Monday, 26 Oct 2020

Business

Grim data keeps euro, sterling under pressure

LONDON (Reuters) – A fresh batch of grim economic data kept the euro and the pound under pressure on Tuesday as sentiment faltered amid fears new COVID-19 hot spots across the world might jeopardise the swift recovery from the pandemic investors are hoping for. The common currency lost further ground against the dollar in morning […]

Fed's offered flood of credit so far just a trickle in practice

(Reuters) – The Federal Reserve’s promise in the early days of the coronavirus pandemic to flood the U.S. economy with trillions of dollars seemed like the proverbial central bank bazooka. It has been more of a trickle in practice, with activity outside the U.S. Treasury and other core financial markets so far only a fraction […]

New rules may be needed for payments in wake of Wirecard, BIS boss says

LONDON (Reuters) – More joined up rules may be needed across the payments sector after the collapse of Germany’s Wirecard AG, Bank for International Settlements president Augustin Carstens said. Wirecard’s demise has thrown a spotlight on payments, which is one of the fastest growing sectors in financial services and which central banks could enter themselves […]

Airbus set to announce thousands of job cuts, unions say

TOULOUSE (Reuters) – Airbus is set to announce on Tuesday a restructuring involving thousands of job cuts as it deals with the fallout from impact of the coronavirus crisis, union officials said. Airbus, which has said it will announce fresh action by the end of July after introducing temporary furloughs, declined to comment. Its shares […]

Asia stocks up as China PMI, U.S. data help cap strong quarter despite virus woes

TOKYO/NEW YORK/HONG KONG (Reuters) – Asian shares advanced on Tuesday as positive economic data from China and the United States helped to close out a strong quarter, though a renewed surge in global coronavirus cases underlined a challenging investment climate. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.51%, on course for its […]

Asia stocks up as China PMI, U.S. data help cap strong quarter despite virus woes

TOKYO/NEW YORK/HONG KONG (Reuters) – Asian shares advanced on Tuesday as positive economic data from China and the United States helped to close out a strong quarter, though a renewed surge in global coronavirus cases underlined a challenging investment climate. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.51%, on course for its […]

UK economy shows biggest drop in 40 years in early 2020

LONDON (Reuters) – Britain’s economy shrank by the most since 1979 in early 2020 as households slashed their spending, according to official data that included the first few days of the coronavirus lockdown. Gross domestic product dropped by a quarterly 2.2% between January and March, the Office for National Statistics (ONS) said. That was below […]

China's factory activity quickens, but pandemic drags on exporters and recovery

BEIJING (Reuters) – China’s factory activity expanded at a stronger pace in June in a boost to hopes for a quick economic recovery globally and at home, but the persistent weakness in export orders suggests the coronavirus crisis will remain a drag on growth for some time. The official manufacturing Purchasing Manager’s Index (PMI) came […]

URA launches tender for commercial and residential site at Jalan Anak Bukit

SINGAPORE – The Urban Redevelopment Authority (URA) on Tuesday (June 30) launched the tender of a land parcel at Jalan Anak Bukit for a landmark residential and commercial development to help revive the Beauty World area. The 3.2 hectare site in Upper Bukit Timah can yield 865 private housing units and can be developed to […]

China's June factory activity quickens, but exporters struggle amid pandemic

BEIJING (Reuters) – China’s factory activity expanded at a stronger pace in June, as the economy continues to recover after the government lifted strict lockdowns and ramped up investment, but export orders remained weak as the global coronavirus crisis shatters demand. The official manufacturing Purchasing Manager’s Index (PMI) came in at 50.9 in June, compared […]