Tuesday 24 October 2017

In brief: Eurozone sluggish

THE eurozone economy shrank 0.3pc year on year in the third quarter, less than the 0.4pc contraction that had been forecast, the European Union's Statistics Office said in its third and final revision of the data.

Eurostat confirmed that quarter on quarter the economy of the then 17 countries sharing the euro grew 0.1pc in the three months to September, following a 0.3pc expansion in the second quarter.

KBC PICKS TEMENOS

KBC Bank Ireland has picked Temenos to help with the software needed to transform it into a full retail bank. The bank, which launched a new current account for retail consumers in September with full online and mobile banking capability, is now beefing up the back-office technology.

"We are seeking to harness the opportunities that now exist within the Irish market as the banking landscape changes," said KBC Ireland boss Wim Verbraeken.

UK'S 'REALITY CHECK'

BRITAIN'S economic recovery got a "reality check" yesterday when data showed weaker-than-expected manufacturing output, a sharp fall in the construction sector and a slowdown in retail sales growth. Economists said growth in the fourth quarter might now struggle to keep up the pace which has made Britain one of the fastest-growing economies among the world's rich nations.

Official data was not seen matching up with strong industry surveys. Output for manufacturing and industrial production was flat month on month in November and October's increases were revised down, the Office for National Statistics said. Economists had expected increases of 0.4pc for manufacturing and industrial output in November.

AIRLINES FIXED PRICES

SWITZERLAND'S competition commission WEKO has fined 11 airlines a total of 11 million Swiss francs after it found that they had agreed on certain elements of pricing for air freight. WEKO said the airlines included United Continental, AMR Corporation, Singapore Airlines, Japan Airlines, British Airways, Air France and Cathay Pacific Airways.

The airlines agreed on freight rates, fuel surcharges, war-risk surcharges, customs clearance surcharges for the US and the commissioning of surcharges, which together contribute to the price of air freight transport, between 2000 and 2005, WEKO said. Lufthansa escaped a fine because it reported the practice to WEKO.

Irish Independent

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