Membership push

    A LEADING British employers group stepped up its push to keep the country in the European Union yesterday, saying the alternatives would hurt trade.

    As campaigning intensifies before a referendum on remaining an EU member, the Confederation of British Industry (CBI) listed concerns among a sample of 29 member companies about leaving. “Whilst it’s not a uniform view, the majority of firms believe that the ‘pros’ of EU membership outweigh the ‘cons,’” the CBI said. The CBI, which represents 190,000 firms, backs Prime Minister David Cameron’s efforts to secure changes to Britain’s relationship with the EU.

    ECB bank test

    THE European Central Bank (ECB) will carry out a separate stress test for banks under its supervision that will not take part in a pan-European exercise designed by the European Banking Authority, according to the ECB’s supervision chief.

    “What we have been told ... is that we should consider having about 70 percent of banking assets under the stress test,” Daniele Nouy told the European Parliament’s economic committee. “In order to reach that percentage, you have to go for pretty big banks.” She said it was reasonable to assume this would involve 50 to 60 banks but no number has been agreed on and smaller lenders should also expect some testing.

    Japan export growth

    JAPAN’S annual export growth slowed to a crawl in September as slumping sales in China shrank the volume of shipments, raising fears that weak overseas demand may have pushed the economy into recession.

    Ministry of Finance data showed yesterday exports rose just 0.6 percent in the year to September, against a 3.4 percent gain expected by economists in a Reuters poll. That was the slowest growth since August last year, following the prior month’s 3.1 percent gain. The weak yen helped increase the value of exports, but volume fell 3.9 percent, the third straight month recording an annual decline.