UK unemployment rate at 43-yr low
LONDON, Oct 17: Britain's unemployment rate remained at 4.0 per cent in the three months to August, the lowest point since 1975, official data showed on Tuesday. The jobless rate - the proportion of the workforce that is unemployed - stood at the same level in the three months to July, the Office for National Statistics said in a statement. — AFP
Congo signs $14b dam development deal
KINSHASA, Oct 17: The Democratic Republic of Congo on Tuesday announced a deal with Chinese and Spanish partners for the development of a much-delayed $14 billion hydroelectric project. The Inga three project is part of a major programme to expand hydroelectric dams along the Congo River. It has been on the drawing board for around 30 years but has been repeatedly delayed. — AFP
Soybeans, corn consolidate
PARIS/SINGAPORE, Oct 17: Chicago soybeans and corn were little changed on Wednesday, consolidating below this week's two-month highs as the market sought a clearer picture of the US harvest after heavy rain raised doubt about big projected yields. Wheat fell after climbing to a near two-week high in the previous session, but expectations of increased export demand for US supplies later in the season helped underpin prices. — Reuters
Gold edges down
BENGALURU, Oct 17: Gold prices edged lower on Wednesday as equities and the dollar gained amid waning risk-averse sentiment, with the market awaiting minutes from the US Federal Reserve's latest policy meeting for fresh clues on the pace of interest rate hikes. Spot gold was down 0.2 percent at $1,222.74 per ounce at 0748 GMT, but still near a 2-1/2-month high of $1,233.26 per ounce hit on Monday. — Reuters
Nigeria probes oil co over import subsidies
ABUJA, Oct 17: The Nigerian Senate launched a probe Tuesday into spending by the state oil company of some $3.5 billion in import subsidies which was not approved by parliament, a statement said. Nigeria, the world's seventh largest crude oil producer, imports processed oil products because local production is grossly inadequate. These imports however are subsidised because the local price is usually well below the actual cost of the imported products. — AFP
EU car sales decline in Sept
FRANKFURT AM MAIN, Oct 17: Car sales slumped across Europe in September, industry data published Wednesday showed, with the hangover from a sales binge before new emissions tests came into force knocking Volkswagen out of its traditional top spot in monthly sales. — AFP
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