Australia's economic growth slower than expected

Australia has reported weaker-than-expected economic growth between July and September, due largely to a drop off in mining investment.

Its economy grew 0.3% in the third quarter, compared to the previous quarter, and was up 2.7% year-on-year, according to official numbers.

Economists had expected quarterly growth of 0.7% for the period and year-on-year growth of 3.1%.

The Australian dollar fell to

CBN to review guidelines for accessing N220bn MSME Development Fund

The Central Bank of Nigeria (CBN) says it will soon review the guidelines for accessing the N220 billion Micro, Small and Medium Enterprises (MSME) Development Fund to ensure easy access.

The Acting Director, Development Finance Department of CBN, Mr Mudashir Olaitan, said this at a workshop organised by the Nigeria Deposit Insurance Corporation (NDIC) for business editors and finance correspondents in Kastina.

The theme of the workshop is: “Recent Development in the Nigeria Banking System”.

Olaitan, who spoke on “Framework for the N220 billion MSMEs Development Fund”, said that five commercial banks had already signed Memorandum of Understanding with the CBN on the way forward.

According to him,

IMF warns of low interest rates 'risk' to economy

The International Monetary Fund has warned of new risks to global financial stability.

Low interest rates could lead investors to buy riskier assets as they seek better returns, the IMF says.

In a new report, it says there is a danger that this behaviour could derail the economic recovery, which the IMF has already described as "weak and uneven".

The report says the risks require "increased vigilance".

The IMF has already given its assessment of the wider economic recovery and is concerned about

UK economy grew 0.9% in second quarter, says ONS

UK economic growth has been revised up to 0.9% for the second quarter of the year by the Office for National Statistics (ONS), compared with a previous estimate of 0.8%.

UK GDP was 3.2% higher in the second quarter compared with a year earlier.

Revised ONS figures also show the UK economy surpassed its pre-recession peak in the third quarter of 2013.

Previously, this was thought to have been achieved in the second quarter of 2014.

AFD Offers €400m Grant to Nigeria

The French Agency for Development (AFD), a public development finance institution has said it recently approved €400 million as grant to finance transport and energy projects in Nigeria.

The Country Director, AFD, Mr. Hubert Dognin stated this at the European Union (EU)- Nigeria business forum held in Lagos.

He said his agency needed to identify projects with Nigeria which would need financing.

According to him, the facility for Nigeria, under the infrastructure trust fund and the regional indicative program is an EU facility.

“At the regional level, we have €400 million available for transport and energy and at the national level, for the national indicative program, we have $150 available to finance the energy sector,” he added.

Also commenting on the improved bilateral relationship trade between the EU and Nigeria, the EU Ambassador to Nigeria and the Economic Community of West African States (ECOWAS), Mr. Michael Arrion said:  “EU Foreign Direct Investment (FDI) stock in Nigeria grew from €25.3 billion (N5.3trillion) in 2011 to €27.2 billion (N5.7 trillion) in 2012.

“The EU is also Nigeria's most important

Japan wage growth surges in July

Japanese wages unexpectedly logged their strongest increase since 1997, providing a boost to the government's battle against deflation.

Labour cash earnings rose by 2.6% in July compared to a year ago, beating forecasts of a slowdown to 0.9%.

Special payments, or summer bonuses, grew by an annual 7.1% in July from a revised 2% gain in June.

However, some economists warn that wage growth is set to slow in coming months.

"The summer bonus season ends in August, and bonus payments are set to fall sharply. As a result, the growth rate of overall earnings will mostly be driven by changes in regular pay," Marcel Theliant from Capital Economics said.

"With base pay expanding clearly less rapidly than bonuses, wage growth will likely

U.S. Companies Show Broad Recovery as Hiring Pace Surges

A family-run concrete business in Michigan, the U.S.’s second-biggest carmaker, the largest railroad and a solar power provider in California are all hiring as industrial companies lead a broad labor-market rebound that’s on pace to add the most jobs in 15 years.

Employment may be headed for a “breakout year” as companies feel more secure adding to payrolls following several years of demand rising only to stumble on threats from U.S. budget standoffs, a debt-ceiling induced default and a European credit crisis, said Marisa Di Natale, a director at Moody’s Analytics.

“It’s the first year in several where we haven’t had some kind of