World business news in brief

UK unemployment rate hits five-year low

Britain’s unemployment rate dropped to a five-year low in February, underscoring the strength of the economic recovery and raising the prospect of a debate among Bank of England (BOE) officials about whether to raise interest rates. The jobless rate measured by International Labour Organisation methods dropped more than economists forecast to 6.9 per cent in the three months through February from 7.2 per cent in the quarter through January, the Office for National Statistics (ONS) said in London today. The report also showed that wage growth accelerated in the period to 1.7 per cent, matching the inflation rate in February.

China growth at 18-month low

China’s economic growth slowed further in the latest quarter but appeared strong enough to satisfy Chinese leaders who are trying to put the country on a more sustainable path without politically dangerous job losses. The world’s second-largest economy grew 7.4 per cent from a year earlier in the January to March quarter, down from the previous quarter’s 7.7 per cent, government data showed today.

BHP Billiton raises fiscal year iron ore production outlook

Global mining giant BHP Billiton raised its fiscal year iron ore production outlook for a second time this year on Wednesday after seeing a better-than-expected jump in output for January-March.

The world’s biggest mining company increased guidance for production the year to June to 217 tonnes, up from the 212 tonnes previously forecast. That comes despite concerns about the strength of the economy in China, the number one buyer of ore.

Tesco annual profit declines again

Tesco, the UK.’s largest retailer, reported a second straight decline in annual profit after sales slumped amid an onslaught by discounters. So-called group trading profit fell 6 per cent to £3.32 billion ($5.6 billion) in the year ended February 22, the Cheshunt, England-based supermarket company said today, compared with the £3.23bn average estimate of 13 analysts.

Online expansion boosts Burberry growth

Burberry Group, the United Kingdom’s largest luxury-goods maker, today reported rising second-half revenue as online expansion boosted growth.

Retail revenue rose 13 per cent at constant exchange rates to £928 million (Dh5.72bn) in the six months thet ended on March 31, London-based Burberry said. Sales at stores open at least a year rose 12 per cent, compared with a first-half gain of 13 per cent.

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