Connect with us

Economy

China's central bank says economy faces risks from global pandemic, efforts against domestic resurgence – TheChronicleHerald.ca

Published

on


SHANGHAI (Reuters) – China’s central bank said on Sunday that the country’s economic growth faces challenges from the global coronavirus pandemic, despite signs of improvement amid business re-openings.

The People’s Bank of China (PBOC) said in a statement it would continue to guide lending rates lower by exploiting the full potential of reforms, and would strengthen financial support to small- and medium-sized enterprises and private firms.

The PBOC made the statement after its monetary policy committee held a seasonal meeting on June 24, it said.

(Reporting by Samuel Shen and Emily Chow; Editing by Alex Richardson)

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

Peru's economy contracts 18.06% in June on coronavirus impact – TheChronicleHerald.ca

Published

on


By Marco Aquino

LIMA (Reuters) – Peru’s economy contracted 18.06% in June versus the same period a year earlier, the South American country’s government said on Saturday, the fourth straight month of contraction due to the impact of the novel coronavirus pandemic.

Peru, the world’s no. 2 copper producer, imposed a strict lockdown in March, though has recently looked to reopen key sectors of the economy.

The June drop is less severe than the 18.15% contraction analysts had estimated in a Reuters poll, and a step up from the 32.75% GDP decline in May.

In the first half of the year, the economy contracted 17.37% compared with the same period last year, Peru’s official INEI statistics body said, while it dropped 7.25% in the 12 months to June.

(Reporting by Marco Aquino; Writing by Aislinn Laing; Editing by Marguerita Choy)

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

India to invest $1.46 trillion to lift virus-hit economy – CTV News

Published

on


NEW DELHI —
India’s prime minister said Saturday his country has done well in containing the coronavirus pandemic and announced $1.46 trillion in infrastructure projects to boost the sagging economy.

The key lesson India learned from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said.

“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic progress,” Modi said in a speech from New Delhi’s 17th century Mughal-era Red Fort to mark the 73rd anniversary of India’s independence from British rule. He wore an orange and white turban with a long scarf around his neck.

He also said that three vaccines are in different phases of testing in India and mass production will begin as soon as scientists give the green light. Modi said that “detailed plans are in place for large-scale production” of a vaccine that will be made “available to every Indian.”

India has confirmed more than 2.5 million virus cases, third behind the U.S. and Brazil. Its death toll of over 49,000 is fourth in the world.

Modi also announced a national digital heath plan under which every Indian will get an identity card containing all health-related information.

The celebrations were curtailed on Saturday because of the pandemic, with invitations going only to 4,000 guests instead of the usual 20,000, media reports said.

The International Monetary Fund projected a contraction of 4.5% for the Indian economy in 2020, a “historic low,” but said the country is expected to bounce back in 2021.

Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.

“Infrastructure will not be created in silos anymore. All infrastructure has to be comprehensive, integrated and linked to each other. Multi-modal connectivity infrastructure is the way forward,” he said.

He said that India saw a record 18% jump in foreign direct investment in the past year, a sign that international companies are looking at the country.

Modi didn’t refer to China directly, but India is trying to capitalize on its rival’s rising production costs and deteriorating ties with the United States and European nations to become a replacement home for large multinationals.

Referring to border tensions with China, he said Indian forces had given a befitting response in the mountainous Ladakh region where thousands of soldiers from the two countries have been in a tense standoff since May. India said 20 of its troops died in hand combat with Chinese troops on June 15.

“Whether it’s terrorism or expansionism, India is fighting the challenges bravely,” Modi said in apparent references to threats from neighbouring Pakistan and China

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

India to invest $1.46 trillion to lift virus-hit economy – StCatharinesStandard.ca

Published

on


NEW DELHI – India’s prime minister said Saturday his country has done well in containing the coronavirus pandemic and announced $1.46 trillion infrastructure projects to boost the sagging economy.

The key lesson India learnt from the pandemic is to become self-reliant in manufacturing and developing itself as a key supply chain destination for international companies, Prime Minister Narendra Modi said.

“The coronavirus epidemic is a big crisis, but it can’t stall India’s economic progress,’’ Modi said in a speech from New Delhi’s 17th century Mughal-era Red Fort to mark 74 years of the country’s independence from British rule.

He also said that three vaccines are in different phases of testing in India and it will start mass production as soon as it got a green light from scientists.

India’s coronavirus death toll overtook Britain’s this week to become the fourth-highest in the world as the country reported over 2.5 million confirmed cases, just behind the U.S. and Brazil.

The International Monetary Fund projected a contraction of 4.5% for the Indian economy in 2020, a “historic low,” but said the country is expected to bounce back in 2021.

Modi said the government has identified 7,000 infrastructure projects to offset the economic impact of the pandemic.

He said that India saw a record 18% jump in foreign direct investment in the past year, a signal that the international companies are looking at the country.

Modi didn’t refer to China directly, but India is trying to capitalize on its rival’s rising production costs and deteriorating ties with the United States and European nations to become a replacement home for large multinationals.

Referring to border tensions with China in the Ladakh area, he said Indian forces had given a befitting response in the mountainous region where thousands of soldiers from the two countries remain in a tense standoff since May. India said 20 of its troops died in hand combat with Chinese troops on June 15.

“Whether it’s terrorism or expansionism, India is fighting the challenges bravely,” Modi said in apparent references to threats from neighbouring Pakistan and China.

Get more from the St. Catharines Standard in your inbox

Never miss the latest news from the St. Catharines Standard. Sign up for our email newsletters to get the day’s top stories, your favourite columnists, and much more in your inbox.

Sign Up Now

Let’s block ads! (Why?)



Source link

Continue Reading

Trending