Business

Russia’s economy falls in first quarter as woes mount

BBC News : The Russian economy has contracted in the first three months of 2015 because of low oil prices, weaker spending and sanctions from the West. It shrank by 1.9% between January and March compared to the previous year, according to the Russian statistics agency. That compares to annual growth of 0.4% in the previous quarter. President Vladimir Putin ...

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Toyota and Nissan recall 6.5 million cars over airbags

BBC News : Japanese car giants Toyota and Nissan are recalling a total of 6.5 million cars globally to replace potentially faulty airbag inflators made by Takata. Toyota said it was recalling just under five million cars, including the Corolla, Vitz and other models made between March 2003 and November 2007. Nissan is recalling about 1.56 million cars over the ...

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China cuts interest rates to 5.1% as economy slows

BBC News : China’s central bank has cut interest rates for the second time this year, amid a continuing economic slowdown. It lowered its benchmark rate by 25 basis points to 5.1%, saying the move was aimed at boosting development. Last year’s growth rate – 7.4% down from 7.7% in 2013 – was the weakest in 24 years. The cut ...

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Greece sticking to ‘red-lines’ electoral promises

BBC News : Greece will stick to its “red-line” promises to its electorate and not make concessions in its negotiations with creditors, says a government spokesman. Gabriel Sakellaridis said at a press conference in Athens that labour and pension issues are non negotiable. “We won’t go beyond the limits of our red lines. It’s clear that we cannot cut pensions.” ...

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Glaring financial irregularities found in Pakistan’s UK mission

KHAWAR GHUMMAN — Dawn.com ISLAMABAD: Federal auditors have pointed out a number of serious natures of financial and administrative irregularities in the books of the Pakistan High Commission in London, and its three consulates elsewhere in the United Kingdom. If the audit and inspection reports of the accounts of the high commission and the three consulates, in Birmingham, Bradford and ...

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