News in Brief
Canada retail sales down
REUTERS – Canadian retail sales dipped by 0.2% in February from January, and are expected to drop another 1.4% in March, according to data from Statistics Canada, indicating high interest rates may be starting to dent consumer spending.
February’s decline, smaller than analysts’ forecast of a 0.6% fall, was led by lower sales at gasoline stations and fuel vendors as well as and general merchandise retailers, Statscan said. By volume, retail sales decreased 0.7%.
India bank’s net profit drops 45%
CNBC – India’s Yes Bank reported a near 45% drop in net profit year-on-year for the January-March quarter as provisions for bad loans and security receipts increased.
Net profit fell to 2.02 billion Indian rupees ($24.63 million) for the reporting quarter from 3.67 billion rupees in the same period a year earlier. Compared with the previous quarter, net profit was three times higher, owing to a low base in the prior period.
Brazil hopeful for EU-Mercosur trade deal
AFP – Brazil hopes the Mercosur trade deal with the European Union (EU) will be concluded this year, a government official said, ending years of delay and opening the way to increased trade between the two regions.
The EU and the Mercosur bloc of Argentina, Brazil, Paraguay and Uruguay completed negotiations in 2019 but the deal has been on hold due to concerns, particularly in France, about Amazon deforestation and Brazil’s commitment to climate change action.