Uncertain economy

TOKYO: The outlook for the global economy remains uncertain following recent financial market turmoil and signs of slowing US economic growth. Japan’s central bank thought of keeping a close watch on international developments, although the fallout from problems in US subprime mortgages to risky borrowers does not appear to be hurting Japan significantly. It remains uncertain regarding outlook of global economy, such as volatility on international financial markets that was triggered by problems in US subprime housing loans and a risk of US slowdown. — AFP

Indian index at 19,000

NEW DELHI: India’s benchmark stock index rose above 19,000 points for first time, jumping by 3.5 per cent at close of trade today amid strong demand for Reliance Energy, Tata Steel and other blue-chip shares. The Bombay Stock Exchange’s 30-share Sensex surged by 639.6 points to 19,059 points. On the broader National Stock Exchange, the 50-company S&P Nifty index, rose by 242 points or 4.5 per cent, to close at 5,670 points. — HNS

Industrial output up

TOKYO: Japan’s industrial output rose by 3.5 per cent in August from the previous month, slightly better than previously reported. An initial estimate last month had shown production growing by 3.4 per cent after a dip in July when an earthquake hit automobile production. Shipments increased by 4.9 per cent in August, against a preliminary reading of a 4.3 per cent rise. Inventories rose a revised 0.2 per cent, below preliminary estimate of a 0.3 per cent gain. — AFP

Aussie growth forecast

SYDNEY: Australia’s treasurer Peter Costello on Monday said the nation’s economy grew by 3.25 per cent over the fiscal year to 2007, up from the initial estimate of 2.50. The forecast for 2007-08 had also been raised since the budget in May from 3.75 per cent to 4.25 per cent. Costello also revised job forecasts as he unveiled a major overhaul of the tax system which would deliver $30.7 billion in tax cuts if the government is re-elected at November’s election. — AFP

P’pines remittance up

MANILA: Money sent home by Filipinos working abroad rose by 10.6 per cent from a year earlier to $1.2 billion in August, helping keep the local currency at seven-year highs. Cumulative inflows in the eight months to August surged by 15.3 per cent from a year earlier to $9.3 billion. Wo-rker remittances from eight million overseas Filipino workers, as well as funds flowing into emerging markets in Asia, have pushed up the peso. — AFP