Japan's factory output increases 0.1% in Oct
TOKYO • Japan's industrial output rose in October from the previous month and manufacturers say production likely bounced sharply this month, preliminary government data showed yesterday.
Industrial output rose 0.1 per cent in October, increasing for the third consecutive month.
Manufacturers surveyed by the Ministry of Economy, Trade and Industry expect output last month to rise 4.5 per cent, and decrease 0.6 per cent this month.
Recovery in factory output is a welcome sign for policymakers, who have struggled to generate a virtuous cycle of growth in consumption and production to lift an economy mired in nearly two decades of deflation and stagnation.
EU has much to lose from Brexit: Carney
LONDON • Bank of England governor Mark Carney warned that the European Union has a lot to lose from any damage Brexit does to the British banking system.
"The UK is effectively the investment banker for Europe," he said yesterday. "These activities are crucial for firms in the European Union economy, and it's absolutely in the interest of the European Union that there is an orderly transition and that there's continual access to those services."
His comments came after European Central Bank president Mario Draghi also highlighted the economic risks of Brexit, though he said Britain would suffer most.
ANZ axes share bonus for staff to cut costs
SYDNEY • Australia and New Zealand Banking Group (ANZ) has axed its traditional A$1,000 (S$1,065) share bonus for staff this year, citing the need to cut expenses.
In an intranet post seen by Bloomberg News, the management told staff that it was a "challenging year" and that in an "environment of lower growth and lower returns, ANZ needs to reduce costs".
Higher funding costs, narrower margins and rising bad-debt charges are putting pressure on profit at Australia's largest lenders, with ANZ earlier this month reporting its lowest full-year earnings since 2011.
Since taking over in January, chief executive officer Shayne Elliott has been winding back the bank's lower-returning operations in Asia and focusing on the domestic market.
He stressed that the share offers were never guaranteed and came on top of other annual bonuses and pay rises for most staff.