US retail sales fell in September

US retail sales retreated in September as purchases of vehicles, fuel, furniture and clothing slowed, a sign that recent job gains have yet to significantly boost consumer spending.

THE Commerce Department says seasonally adjusted retail sales dropped 0.3 per cent from the previous month. Sales have risen 4.3 per cent in the past 12 months.

August's surge in car-buying tailed off in September, while lower petrol prices cut into sales at service stations.The declines were partially offset by more shopping at electronics stores, possibly reflecting the release of two new iPhone models released by Apple last month.Employers added 248,000 jobs in September, yet average hourly pay fell a cent to $US24.53. Wage growth has barely kept pace with inflation, limiting how much Americans can spend.

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UK unemployment rate drops

BRITAIN'S unemployment rate dropped to six per cent for the June to August period, down from 6.4 per cent in the three months before and the lowest rate since 2008.

THE Office of National Statistics said on Wednesday there were 1.97 million unemployed people, 538,000 fewer than a year earlier. The agency says it was the largest annual fall in unemployment since records began in 1972.

Samuel Tombs, senior UK economist for Capital Economics, says the figures suggest Britain is starting to see the pick-up in productivity required for the recovery to maintain momentum.Pay including bonuses was only 0.7 per cent higher than a year earlier.The Bank of England has expressed concern about slow wage growth, and the muted figure will encourage policymakers to keep interest rates low despite the strengthening economy.

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Qualcomm buying CSR in $US2.5 billion deal

QUALCOMM is buying British chip maker CSR in a deal worth approximately $US2.5 billion ($A2.7 billion) as it pushes aggressively into technology that connects devices over the internet.

QUALCOMM said on Wednesday that it will pay STG9 per CSR share.

CSR concentrates on the auto, consumer, and voice and music segments. It has 2130 employees in 11 countries. The company's fiscal 2013 revenue totalled $US960.7 million.Qualcomm Inc, one of the biggest makers of chips used in mobile devices, expects the deal to add to its adjusted earnings per share in fiscal 2016.The board of CSR Plc unanimously approved the buyout, but it still requires the approval of CSR shareholders.The deal is expected to close by the end of the summer of 2015.Shares of Qualcomm, based in San Diego, rose slightly before the opening bell on Wednesday.

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Pilots, train drivers to strike in Germany

A UNION representing pilots at Lufthansa's short-haul Germanwings unit has called members out on a 12-hour strike, hard on the heels of a walkout by German train drivers in a separate dispute.

THE Vereinigung Cockpit union set the strike at Lufthansa's budget offshoot for noon on Thursday to midnight (2100 AEDT Thursday to 0900 AEDT Friday).

The union has hit various Lufthansa operations with walkouts in recent weeks over its demand that the company maintain transition payments for pilots wanting early retirement.On Wednesday, the GDL union called out train drivers at national railway Deutsche Bahn for a 14-hour strike starting at 2pm (2300 AEDT).GDL wants a five per cent pay increase and shorter working hours.It also claims the right to negotiate pay for other staff traditionally represented by a rival union.

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Greek markets nosedive

UNCERTAINTY over the government's survival and future of Greece's bailout program has spurred a second day of heavy selling on the Athens Stock Exchange, with the main index down a massive 9.4 per cent.

WEDNESDAY'S plunge follows a loss of 5.7 per cent the previous day. Yields on Greece's 10-year bonds also rose sharply, to above 7 per cent.

The losses come amid a wider drop in markets, but were exacerbated by a survey on Monday showing the opposition anti-bailout Syriza party had a lead over the governing party.That means the government could face an early election in February if the opposition lawmakers fail to back a candidate for the country's new president.Conservative Prime Minister Antonis Samaras was to chair a cabinet meeting on the economy later in the day.

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