NEW DELHI—India’s economy bounced back in latest quarter, as a surge in industrial activity and strong services growth helped it regain its scorching pre-crisis pace.
The economy expanded 8.6% in the period ended in March from a year earlier, data released by the government Monday showed, slightly slower than the median estimate for 8.8% growth in a Dow Jones Newswires poll of 11 economists.
The government raised the… more...
The chancellor is “listening” to concerns about a planned rise in capital gains tax, Work and Pensions Secretary Iain Duncan Smith has said.
He told the BBC there would be “major exemptions” and the government did not want to harm entrepreneurs or families.
Tory co-treasurer Stanley Fink earlier said a rise would deter entrepreneurs and could lead to an exodus of talent.
Capital gains tax is… more...
Half a million old complaints may be reopened under forthcoming rules
More time has been given for 55,000 people to complain about being mis-sold payment protection insurance (PPI).
The Financial Services Authority has extended the normal six-month deadline for people to go to… more...
A second agency has downgraded Spain’s credit rating, citing the country’s poor growth prospects.
Fitch cut Spain’s rating from the maximum AAA to AA+.
Standard & Poor’s took the same step a month ago but Fitch’s move is a fresh blow to the government which wants to ease market fears about its economy.
Also on Friday, six regional Spanish savings banks said they were negotiating alliances… more...
David Cameron has pledged to make the next decade the “most entrepreneurial and dynamic in our history” in his first major speech as prime minister.
He said he would help firms by cutting red tape, improving trade and transport links and getting banks lending.
The government’s ambition was to have the “most competitive corporate tax system in the G20″.
He urged critics of plans to raise… more...
Japanese car makers saw strong growth in sales and production in April, thanks to increased demand abroad.
Toyota, the world’s biggest car maker, said it made more than 591,000 vehicles last month - up 61% on last year. Its exports also more than doubled.
Nissan, Mazda and Mitsubishi also saw big rises in production and exports.
The manufacturers said strong demand from the US had boosted… more...
World stock markets put in some strong rises on Thursday, boosted by supportive comments from China on the strength of the euro.
The agency that manages the country’s huge foreign assets said it was not rethinking its holdings in euros.
That led to a positive day’s trading and left shares in all key markets with good gains.
London’s main FTSE index was up 3.1%, France’s Cac… more...
Refusal to approve the package would have been a blow to Prime Minister Zapatero
The Spanish parliament has backed a 15bn-euro ($18.4bn; £13bn) austerity package by one vote as the country strives to cut its budget deficit.
The vote saw 169… more...
New trade figures have offered further evidence of Japan’s continuing export-driven recovery.
Exports in April jumped 40.4% from a year earlier to 5.9 trillion yen ($65bn; $45bn), marking the fifth straight monthly year-on-year increase.
Exports were boosted by global demand for Japanese cars and semiconductors.
And exports to other parts of Asia, which account for more than half of Japan’s total exports, rose 45.3% from a… more...
International airline traffic fell by 2.4% in April as cancellations caused by the volcanic ash cloud from Iceland led to fewer flights.
According to the International Air Transport Association (Iata), European carriers were hit the hardest, with traffic dropping 11.7%.
And North American carriers reported a 1.9% fall in April as north Atlantic routes were also hit.
Iata’s data excludes domestic flights, and represents more… more...