Page 43 - Global Economy
IMF projects global economy to shrink by 4.9% this year over Covid-19
The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage
 "IMF projects global economy to shrink by 4.9% this year over Covid-19")
India's Covid-19 pandemic fiscal cost lowest among major nations: Report
Business Standard's own calculations suggest that the Centre's fiscal impact amounts to around Rs 2.28 trillion, or around 1.2 per cent of GDP.
 "India's Covid-19 pandemic fiscal cost lowest among major nations: Report")
World Coronavirus Dispatch: Covid could wipe out $16 trn of global wealth
WHO halts HCQ trials again, Australia jobless rate 19-year high, UK builds Covid war chest-roundup of news from across the world on the Covid-19 pandemic
 "World Coronavirus Dispatch: Covid could wipe out $16 trn of global wealth")
BP wipes up to $17.5 billion from assets with bleaker oil outlook
Like its rivals, the British oil major is set to take a big hit to revenue from an unprecedented collapse in demand due to the pandemic.
 "BP wipes up to $17.5 billion from assets with bleaker oil outlook")
M&M plans to exit loss-making international subsidiaries in a year
The move is prompted by the steep impairment loss reported by the consolidated entity as SsangYong Motor (SYMC), its Korean subsidiary, and Genzee, its two-wheeler entity in the US, turned in losses.
 "M&M plans to exit loss-making international subsidiaries in a year")
The mythology of fear
Instead of its once haloed existence as the year of lofty goals and vision statements, it is now staring at an epitaph that may well read: The year when death ran amok and the gods went missing.
 "The mythology of fear")
World coronavirus dispatch: Will economy bear lingering scars of pandemic?
From rising Covid-19 infections in India, Bangladesh and Pakistan, to Twitter cracking down on Chinese propaganda, and Japan's $298-billion stimulus - read these and more in today's world dispatch
 "World coronavirus dispatch: Will economy bear lingering scars of pandemic?")
Global natural gas demand set for biggest fall on record, says report
Consumption is set to slump by 4% this year, or twice the amount lost after the 2008 financial crisis, according to the International Energy Agency's Gas 2020 report.
 "Global natural gas demand set for biggest fall on record, says report")
Covid-19 impact: India's economy to shrink by 3.2% in FY21, says World Bank
India to lose tag of fastest growing large economy to China for another two years
 "Covid-19 impact: India's economy to shrink by 3.2% in FY21, says World Bank")
ECB prepares more aid for euro zone economy to help Covid-induced recession
The ECB makes it clear it will do its part and the severity of the recession argues for earlier action
 "ECB prepares more aid for euro zone economy to help Covid-induced recession")
India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner
Gartner expects spending on devices and data centre systems in India to see their steepest declines in 2020, at -15.1 per cent and -13.2 per cent, respectively.
 "India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner")
Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis
Most of the reductions will take place this year, according to an internal memo said.
 "Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis")
Wealth managers advise clients to invest in US-oriented offshore products
International funds delivered 6.8% returns in one year, against large drawdowns in domestic funds
 "Wealth managers advise clients to invest in US-oriented offshore products")
Liquidity, labour and logistics are the key challenges: JSW Steel's Rao
Ensuring return of labour as important as sending them back home, says Seshagiri Rao
 "Liquidity, labour and logistics are the key challenges: JSW Steel's Rao")
Container vessel idling at 1-yr high as Covid-19 pandemic sinks sailing
The highest sailing cancellation since the Covid-19 outbreak was in February, registering a spike of 105 cancellations across Trans-Pacific, Asia-Europe, and the Mediterranean trades.
 "Container vessel idling at 1-yr high as Covid-19 pandemic sinks sailing")
Over 150 global firms urge govts to align Covid aid with climate science
The statement comes as governments around the world are preparing trillions of dollars worth of stimulus packages to help economies recover from the impacts of the coronavirus
 "Over 150 global firms urge govts to align Covid aid with climate science")
Covid-19 crisis: World Bank to rescue with $160-billion aid to 100 nations
'Covid, shutdown may push as many as 60 mn people into extreme poverty'
 "Covid-19 crisis: World Bank to rescue with $160-billion aid to 100 nations")
I've to be careful, am answerable to Parliament: FM Nirmala Sitharaman
Nirmala Sitharaman tells Indivjal Dhasmana & Nivedita Mookerji that the government has made sure that mistakes committed during 2008-2013 are not repeated while announcing the Rs 20-trillion package.
 "I've to be careful, am answerable to Parliament: FM Nirmala Sitharaman")
Foreign investors pull out $26 bn from Asian economies; $16 bn from India
In Europe, over 30 million people in Germany, France, the UK, Spain, and Italy have applied for state support, while first quarter 2020 data indicates that the eurozone economy contracted by 3.8%
 "Foreign investors pull out $26 bn from Asian economies; $16 bn from India")
Oil prices ease on dim economic outlook despite signs of firmer demand
Brent crude futures for July delivery were trading down 11 cents, or 0.3 per cent, at $34.54 per barrel at 0031 GMT
 "Oil prices ease on dim economic outlook despite signs of firmer demand")
