Category Archives: business
India’s economy grew at an average rate of 7.5% in 2015, faster than the 6.9% growth in China, official figures show. In recent history it has been unusual, but not unprecedented, for India to grow faster than China. According to the IMF it happened in 1981,1989,1990 and 1999, and 2015 was the first instance in this millennium.
India’s government said growth in the October to December quarter was 7.3%, a slight drop on previous quarters which were revised sharply higher. Even though the economy lost steam in the last quarter, its pace of expansion was faster than the growth posted by China in the same quarter. India measures its economy over a fiscal rather than a calendar yr.
Royal Dutch Shell shares rose after it confirmed it would cut 10,000 jobs and a sharp fall in annual profits. Shell prolonged gains to 7% as it said it fabricated $1.8bn (£1.23bn) for the fourth quarter, compared with a $4.2bn profit for the same period the year before.
Total-year profits have seen their steepest drop in 13 years, from $19bn in 2014 to $3.8bn last year. Oil prices have fallen steadily, from more than $100 a barrel 18 months ago to around $30 a bbl instantly. Nevertheless, Shell has maintained its dividend payout to shareholders, a go that relieved investors.
US automobile monster Ford has annunciated arrangements to abbreviate work and save $200m (£138m) a year in EU.
The automaker said it was commencing a voluntary redundancy programme and improving manufacturing efficiencies. It also said it would focus on its most profitable models, such as sports utility vehicles (SUVs).
Ford Europe returned to profit for the basic date in four years in 2015, as the parent group recorded record profits of $10.8bn. This represented a “good first step”, said Ford EU executive vice-president Jim Farley.
US lubricant monster Exxon Mobil has aforementioned its nett prostrate 58% to $2.78bn ((£1.93bn) in the three months to the end of December, compared with $6.57bn for the same period a year earlier. It saw annual profits halve to $16.2bn, from $32.5bn in 2014.
Exxon Mobil’s results come after rivals Chevron and BP both reported large losses for the fourth quarter. Oil prices fell sharply on Tuesday, with Brent crude down 5.3% to $32.42. Crude oil prices have dropped about 70% from the 2014 high of more than $100 a barrel.
Preliminary numbers released last month indicated the economy shrank at an annual pace of 0.8% during the period.
The preliminary figures meant it was Japan’s second consecutive quarterly contraction, which constitutes a technical recession.
However, the new data suggests the economy grew at annual pace of 1%.
The share of unprofitable organizations in the Russian Federation in January-November of 2015 decreased by 0.4 percentage points compared with the same period of 2014 and amounted to 29.3%, said Wednesday Rosstat.
The share of unprofitable enterprises in construction rose 1.7 percentage points to 27.6%, in the segment of real estate operations – by 2.2 percentage points to 31.5%. In the production and distribution of electricity, gas and water the share of loss-making companies increased by 1 percentage points to 51.9%.
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