US economic data improves slightly

New York: US consumers’ mood grew less grim in March, according to a survey, while the latest figures showed the US trade deficit narrowed in January to its smallest in more than six years.

Despite the improvements, the data hardly reflected robust economic health.

The slimmer trade gap came as imports plunged on weak domestic demand, swamping a big drop in exports.

Similarly, consumer sentiment remained anaemic overall and close to a record low. However, in this new era of deflated expectations, Wall Street welcomed the news, sending shares slightly higher.

US government bonds, which usually benefit from worsening economic conditions, added to their losses.

Finance ministers discuss options

London: Top finance ministers gathered yesterday to try to fix a crippled world economy against a backdrop of new data showing US consumer confidence has stopped falling and nascent hope that Citigroup and the broader banking system have stabilised.

Citigroup chairman Richard Parsons said his bank can make do without more government aid and would remain in private hands, adding to optimistic comments from the leaders of Bank of America and JPMorgan this week.

China has rolled out a 4 trillion yuan (e453 billion) plan to expand and speed up government spending, and Premier Wen Jiabao said it was ready to do more.

Still, squabbling persisted among G20 finance ministers meeting to thrash out ways to fix the global economy, and World Bank head Robert Zoellick warned against “doing too little, too late”.

Protectionism ‘a real threat’

Frankfurt: Rising protectionism poses a real threat to the global economy and trade, European Central Bank executive board member Juergen Stark was quoted as saying yesterday.

“We see in the increasingly protectionist tendencies a real danger for global economic dynamics,” he was quoted as saying in a summary of an interview with German radio Suedwestrunkfunk.

“This is a real problem, a threat to world trade.”

Stark also warned against further increases in government spending to boost growth, an issue which is threatening to drive a wedge among Group of 20 countries meeting near London yesterday.

Buffett awarded €380,000

New York: Warren Buffett was awarded compensation of $491,000 (e380,000) in 2008 for running Berkshire Hathaway, which just lost its AAA credit rating from Fitch Ratings because of potential losses from derivatives.

Berkshire said Buffett’s 2008 salary was $100,000, the same amount he has taken for a quarter century.