• News Desk

BUSINESS NEWS JANUARY 29TH 2016


U.S. ECONOMIC GROWTH DECLINES SHARPLY

U.S. stocks closed sharply higher today, but posted the worst January performance since 2009. The U.S. economy grew at an annualised rate of 0.7% in the fourth quarter of 2015 compared with the same quarter a year ago. The figure marks a sharp slowdown from the 2% growth recorded in the previous quarter. According to the Commerce Department, a slowdown in consumer spending hurt overall economic growth. An unusually warm weather held back some consumer spending.

For more on the story log on to

http://www.bbc.com/news/business-35441191

AMAZON'S FOURTH QUARTER EARNINGS DISAPPOINTS INVESTORS

E-commerce giant Amazon's fourth-quarter earnings have missed Wall Street’s expectations. Fourth-quarter revenue came in at $35.75 bn, slightly below analyst estimates. Amazon earned a profit of $482 mn in the fourth quarter; double of the $214 mn earned in the same period a year ago. However the profits were short of analyst estimates. Amazon executives have blamed the earnings miss on rising costs associated with storing and delivering goods for third-party sellers.

For more on the story log on to

http://nypost.com/2016/01/29/amazons-fourth-quarter-earnings-disappoint-investors/

MICROSOFT EARNINGS BEAT ESTIMATES

Microsoft's fast-growing cloud business helped the company's earnings for the holiday shopping quarter of 2015. Revenue came in at $25.7 bn, down 2% on a year-on-year basis. Microsoft's Azure cloud business which competes with Amazon's Web Services grew 127% from the same quarter in 2014. Microsoft's hardware businesses also performed well with revenues for the segment rising 29% year-on-year. Microsoft's Productivity business, which includes Microsoft Office, generated $6.7 bn in revenues.

For more on the story log on to

http://www.businessinsider.com/microsoft-earnings-q2-fy-2016-1

BANK OF JAPAN OPTS FOR A NEGATIVE INTEREST RATE

The Bank of Japan has introduced a negative interest rate policy, a move aimed at boosting economic recovery in one of the world's biggest economy. Tokyo's central bank hopes that by imposing a 0.1% fee on selected current account deposits, commercial banks will be encouraged to make more loans and stimulate economic growth. The bank is open to cutting rates further into negative territory if needed to push borrowing costs even lower.

For more on the story log on to

http://www.usatoday.com/story/money/business/2016/01/28/japan-negative-interest/79499096/


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