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Tag: grows

Economy grows at fastest pace for 25 months in January

Economy grows at fastest pace for 25 months in January

Business
By James Sillars, business reporter UK economic growth surged to 0.5% in January, according to official figures which smashed economists' expectations.The Office for National Statistics (ONS) said it was the biggest increase in monthly output since December 2016 but cautioned that growth in the three months to January remained static at 0.2%. The figures showed 0.3% growth for the crucial services sector, which accounts for more than three-quarters of total UK output, following a disappointing contraction of 0.2% in December as consumers checked spending in the run-up to Christmas. ...
Diplomatic rift grows between South Korea and Japan

Diplomatic rift grows between South Korea and Japan

World
SEOUL, Dec. 24 (UPI) -- South Korea and Japan clashed over a radar claim and historic issues amid growing diplomatic rift. Kim Yong-kil, director-general of the Northeast Asian affairs at Seoul's Foreign Ministry, met Kenji Kanasugi, director-general of the Asian and Oceanic Affairs Bureau of the Japanese Foreign Ministry Monday to discuss a recent South Korea's court ruling on forced laborers during World War II and Japan's alleged claim on the South Korea warship's directing of radar onto a Japanese patrol plane. Kanasugi told reporters after the meeting that he strongly demanded that South Korea take measures to prevent the recurrence of the military incident, Mainichi Shimbun reported. "The two countries agreed to continue to communicate over the issue," said Kanasugi, according to NH...
Economy grows by 0.6% despite September 'weakness'

Economy grows by 0.6% despite September 'weakness'

Business
The UK economy expanded by 0.6% in the three months to September - its strongest quarter in almost two years - but there are growing signs of a slowdown ahead of Brexit. Early official figures from the Office for National Statistics (ONS) - which were in line with the forecasts of economists and the Bank of England - pointed to a hot summer boost for consumer spending.This rose 0.5% on the previous three months. The figures also showed a 2.1% output increase from construction after weather disruption earlier in the year and manufacturing also picking up.But the ONS said demand took a hit in September as temperatures cooled - with business investment contracting at the fastest pace since early 2016 as attention turned to uncertainties over the country's future trading rela...
Self-employed pie in home loan grows, so do defaults

Self-employed pie in home loan grows, so do defaults

Finance
A subdued loan demand from businesses is increasing competition in home loans, leading to a rise in the number of self-employed individuals getting mortgages. Home loans to self-employed accounted for 30 per cent of mortgages in fiscal 2017-18 as against 20 per cent earlier. But the flip side is that delinquencies are also rising. Gross non-performing assets (NPAs) in the segment are estimated to have inched up by 40 basis points (100bps = 1 percentage point) to around 1.1 per cent by the end of fiscal 2018, compared with about 0.7 per cent a few years back. According to a report by ratings agency Crisil, home loans to the self-employed segment have been growing at a compounded annual growth rate of 33 per cent in the past four years compared to overall 20 per cent expansion in housing fin...
European Union grows at fastest pace for 10 years

European Union grows at fastest pace for 10 years

Business
The European Union economy grew at its fastest pace in a decade last year, figures from the EU statistics office Eurostat have confirmed.The 28-strong EU expanded by 2.5% in 2017, its strongest performance since 2007, when it grew by 2.7%.In the final three months both the EU and the 19-nation eurozone grew by 0.6% compared with the previous quarter.That was mirrored by growth in the EU's biggest economy, Germany, which grew by 0.6% in the final quarter of 2017.France also expanded by 0.6%, while Spanish growth was a notch stronger at 0.7%.Overall in 2017, the eurozone grew by 2.5%, Eurostat said, the fastest growth rate since a 3% rise in 2007.These latest figures confirm the flash estimates published by Eurostat at the end of January, which were based on more limited data. Investec eco...