German retailers log another month of shrinking revenues

Fresh statistics show that Germany's retail sector struggled in April to boost sales, despite strong consumer confidence shown in surveys. The retailers' association says it expects sales to pick up later this year. 

German retailers earned less in April in what marked the third consecutive month of shrinking sales in the sector, the National Statistics Office, Destatis, reported Friday.

Sales fell by 0.4 percent month-on-month in price, seasonally and calendar-adjusted terms, while economists polled by Reuters news agency had penciled in a 0.2-percent rise for April.

On a year-on-year basis, though, revenues increased by 1.8 percent, but economists said that was partly because there were two more shopping days in April this year than in the same month in 2012.

Clashes in Kyrgyzstan over Canadian-run gold mine

Unrest near a Canadian-run gold mine in Kyrgyzstan's northern mountains has prompted a clampdown. Authorities say 92 people were arrested and 55 injured in clashes with police. Locals want the mine nationalized. 

Kyrgyz President Almazbek Atambayev reacted on Friday to protestors' demands that the Canadian-run Kumtor gold mine be nationalized by declaring a state of emergency and a curfew in the Dzhety Oguz district near the mine.

On Thursday night, protestors stormed a substation and cut power to the open-cast pit, demanding that the government cancel a 2009 deal with the mine's operator, Centerra Gold.

Local media said 3,000 local villagers then clashed on Friday with police while demanding the release of those arrested. A bus transporting security forces was set on fire.

The mine is located at 4,000 meters altitude near Kyrgyzstan's scenic Lake Issyk Kul and contributes 12 percent to Kyrgyzstan's gross domestic product.

Monsanto gives up fight for GM plants in Europe

World's largest producer of seeds, Monsanto, has apparently given up on attempts to spread its genetically modified plant varieties in Europe. A German media report said the firm would end all lobbying for approval.

The world's largest producer of seeds, Monsanto, has apparently given up on attempts to spread its genetically modified plant varieties in Europe. A German media report said the firm would end all lobbying for approval.

The German newspaper "taz" reported Friday that US agriculture behemoth Monsanto had dropped any plans to have farmers grow its genetically modified (GM) plant varieties in Europe.

Monsanto Europe spokesman Brandon Mitchener was quoted as saying the company would no longer engage in any lobbying fur such plants on the continent, adding that at the moment the firm was unwilling to apply for approval of any GM plants.

Eurozone unemployment reaches new record high in April

Unemployment in the eurozone has reached another record high, according to official figures.

The seasonally-adjusted rate for April was 12.2%, up from 12.1% the month before.

An extra 95,000 people were out of work in the 17 countries that use the euro, taking the total to 19.38 million.

Both Greece and Spain have jobless rates above 25%. The lowest unemployment rate is in Austria at 4.9%.

The European Commission's statistics office, Eurostat, said Germany had an unemployment rate of 5.4% while Luxembourg's was 5.6%.

The highest jobless rates are in Greece (27.0% in February 2013), Spain (26.8%) and Portugal (17.8%).

In France, Europe's second largest economy, the number of jobless people rose to a new record high in April.

Dell board backs Michael Dell's buyout offer

The board of Dell has recommended that shareholders should accept an offer led by founder Michael Dell to take the company private.

It called on shareholders to approve his $24.4bn (£16bn) buyout offer at a vote on 18 July.
The board said it was the "best alternative available".

Investor Carl Icahn and Southeastern Asset Management - who own a combined 12% of Dell - oppose the buyout and have made an alternative offer.

US consumer spending falls for the first time in a year

US consumer spending fell in April, for the first time in nearly a year.

The Department of Commerce said consumer spending fell 0.2% in April.

Analysts had expected a rise of 0.1%, which was the change seen in March. Consumer spending accounts for about 70% of US economic activity.

Spending was held back by weaker demand for utilities and less money being spent on petrol, following a fall in the price of fuel. Tax increases may also have hit spending.

An increase in social security payments has reduced the take-home pay of workers.

A person earning $50,000 a year has about $1,000 less to spend a year because of the increase in the social security taxes. A household with two highly paid workers has up to $4,500 less.

Also, because petrol prices declined sharply in March and April, the amount of money consumers were spending at fuel stations fell.

Figures showed that household income was unchanged last month, after a 0.3% rise in March and 1.2% gain in February.

Maggots, bacteria allegedly plagued China's number one meat brand

Allegations of maggots, excessive bacteria and illegal additives have plagued China's biggest meat products company, Shuanghui International, since at least 2011, according to a series of reports by China's state-run media. On Wednesday, the Hong Kong-headquartered Shuanghui announced its intent to buy U.S.-based Smithfield Foods, the world's largest processor of pork, for nearly $5 billion.

In June 2012, a woman in Beijing allegedly found several dead maggots inside a package of Shuanghui sausages bought at a supermarket. Her daughters, who ate the sausages before the discovery, reportedly suffered from vomiting and diarrhea, according to the Global Times, an English-language newspaper under the Chinese-language People's Daily.

In May 2012, industrial authorities in China's southern coastal city of Guangzhou reported Shuanghui's cumin-flavored sausages contained "excessive" bacteria, which could cause diarrhea, reported the Shanghai Daily.

And in March 2011, China Central Television reported a Shuanghui International subsidiary bought pigs that had been fed with meal containing clenbuterol. The illegal additive keeps the animals lean but can kill people if eaten. Shuanghai's chairman later apologized to consumers and announced nearly $2 billion in losses two weeks after the revelations.

FG to construct 7 additional standard gauge lines

Federal Government has disclosed plans to construct seven rail lines in addition to the existing and rehabilitated gauges, just as it reassured on the completion of the ongoing rehabilitation of Port Harcourt-Maiduguri rail line by end of year 2013.

Idris Umar, Minister of Transport gave the hint while inaugurating the board of Nigerian Railway Corporation (NRC) headed by Abubakar Baraje, former acting Chairman of Peoples Democratic Party (PDP).

Umar explained that the feasibility studies on the additional seven rail lines project would be completed by September, 2013, adding that “the result of which will be advertised for potential investors for their development under the Public Private Partnership (PPP).”

Umar added that the construction of Itakpe-Ajaokuta-Warri and Abuja-Kaduna standard gauge lines are expected to be on track next year.

Idris noted that the present administration had embarked on actualizing a 25-year plan to resuscitate and revitalize the nation’s railways system, including railway system transition, modernization as well as system stabilization.

Speaking on the review of NRC Act, Umar said the Bill has been approved by the National Council on Privatization but to be presented to the Federal Executive Council (FEC) for further endorsement.

However, he tasked the newly inaugurated board to adhere to the performance agreement and ensure projects are delivered as when due.

Reps seek N10m for FCT Magistrate Courts

House of Representatives has called for an increase in the monetary jurisdiction of magistrate courts in the Federal Capital Territory (FCT) to a minimum of N10 million against N250, 000.

The resolution was reached after the adoption of the motion sponsored by Toby Okechukwu during Thursday plenary session.

Section 17 of the District Courts of Law empowers the FCT Minister, upon the recommendation of the Chief Judge of the Federal Capital Territory, to increase the jurisdiction exercised by District Judges in the FCT.

Some of the lawmakers who spoke in favour of the motion include Chairman of the Committee on Justice, Ali Ahmad; Minority Whip of the House, Samson Osagie and Chairman of the Committee on Rules and Business, Albert Sam-Tsokwa.

In his lead debate, Okechukwu explained that the proposal when adopted would enhance the dispensation of justice, and that current monetary jurisdiction of N250,000 introduced since 1997 upon the recommendation of the then Chief Judge of the FCT was no longer in tandem with present day realities.

He said “the current monetary jurisdiction exercised by the District Courts no longer reflects the rental realities in the nation’s capital, hence the need for increase in jurisdiction of the courts.