Tue, May 16, 2023 page10

• World Business Quick Take

  • Agencies
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  EUROZONE

  Commission raises outlook

  The European Commission yesterday boosted its economic growth outlook for the eurozone this year, but it also raised the inflation forecast for the single currency area. The commission raised its growth outlook by 0.2 points to 1.1 percent. Brussels also raised next year’s growth forecast for the 20-country single currency zone by 0.1 points to 1.6 percent. The growth forecast for the 27-nation EU as a whole was also raised, although it remains lower than the eurozone at about 1 percent. The eurozone inflation forecast has also been revised higher, forecast to hit 5.8 percent this year compared to 5.6 percent in the previous outlook.

  BEVERAGES

  Japanese beer on rebound

  South Korean drinkers are warming to Japan again. Beer imports from Japan outpaced those from China for the first time since July 2019, when South Korean consumers boycotted goods from their neighbor amid a political tit for tat. South Korea imported 3,870 tonnes of beer from Japan last month — more than nine times the volume a year earlier — while imports from China dropped to 2,226 tonnes, Korea Customs Service data released on Monday showed. It is the latest sign of improved relations between the two US allies.

  REAL ESTATE

  Rent outside London rises

  The average monthly rent on a newly let home outside of London surpassed ￡1,000 (US$1,249) for the first time last month, a report from broker Hamptons International showed. That is almost 8 percent higher than the same month last year, piling more pressure on tenants amid a cost-of-living crisis. “With rents on the open market rising quickly, tenants will face the choice of staying put or moving to a smaller home in a more affordable area,” Hamptons research head Aneisha Beveridge said. Meanwhile, the gap between inner and outer London rents widened to more than ￡1,100 last month from just ￡221 in June 2021, the report said.

  AUTOMAKERS

  Stellantis workers protest

  Stellantis NV workers in Southern Italy protesting unsanitary bathrooms, a lack of work gear and insufficient heating have slowed down manufacturing of Alfa Romeo Tonales and Fiat Panda models. Some staff at the Pomigliano d’Arco plant close to Naples stopped working for two hours on Friday, their third day of protests, said Simone Marinelli, who heads the Italian Federation of Metalworkers’ automotive arm. Stellantis said it rejected accusations of a lack of attention to working conditions, an Italy-based spokesman said. The company always acts within the framework of labor contracts and with respect for its employees, he said.

  AUTOMAKERS

  Vingroup shares rise

  Shares of Vingroup JSC jumped after announcing its electric vehicle (EV) maker unit would list in the US by merging with a blank-check company at an equity value of about US$23 billion. Vingroup rose as much as 6.2 percent yesterday in Ho Chi Minh, the biggest gain since April 3. At that value, EV manufacturer Vinfast is set to mark a record US listing by a company from Vietnam. Including debt, the unit would be valued at about US$27 billion, a statement released on Friday by the parent said. The merger with Black Spade Acquisition Co, a Hong Kong-based firm, is expected to close in the second half of the year.
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