1 ECB cuts growth outlook (BBC) The European Central
Bank has cut its inflation and growth forecasts for 2015 and the next two
years. It expects inflation in the eurozone to remain "very low" for
some years as threats to economic growth increase. ECB president Mario Draghi
said Europe's economic recovery would continue, "albeit at a somewhat
weaker pace than expected".
The euro fell sharply as Mr Draghi also hinted that
the bank could expand its stimulus programme if necessary. He was speaking
after the ECB kept its main interest rate on hold at 0.05%. The ECB is now
forecasting economic growth in the eurozone of 1.4% in 2015, down from 1.5%,
and 1.7% in 2016, compared with its previous projection of 1.9%.
However, Mr Draghi said that risks to the outlook
for economic growth and inflation had worsened since mid-August, when the
latest projections were calculated. He also admitted that inflation could turn
negative in the coming months. The bank expected inflation to be 0.1% for 2015,
rising to 1.5% in 2016 and 1.7% in 2017, dampened by lower energy prices.
The ECB made no change to its bond-buying programme,
but Mr Draghi said it could be extended beyond its planned conclusion in
September 2016 if necessary.
2 South Africa business confidence at 16-year low
(Johannesburg Times) South Africa's rand fell 1 percent against the dollar on
Thursday, the weakest performance in a basket of 25 emerging market currencies,
after a local survey showed business confidence fell to a new 16-year low.
The rand touched a session trough of 13.5735 to the
dollar, its softest in more than a week. Business confidence in Africa's most
advanced economy fell 4 index points in August, weighed down by subdued
domestic economic performance and global financial market turmoil led by
slowing growth in China.
The Business Confidence Index fell to 84.3 in
August, retracting to an even lower level than in June after increasing 87.9 in
July, the South African Chamber of Commerce and Industry (SACCI) said. "The
present slow growth of 1.2 percent year-on-year for the 2nd quarter of 2015
concerns SACCI. An uncertain local economic policy climate perpetuates the
underperforming economy and dwindling local business confidence," SACCI
said.
Africa's most advanced economy shrunk by 1.3 percent
in the second quarter for the first time in more than a year, raising the risk
that labour disputes and slowing Chinese demand for commodities could push it
towards recession.
Slower growth in China, a key importer of local
commodities, has had an impact on commodity prices, adding pressure on the
local mining sector. Almost 12,000 mining jobs were on the line in South Africa
as mining companies cut costs.
3 Smartphone functions on car dashboards (San
Francisco Chronicle) With the 2016 model year, Apple's CarPlay and Google's
Android Auto will turn cars as affordable as a base model Chevy Spark into
rolling robotic assistants that give directions to nearby restaurants or play
the latest hits with commands as simple as "Play Ellie Goulding."
Both CarPlay and Android Auto should give drivers
more time to keep their eyes on the road compared with the automakers' own
voice systems, which can require multiple steps and looking at on-screen menus.
Still, as with any system that requires driver input, there are concerns about
distraction.
Neither system has been tested yet by the Insurance
Institute for Highway Safety. Consumers increasingly want to use their
smartphone while driving — without running afoul of the law. For the last few
years, drivers of most new cars have been able to speak to their phones and
have audio stream through a car's speakers using the nearly ubiquitous
Bluetooth wireless standard. However, doing so can require fiddling with the
phone, like holding down the home button first.
Both CarPlay and Android Auto allow voice commands
to be turned on with a touch of a steering wheel button. Phones need to be
plugged into the USB port, where the phone is kept charging and powering the
in-car entertainment. You can access maps, voicemail, phone contacts and music
apps using a touch screen embedded in the dashboard — no need to grab your
phone.
One wrinkle is that Apple reserves voice commands
for its proprietary apps — phone, maps, texts and Apple Music. The less
restrictive Android Auto will allow you to use apps like Spotify as long as you
specifically tell it to "play Aerosmith on Spotify," or set Spotify
as the default music app. A Spotify subscription also costs $10 a month.
The systems themselves can cost users a lot more. The
2016 Honda Accord EX with manual transmission is the lowest trim on which Honda
is offering CarPlay and Android Auto support. At $25,480, the EX is $1,315
pricier than the Sport trim, and includes things like a moon roof, keyless
remote and a better touch-screen display. Volkswagen's entry level 2016 Jetta
1.4T at $17,680 offers CarPlay and Android Auto as part of a $995 technology
upgrade that includes a larger touch screen and rearview camera.
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