Page 41 - Global Economy

Factories worldwide shake off coronavirus gloom but outlook shaky

Surveys showing an expansion in manufacturing activity may reduce pressure on policymakers to take bolder steps to avert a deeper recession

RBI intent to check yields, bat for stronger rupee sparks bond market rally

Rupee closes at 72.87 a dollar, up 1.03% from previous close of 73.62. The 10-year bond yields shed 18 bps to close at 5.942 per cent from previous close of 6.117 per cent

Germany sees economy recovering faster than expected in 2020 amid pandemic

By Michael Nienaber and Christian Kraemer

Global Economy: Asian factories shaking off Covid-19 gloom, China shines

Manufacturing activity in China expanded at the fastest clip in nearly a decade in August, as factories ramped up output to meet rebounding demand

Markets higher as Fed chair says interest rates to stay low

Asian markets were mostly higher on Friday after the Federal Reserve said it might keep interest rates low even if inflation rises, in a major overhaul to its strategy. Shares rose in Japan, South Korea, Shanghai and Hong Kong but fell in Sydney. Overnight, the S&P 500 ticked 0.2% higher, further into record territory and closing at 3,484.55, after Federal Reserve chair Jerome Powell said in a speech that it might keep interest rates low to help prop up the pandemic ravaged economy even if inflation rises above its target level of 2%. The hoped for change in the Fed's strategy is a huge deal for markets that have been rescued by central banks slashing short-term interest rates and buying all kinds of bonds. Japan's consumer price index rose 0.3% in July, the government reported, down from 0.6% the month before. The Bank of Japan has kept interest rates near or even below zero for most of the past decade, seeking to spur inflation and entice companies and consumers to spend more. .

S Korea central bank holds rates, but cuts GDP forecast on Covid concerns

The Bank of Korea kept the seven-day repurchase rate at a record low 0.50%

Job losses loom as Vanguard Group closes Hong Kong, Japan operations

The largest mutual fund company, with roughly $6 trillion in assets under management, said in a statement its Hong Kong business mostly served institutional clients and not retail investors

Global dividend plunge to be worst since financial crisis; may drop by 23%

Global dividend payments plunged $108 billion to $382 billion in the second quarter of the year

India likely to recover sooner than other economies, says JK Paper Chairman

Bharat Hari Singhania says people in 170 countries are likely to face a decline in average income.

World Coronavirus Dispatch: US share buybacks cut in half by pandemic

German rail slammed for withholding data, UK govt faces more heat after latest school exam problem, How Indonesia failed to control coronavirus and other pandemic-related news across the globe

Thailand suffers biggest economic fall since 1998, more stimulus announced

The data, which also showed a record contraction quarter-on-quarter, represents another headache for the government, also facing its biggest anti-government protests since the 2014 coup.

World needs to spend at least $100 bn on new tools to fight Covid-19: WHO

More than 20.69 million people have been reported to be infected by the novel coronavirus globally and almost 750,000 have died, according to a Reuters tally

Anand Mahindra, global CEOs endorse plan to build better economic system

The global CEOs include Ajay Banga (Mastercard), Alan Murray (Fortune Media), Dan Hendrix (Interface), Dylan Taylor (Voyager Space Holdings), Emmanuel Faber (Danone) and Feike Sijbesma (DSM)

Global remittances may lose $108.6 bn in 2020; South Asia to suffer most

Remittance receipts in Asia and the Pacific would fall by $54.3 billion, equivalent to 19.8 per cent of remittances in 2018

Jet fuel demand outlook sours after fleeting market optimism

The number of flights increased in the United States in early July, making some traders optimistic.

UPL: Favourable conditions in key markets to boost growth in coming qtrs

However, strong India business and margin gains were better than expectations

Global spread helps Motherson Sumi tackle Covid-19 pandemic pain

The third part of the series looks at how the firm used its first-mover advantage to get production back on track

Covid-19 lockdown takes the fizz out of Coke's operations in June quarter

Global volume offtake dropped 16 per cent year-on-year (YoY) and its aerated drinks business fell 12 per cent YoY, with the lockdown being the major factor.

Global debt hits record high of 331% of GDP in Q1 amid Covid-19: Report

The IIF, which represents global banks and financial institutions, said the first-quarter debt-to-GDP ratio jumped by over 10 percentage points, the largest quarterly surge on record

China rebounds from coronavirus crisis, economy grows 3.2% in Q2

However, Shanghai Composite slips 4.5% over policy tightening, foreign selling