UK unemployment at fresh 11-year low in May
LONDON• the united kingdom's labour market showed continuing strength ahead of the country's decision to vote to leave the european union, data yesterday showed.
The unemployment rate fell to 4.9 per cent in the three months to May, the lowest since the third quarter of 2005, said the Office for National Statistics. The workforce rose by 176,000, the most this year, to a record 31.7 million. Wage data gave a mixed picture, with basic pay growth unexpectedly slowing to 2.2 per cent from 2.3 per cent. Total earnings rose 2.3 per cent, up from 2 per cent.
Long-term gains down: Abu Dhabi wealth fund
ABU DHABI • The Abu Dhabi Investment Authority, one of the world's biggest sovereign wealth funds, said its long-term gains dropped last year. The fund's 20-year annual rate of return slowed to 6.5 per cent at the end of 2015, from 7.4 per cent a year earlier, it said in its annual review.
The sovereign wealth fund does not disclose how much money it manages for the government. ADIA, as the fund is known, is bringing more investment management in-house and putting fewer assets in index-tracking funds as it seeks higher returns.