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Jobless
rate rises in Japan
Tokyo: Japan's jobless rate rose in September while
household spending fell from a year ago for the ninth
straight month, raising expectations that the BOJ could
raise interest rates by the end of this year. Japan's
seasonally adjusted unemployment rate rose to 4.2 percent
in September from 4.1 percent in August, data from the
Health, Labour and Welfare Ministry showed on Tuesday.
Financial
markets had expected a reading of 4.1 percent, near an
eight-year low of 4.0 percent hit in May.
The
jobs-to-applicants ratio for September stood at 1.08,
meaning 108 jobs were available per 100 applicants, unchanged
from August but just below the market consensus forecast
of 1.09. That was also just below a 14-year high of 1.09
marked in July. The ratio has been climbing as rising
corporate profits have produced more jobs.
The
data came after the Bank of Japan's twice-yearly outlook
report on the economy and prices, in which traders look
for clues on the timing of the central bank's next rate
hike. Traders expect the BOJ to keep the target for the
key overnight call rate unchanged at 0.25 percent at a
board meeting ending later in the day.
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Schneider
buys out APC in $6.1bn deal
Paris: French company Schneider Electric, which makes
circuit breakers, will acquire American Power Conversion
(APC) for $6.1bn to become the No 1 maker of equipment
that protects computers and factories against electrical
outages.
Schneider
said it offered $31 a share for APC which is 30 per cent
above last week's closing price of APC. Both boards back
the plan.
Schneider
will add APC to its France-based MGE UPS Systems unit,
acquired in 2003, to give it a global presence in a secured-power
market tipped to expand at 8 per cent a year after grid
failures in the US and Europe.
Shares
of Schneider Electric have gained 17 per cent this year
for a market value of E20bn. The stock was suspended from
trading until noon in Paris. APC, based in West Kingston,
Rhode Island, has advanced 8 per cent.
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