Sunday 22 October 2017

Error in figures on EU unemployment

The EU's statistics office has said that an error in loading data from France meant May unemployment figures for the EU and euro area were reported 0.1 percentage points lower than they should have been.

Eurostat said the unemployment figures it released yesterday for the eurozone and EU should have been 12.2pc and 11pc, respectively, instead of 12.1pc and 10.9pc.

COUNTRIES CUT THEIR HOLDINGS OF EURO

COUNTRIES around the world cut back on their holdings of euro as a percentage of foreign exchange reserves last year as the sovereign debt crisis kept investors wary, the European Central Bank said yesterday.

IMF data shows the decrease continued in the first quarter of this year, although the euro remains the world's second most important reserve currency after the dollar. The ECB said the currency's share of global central bank foreign exchange reserves declined by 1.2 percentage points, to 23.9pc.

CO-OP WARNED OVER LLOYDS PURCHASE

BRITAIN'S financial regulator warned the Co-operative Bank two years ago that it needed to raise capital and was not in a position to buy hundreds of branches from Lloyds Banking Group.

Andrew Bailey, the Bank of England's deputy governor for financial stability, told lawmakers the regulator had major reservations about Co-op's ability to acquire 632 branches put up for sale by Lloyds as a condition of its 2008 state bailout. Mr Bailey said he raised concerns on capital, liquidity, risk management, integration, governance and management.

ECONOMIC CRIMES AMNESTY IN RUSSIA

RUSSIA'S lower house of parliament approved an amnesty for several thousand entrepreneurs jailed for economic crimes yesterday.

The routine criminalisation of business disputes is symptomatic of the weak rule of law in Russia. Entrepreneurs are often jailed on trumped-up charges by crooked investigators and judges.

US JOBLESS RATE UP IN 66PC OF CITIES

Unemployment rates rose in two-thirds of US cities in May, as steady hiring encouraged more of those out of work to look for jobs.

The Labour Department says rates rose in 243 of the 372 largest cities. The unemployment rate rose to 7.6pc in May from 7.5pc, as more launched job searches. The government doesn't count people as unemployed unless they are looking for jobs.

Irish Independent

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