Japan economy shrinks 2.1%
The world’s third-largest economy has struggled since the March 11 tsunami and earthquake, which left 20,000 people missing or dead, disrupted supply chains among small-business suppliers and forced companies to cut back on power usage.
The government said capital expenditure during the three months through June contracted 0.9% annual rate. The preliminary report had said it had risen 0.2%.
Japan lost its status as the world’s number two economy to China last year.
Europe ‘not in crisis’, says OECD
Paris: Ireland, Greece and Portugal, which have accepted aid packages from the European Union, are the only EU countries “in crisis” said Angel Gurria, secretary general of the Organisation for Economic Cooperation and Development.
“You cannot describe what is happening in the rest of Europe as a crisis,” Gurria said in an interview.
OECD member nations need to make “a further effort” to reduce budget deficits, and the world’s central banks have been doing a “great job” providing liquidity to lenders to prevent funding from freezing up.
McDonald’s salestrailing estimates
Oak Brook: McDonald’s says sales at stores open at least 13 months rose 3.5% last month, trailing analysts’ estimates as US consumers restrained spending.
Analysts projected a gain of 5%, the average of seven estimates compiled by Bloomberg News. Sales in the US advanced 3.9%, the company said in a statement. Analysts were expecting a gain of 4.5% in the US.
Germany ban forSamsung Galaxy
Dusseldorf: Apple has won backing from a German court for a ban on sales of Samsung’s Galaxy 10.1 tablet computer in the country.
A Dusseldorf court on Friday upheld the temporary sales ban it issued August 9, rejecting Samsung’s bid to overturn it for the most part. The judges however, will not ban sales in other EU countries as Apple had sought.
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