Business World

Thursday 18 January 2018

Germany's growth forecast halved

THE German government has more than halved its economic growth forecast for this year to just 0.4pc.

In October, the German government had predicted growth of 1pc for this year. The government said growth would pick up in 2014, when it is forecast at 1.6pc.

HP slashes 70 jobs at Autonomy

COMPUTING giant Hewlett Packard (HP) is said to have cut 70 jobs from its data business Autonomy in the first reduction in force since HP said it had found accounting issues at the firm. HP bought Autonomy, which was set up by Tipperary native Mike Lynch, for $11bn (€8.3bn) in October 2011.

HP wrote down the value of Autonomy by more than $5bn last November and effectively accused the company of using dubious accounting methods to increase the value of the company. Mr Lynch denies the charges.

New car demand at 17-year low

DEMAND for new cars in Europe fell to a 17-year low in 2012. Registrations data also showed the biggest annual drop since 1993.

Even Germany's mighty Volkswagen suffered a drop in sales, according to the figures from the European automotive industry association ACEA.

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