Economy

Economy Statement by IMF's Managing Director Christine Lagarde on Pakistan
Author: 0 Statement by IMF's Managing Director Christine Lagarde on Pakistan

The IMF has downgraded its forecast for global economic growth to 3.7 percent this year from its earlier estimate of 3.9 percent. The Director of Fiscal Affairs Department, IMF, Vitor Gaspar, while unveiling the 2018 Global Fiscal Stability Report , at its ongoing yearly meetings with the World Bank Group, in Nusa Dua, Indonesia , said the country's fiscal challenge was not all about revenue shortfalls, but also wise investment of available resources in critical projects that aid growth.

Economy Dow plummets 800 points, biggest drop in 8 months
Author: 0 Dow plummets 800 points, biggest drop in 8 months

At the closing bell, the Dow Jones Industrial Average had lost 3.1 percent or 830 points to finish at 25,613.35, in the biggest fall since February. U.S. 10-year Treasuries, a closely-watched indicator of bond yields, hit a seven year high of 3.26pc on Wednesday. Stocks plunged in Taiwan and fell across Southeast Asia.

Economy Dow industrials sink 831 points as tech stocks plunge
Author: 0 Dow industrials sink 831 points as tech stocks plunge

The benchmark USA stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election. The Technology Select Sector SPDR Fund also fell 4.85 percent for the first time since August 2011. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73. The retreat from luxury stocks was due to slowing demand from China as its trade war with the United States continues and shows no signs of easing.

Economy Global stocks tumble after Trump 'crazy' Fed comment
Author: 0 Global stocks tumble after Trump 'crazy' Fed comment

Trump, who has been critical of the central bank's interest rate increases, tells reporters after landing in Erie, Pennsylvania, that he thinks "the Fed is making a mistake". Trump said Tuesday that the economy is enjoying "record-setting" numbers and "I don't want to slow it down even a little bit, especially when we don't have the problem of inflation".

Economy International Monetary Fund predicts India will grow at 7.3% in 2018-’19
Author: 0 International Monetary Fund predicts India will grow at 7.3% in 2018-’19

The IMF expects growth in Russian Federation at 1.7 percent this year and 1.8 percent next year, it said in an update to its World Economic Outlook on Tuesday. IMF's forecasts for Hong Kong's economic outlook are mixed: it raises its forecast for 2018 by 0.2 percentage points to 3.8%, while cutting its forecast for 2019 by 0.3 percentage points to 2.9%.

Author: 0 Dow Falls 430 Points as Bond Yields Surge and China Tensions Grow

Chip gear producers Applied Materials , Teradyne and ASML Holdings fell between 3.5 percent and 4.6 percent. Benchmark U.S. 10-year Treasury notes rose late in the day, pushing yields down to 3.1931 percent. The NZX50 fell 1.15 per cent last week and this week is down around 1.8 per cent. Technology and internet-based companies are known for their high profit margins, and many have reported explosive growth in recent years, with corresponding gains in their stock prices.

Author: 0 Dow plunges more than 800 points as tech stocks take beating

The benchmark index fell for the fifth straight day, which hadn't happened since just before the 2016 presidential election. The stock fell 35.7 percent to 38 cents in morning trading. Stocks from emerging markets were also hard hit. Chipmaker Nvidia dropped 5 percent. Higher bond rates can weigh on stocks as they provide more competition for yield-hungry investors.

Economy Google attempts to undercut Apple’s iPhone XS with cheaper Pixel 3
Author: 0 Google attempts to undercut Apple’s iPhone XS with cheaper Pixel 3

The Pixel 3 XL will officially be the most expensive Android phone sold in the country. The third in its line of high-end smartphones, the Google Pixel has previously impressed reviewers with its camera quality . The Pixels have barely made a dent in the market since their debut two years ago, but Google is hoping to change that with the latest models unveiled Tuesday at an event in NY.

Economy Sears shares plunge as report says retailer could file for bankruptcy soon
Author: 0 Sears shares plunge as report says retailer could file for bankruptcy soon

But if Sears is now in touch with banks to secure the financing needed for a bankruptcy filing, as CNBC reported Wednesday morning, that could send the surest signal that such a move may not be so far off. Sears' acting spokesman, Howard Riefs, said Brathwaite had informed the retailer of his exit last month. However, Lampert wants to restructure the debt without filing for bankruptcy protection, because he views bankruptcy as risky for retailers, the Journal said.

Economy Saudi Arabia to supply extra oil to India as Iran sanctions loom
Author: 0 Saudi Arabia to supply extra oil to India as Iran sanctions loom

Pradhan admitted Monday he was not sure India would get a waiver. File image of Dharmendra Pradhan. India hopes to secure a waiver from USA sanctions on Iran before they take effect on November 4, as it had significantly cut Iranian oil imports before the deadline, officials said on Monday...

Economy IMF says Nigeria’s economy doing poorly, cuts growth projection
Author: 0 IMF says Nigeria’s economy doing poorly, cuts growth projection

The US simultaneously threatened to add tariffs to a further $267 billion (£205 billion) of products, which saw China retaliate with 10 percent tariffs on $60 billion (£46 billion) of US imports. The IMF predicted United Kingdom growth to would be 1.4% in 2018, rising to 1.5% in 2019, while the eurozone 2018 growth forecast was cut to 2.0% from 2.2%.

Economy China Cuts Bank Reserves To Spur Growth
Author: 0 China Cuts Bank Reserves To Spur Growth

Last week, U.S. Vice President Mike Pence intensified Washington's pressure campaign against Beijing by accusing China of "malign" efforts to undermine President Donald Trump ahead of next month's congressional elections and of reckless military actions in the South China Sea.

Economy International Monetary Fund cuts global growth forecasts
Author: 0 International Monetary Fund cuts global growth forecasts

Before his departure for Bali, Indonesia, for attending the annual meeting of IMF/WB from Oct 8 to 14, Federal Minister for Finance Asad Umar announced the government's decision for approaching the IMF for getting the 22nd programme of the Fund.

Economy Two PSUs place orders for Iranian crude
Author: 0 Two PSUs place orders for Iranian crude

The details provided by Refinitiv Eikon showed the Islamic Republic exported 1.1 million barrels per day (bpd) of crude last week. An industry source who also tracks exports said October shipments so far were below 1 million bpd. Brent hit a four-year high of $86.74 last week. Traders are saying the catalyst behind today's strength is renewed concerns over crude exports from Iran.

Economy India may continue to import oil from Iran, says Petroleum Minister
Author: 0 India may continue to import oil from Iran, says Petroleum Minister

An industry source also said October shipments were so far below 1 million bpd. Three other very large crude carriers, operated by National Iranian Tanker Company (NITC), are set to arrive in Dalian in the next week or two, it said. "What the Saudis had been supplying the market with, were not from Riyadh's spare capacity but from tapping its oil stocks", Zanganeh said, according to the website.

Economy The largest fish market in the world closed to build a Parking
Author: 0 The largest fish market in the world closed to build a Parking

Get breaking news on your Mobile as-it-happens. "Today is a sad day of goodbyes. Tsukiji tried to meet the times, but it is getting older", he told the AFP news agency. Sign-up now and enjoy one (1) week free access! The market drew tens of thousands of visitors every year, enjoying the sights of exotic fruits and fresh fish.

Economy Amazon's increased minimum wage a positive move, for now
Author: 0 Amazon's increased minimum wage a positive move, for now

The Seattle company, which has more than 100 warehouses around the country, said "the significant increase in hourly cash wages more than compensates" the benefits that will be phased out. Public outrage at the irony of the situation sparked a political reaction from the likes of US senator Bernie Sanders , who introduced the "Stop Bad Employers by Zeroing Out Subsidies Act, ' a bill using the acronym of Amazon's CEO Jeff Bezos" surname.

Economy Why Jaguar Land Rover is idling its UK assembly plant
Author: 0 Why Jaguar Land Rover is idling its UK assembly plant

The plant will close for two weeks starting October 22. "The decision to introduce a two-week shutdown period later this month at Solihull is one example of actions we are taking to achieve this". "Despite this, we expect lower tariffs on United Kingdom imports to be beneficial over the full year". However, JLR said strong sales of new models including the electric Jaguar I-PACE, the Jaguar E-PACE compact SUV, and the Range Rover Velar helped offset slower sales of older models, such as ...

Economy IMF projects India’s growth at 7.3% in 2018, 7.4% in 2019
Author: 0 IMF projects India’s growth at 7.3% in 2018, 7.4% in 2019

In its report the International Monetary Fund said the tit-for-tat tariffs imposed by the U.S. and China, weaker performances by eurozone countries, Japan and Britain all conspired to increase pressure on the global economy, while "the possible failure of Brexit negotiations poses another risk".

Economy Indian companies DEFY President Trump by purchasing Iranian Oil despite USA sanctions
Author: 0 Indian companies DEFY President Trump by purchasing Iranian Oil despite USA sanctions

Iran has pledged to block any OPEC supply increase that the country deems to be against its interest. Speaking at an event here, Pradhan said two of India's state-owned companies had contracted for Iranian crude for November. Last week, India reduced gasoline and diesel prices to give relief to consumers against rising global crude prices caused by uncertainty over USA sanctions on Iran and OPEC's decision to raise output.

Economy ‘EU will propose changes to Italy budget if needed’
Author: 0 ‘EU will propose changes to Italy budget if needed’

To retreat from the figure of 2.4 percent is still what to say to the Italians: "You will not retire we will not improve". One such crisis has been enough. "Now the confrontation phase opens with the European Commission , which will be able to assess the well-founded reasons for the Government's growth strategy outlined by the maneuver", Tria said Thursday, hoping for an "open and constructive" discussion.

Economy US Govt Backs Apple, Amazon Denials of Spy Chip Report
Author: 0 US Govt Backs Apple, Amazon Denials of Spy Chip Report

According to Bloomberg , these servers wound up in the data centers of nearly 30 companies, including Apple and Amazon . Apple contested the Bloomberg report on Thursday, saying its own internal investigations found no evidence to support the story's claims and that neither the company, nor its contacts in law enforcement, were aware of any investigation by the FBI on the matter.

Economy USA considers sanction waivers on countries reducing imports of Iranian oil
Author: 0 USA considers sanction waivers on countries reducing imports of Iranian oil

US Secretary of State Mike Pompeo said last month that the White House would only consider waivers for Iran's oil buyers if they vowed to eventually bring their imports to zero. The sideways trend was interrupted in mid-August after the Trump administration took aim at Iran with harsh sanctions which reignited fears that there simply isn't enough oil being produced globally.

Economy Fuel price hike: Petrol, diesel rates on the rise again
Author: 0 Fuel price hike: Petrol, diesel rates on the rise again

Bihar government also reduced petrol and diesel prices by Rs 2.52 and Rs 2.55 per litre respectively on Friday. The government had on Thursday reduced the fuel prices by Rs 2.50 per litre, out of which the Centre has slashed Rs 1.50 in excise duty and the remaining Re 1 will be absorbed by the oil marketing companies.

Economy Food and Health, Millions of pounds of ground beef recalled
Author: 0 Food and Health, Millions of pounds of ground beef recalled

JBS Tolleson Inc, part of JBS USA, the US arm of the world's largest meatpacking company, was voluntarily pulling ground beef and other raw beef products that had been shipped to stores across the country, the USDA said. Those at most risk for severe illness include people with weakened immune systems, babies and elderly individuals. So far 14 people have been hospitalized, but none have died.

Economy Cabinet to reconsider scrapping dividend tax after Unilever pullout
Author: 0 Cabinet to reconsider scrapping dividend tax after Unilever pullout

The move follows major opposition from United Kingdom shareholders to the plans, which would have seen the company lose its spot in the benchmark FTSE 100 index. Unilever's Anglo-Dutch structure dates back to 1929 when British soap maker Lever Brothers combined with Dutch margarine company Margarine Unie. Earlier this week, influential proxy advisory firm PIRC recommended shareholders vote against the move, which would have seen the firm kicked off the benchmark FTSE 100 index.

Economy In About-face, White House Considers Waivers On Iran Oil Sanctions
Author: 0 In About-face, White House Considers Waivers On Iran Oil Sanctions

Prices might hit US$100 this autumn as USA pressure stymies exports from Iran, OPEC's No. 3 producer, Russian Minister of Energy Alexander Novak said. Brent crude had risen from below $82 a barrel in the beginning of the week. "Other paths in front of it (US) are blocked", he said, adding that his country must deliver a slap to Washington by defeating those sanctions.

Economy Unemployment rate drops- B.C. by far the best in Canada
Author: 0 Unemployment rate drops- B.C. by far the best in Canada

However, nearly all of the September job gains came from an increase in part-time employment and were mostly concentrated in Ontario and British Columbia with little change in other provinces. The agency's monthly labour force survey found that all of the job gains in September were made by workers in the core 25-to-54 age range with virtually no change in youth employment.

Author: 0 September jobs report - will higher wages, more jobs attract workers?

The unemployment rate declined by 0.2 percentage point to 3.7 percent in September, and the number of unemployed persons decreased by 270,000 to 6.0 million. Instead, and in the absence of other indicia, there's no reason to assume that the September employment report won't be a variation on the trends that have prevailed so far this year.

Economy Market bleeds with Sensex down at 34,376, Nifty closes at 10,316 mark
Author: 0 Market bleeds with Sensex down at 34,376, Nifty closes at 10,316 mark

Repo rate is the rate at which the RBI lends money to banks and is an important tool for RBI to control inflation . If the RBI does raise rates, Garg said it could do so in either a "neutral" or "hawkish" manner. Prakash Sakpal, economist, Asia at ING said that even a hike of 25 basis points is unlikely to help save the rupee , adding that the central bank will need to do more but that looks unlikely on the grounds of on-target inflation and stress in the financial sector.

Economy Mattress Firm files for bankruptcy
Author: 0 Mattress Firm files for bankruptcy

Bankruptcy Court in DE to implement a prepackaged plan of reorganization. Mattress Firm said in a court filing that it will not conduct typical liquidation sales, where customers might otherwise score a going-out-of-business deal. Among the largest unsecured creditors are Simmons Manufacturing and Serta Mattress. The company struggled with overexpansion, notably after it bought Sleepy's in 2016 and Mattress Giant in 2012, according to CNN.

Economy Oil prices rise ahead of November US sanctions against Iran crude exports
Author: 0 Oil prices rise ahead of November US sanctions against Iran crude exports

Besides, Iran's budget for the current fiscal year was based on the oil price of 55 USA dollars a barrel, but the average oil price has risen to 70 dollars a barrel so far, he said. At the Multi Commodity Exchange, crude oil for delivery in November was trading lower by Rs 8, or 0.14 per cent, at Rs 5,648 per barrel in 2,341 lots.

Economy Amazon to cut bonuses, stock benefits as it raises wages
Author: 0 Amazon to cut bonuses, stock benefits as it raises wages

On top of that, Amazon not only competes in sales to reduce prices and costs by imposing higher salaries on all , but also is the only group capable of increasing productivity, and therefore will need fewer temporary for the end of this year than last year (80,000 temporary employees in 2018 compared to 100,000 in 2017).