Business

ROME, April 2 (Xinhua) -- The economic gap between Italy's wealthy, industrialized northern regions and the agrarian, poorer south dates back generations.

Latest statistics show the gap is still expanding, while the government floats a plan that could widen it even further.

Italy's Ministry of Economy and Finance this week released new figures, showing the difference in wealth between northern and southern regions is reaching record proportions.

ROME, April 2 (Xinhua) -- Italy is likely to be forced to compensate for lower exports and perhaps even the return of thousands of mid-level and blue collar workers when Great Britain finally withdraws from the European Union.

The country had been expected to leave the European Union March 29. But the government secured an extension as the so-called "Brexit" negotiations stalled, with British lawmakers deciding which of four plans (or perhaps no plan at all) will be used to guide the first-ever departure of a nation from the European Union.

GENEVA, April 3 (Xinhua) -- The World Trade Organization (WTO) Director-General Roberto Azevedo on Tuesday stressed the urgency of resolving trade tensions and meeting challenges facing the global economy.

Azevedo made the remarks at a press conference after the WTO announced it lowered its forecast for global trade growth this year from 3.7 percent to 2.6 percent, due to economic uncertainties stemming significantly from trade tensions.

BEIJING, April 2 (Xinhua) -- Chinese Premier Li Keqiang will travel to Europe on April 8-12 for the 21st China-EU leaders' meeting in Brussels, the eighth leaders' meeting of China and Central and Eastern European countries in Croatia, and an official visit to the country.

Li will make the Europe trip upon an agreement made by the Chinese and European sides, as well as at the invitation of Croatian Prime Minister Andrej Plenkovic, the Foreign Ministry's spokesperson Geng Shuang said here Tuesday.

WASHINGTON, April 2 (Xinhua) -- Managing Director of the International Monetary Fund (IMF) Christine Lagarde said here Tuesday that imposing import tariffs won't eliminate trade deficits and will cause "potentially self-inflicted wounds."

Addressing the 13th Annual Capital Markets Summit held at the U.S. Chamber of Commerce headquarters, Lagarde said it's true that not everyone has benefited from global trade, that there are distortions in the trade system, and that the system needs to be reformed but "trade barriers are not the answer."

WASHINGTON (AP) — U.S. retail sales fell in February, as consumers pulled back their spending on building materials, groceries, furniture, electronics and clothing amid signs of a slowing economy.

The Commerce Department said Monday that retail sales fell 0.2 percent in February, after posting an upwardly revised gain 0.7 percent in January. Still, sales are running below their seasonally adjusted levels from November after a sharp 1.6 percent decline in December.

Over the past year, retail sales have roughly kept pace with inflation by increasing a slight 2.2 percent.

DUBAI, United Arab Emirates (AP) — Saudi Aramco’s net profits reached $111 billion last year, according to an assessment published Monday by Moody’s Investors Services that offered a rare glimpse into the state-owned oil firm’s finances before it issues its first bonds in international markets.

That places Aramco ahead of some of the world’s most profitable firms. By contrast, Apple booked a net profit of about $60 billion in its last full year, Royal Dutch Shell had net income of $23 billion and Exxon Mobil $21 billion.

EL PASO, Texas (AP) — President Donald Trump’s threat to shut down the southern border raised fears Monday of dire economic consequences in the U.S. and an upheaval of daily life in a stretch of the country that relies on the international flow of not just goods and services but also students, families and workers.

Politicians, business leaders and economists warned that such a move would block incoming shipments of fruits and vegetables, TVs, medical devices and other products and cut off people who commute to their jobs or school or come across to go shopping.

SINGAPORE (AP) — Singapore Airlines says it has grounded two of its Boeing 787-10 aircraft due to engine issues.

The carrier said in a statement on Tuesday that “premature blade deterioration was found on some engines” of its 787-10 fleet at recent routine inspections.

It said, “Pending engine replacements, two SIA 787-10 aircraft have been removed from service.”

The carrier said it would operate other aircraft on the affected routes to minimize disruption. It said some flights were disrupted but gave no details.

1 Apr 2019; DW: The Federal Aviation Administration told passengers to contact their carriers to assess delays as nearly 3,000 flights were delayed because of the outage which lastest 40 minutes on Monday morning.  

Airlines affected included Delta, United, JetBlue, Southwest and Alaska.