raise up to 200 million euros ($236 million), the online furniture retailer said. Launched in 2009 in Berlin, the loss-making firm delivers furniture in seven European markets, plus Brazil. Home24 said it plans to use the proceeds of its listing to invest in property, equipment and technology and to repay outstanding debt. It did not specify
   
Germany asks chip, hardware makers to tackle processor flaws
BERLIN: Germany’s federal cyber agency called on chip and hardware-makers to address new vulnerabilities discovered in computer central processing units, but said no complete fix was possible at the moment. The BSI agency said its Analysis showed the new flaws, dubbed Spectre-Next Generation, resembled the Meltdown and Spectre bugs discovered in January and could allow attackers to access personal data such as passwords and
 
 
US having most radical economic plan in years
WASHINGTON: Every American who wants a job has one. That’s the street-level understanding of “full employment.” With a jobless rate that fell to 3.9 per cent last month, many economists _ including policy makers at the Federal Reserve _ say the US is basically there. On the surface, it’s an odd time to turn the government into an employer of last resort, hiring anyone who wants to work. But that’s what many Democrats are
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