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Mid Week News Round UpBack

The Financial Times

Eurozone unemployment pushes to 3-year low

euro flag

Eurozone unemployment fell further than expected in November, dropping to a three-year low of 10.7 per cent. That’s the lowest since January 2012, and beat forecasts of 10.8 per cent unemployment rate. Across the whole EU, unemployment remained steady at a six-year low of 9.3 per cent. In Germany, unemployment fell to a record low of 6.3 per cent in November, while Italy chipped unemployment down to a 3-year low of 11.5 per cent.

Volkswagen to recall 324,000 diesel cars in India

Volkswagen is planning to recall 324,000 diesel cars in India to remove devices linked to emissions cheating in other countries, marking the largest such exercise in the country’s automotive history and a further blow for the German carmaker. The recall, described by VW on Tuesday as voluntary, is the latest aftershock in the group’s global scandal, in which it has admitted rigging emissions tests in the US, triggering investigations by regulators across the world.

Bank of England draws line under bank-bashing

The Bank of England drew a line under the era of bank-bashing on Tuesday, saying it had no desire for new capital buffers and would seek to use its powers to strengthen lenders in good times rather than to tame the credit cycle.

The move reflected the government’s post-election shift away from the post-financial crisis emphasis on tighter regulation towards a more emollient stance on the City.

 

The Daily Telegraph

UK manufacturing growth dips despite positive signals

PMI data records bigger-than-expected fall, but sector nonetheless saw ‘positive start’ to the fourth quarter

The UK’s manufacturing activity fell more than expected in November, while still signalling solid growth after reaching a 16-month high the previous month. The Purchasing Managers Index by Markit Economics declined to 52.7 from 55.2, below the 53.6 estimate in a Bloomberg survey of 27 analysts. Readings above 50 indicate expansion.

Publishing its report on Tuesday, Markit gave an upbeat assessment, saying the industry “maintained its positive start” to the fourth quarter. Demand continued to grow and new export orders rose at the fastest pace in more than a year.

Shop prices slump by a record level of 2.1% in a year

A supermarket price war and fierce competition across the rest of the high street has seen shop prices slumped by a record level last month, according to a report. Retail prices fell 2.1% in the year to November compared to a year ago, a joint low with March this year, the British Retail Consortium-Nielsen Shop Index said.

The slump comes on the back of a fall in prices of 1.8% in October, while the report added that the November drop marked the 31st consecutive month of falling retail prices. The figures, which covers November 9 to 13, does not cover the Black Friday sales period, although the survey said retailers cut prices across the month in the run-up to the sales weekend, which also included the online sales day Cyber Monday.

 

The Daily Express

EU referendum could be delayed as reform deal looks unlikely this year

FOREIGN Secretary Phillip Hammond has played down the likelihood of Britain getting a deal on European Union reform by the end of the year, which could in turn delay the referendum vote.

Mr Hammond, who met his German counterpart Frank-Walter Steinmeier yesterday to discuss Europe, said the Tories are ready and eager to bring a referendum to the public, but EU leaders are hampering negotiations.

Mr Hammond said: “We would be delighted if it was possible to agree a reform package at the December European Council.

Posted by Lois Hardy on 02/12/2015