Sunday, May 26

Tag: Economy

BRICS Group Expands with Five New Members
News

BRICS Group Expands with Five New Members

2nd Jan, 2024, Moscow: The BRICS group, renowned as a pivotal platform for emerging markets and developing countries, has recently welcomed five new members. The inclusion of Egypt, Iran, Saudi Arabia, the United Arab Emirates, and Ethiopia strengthens the bloc's influence and marks a significant milestone. Originally established by Brazil, Russia, India, China, and South Africa, the BRICS group now encompasses a wider range of nations, reflecting its growing importance in the global landscape. The acceptance of these new members into the BRICS group comes after numerous membership requests in recent years, underscoring the increasing significance and influence of the bloc. The Johannesburg Summit in August 2023 extended a formal invitation to the five nations, recognizing their econom...
India Can Beat Global Recession
INDIA

India Can Beat Global Recession

Even though the US and the Euro zone are headed to recession, 1.5 billion people country India is unlikely to face the impact given the "not so coupled" nature of its economy with the global economy. "Indian economy is a lot decoupled from the global economy than we normally think of, given its large domestic demand, even though you (India) are a net importer of energy. But you have enough forex reserves on one hand and your companies have managed to maintain healthy balance sheets," Paul F Gruenwald, S&P global chief economist and managing director said. In fact, India was never coupled fully with the global economy and so is relatively independent of global markets, he said, adding that a lot depends on how global fund flows behave if there is a recession in the US and Europe....
Ways to Earn Extra Money in the Post-COVID Era
ANALYSIS

Ways to Earn Extra Money in the Post-COVID Era

SAN JOSE, Calif., June 30, 2021-- Participating in the gig economy can help you shore up funds when you're in between jobs. Side hustles can also bring greater financial stability during normal times. Think of it this way, If you work for a single company and you are let go, you'll lose 100% of your income. But let's say you side hustle with five clients or gigs, and each of them makes up 20% of your pay. If you lose one side gig and are down to four, you only miss 20% of your income. Side hustling is also a great way to rake in extra cash even while you have a full-time job. And it can also be a way to supplement your pay if you have a part-time job. With the financial uncertainty millions of folks have seen during COVID-19, it can be a better route to provide greater security. ...
Germany becomes first country to phase out coal and nuclear
News

Germany becomes first country to phase out coal and nuclear

Berlin, Jul 7, 2020: German lawmakers have finalized the country's long-awaited phase-out of coal as an energy source, backing a plan that environmental groups say isn't ambitious enough and free marketeers criticize as a waste of taxpayer's money. Bills approved by both houses of parliament Friday envision shutting down the last coal-fired power plant by 2038 and spending some 40 billion euros ($45 billion) to help affected regions cope with the transition. The plan is part of Germany's ''energy transition'' an effort to wean Europe's biggest economy off planet-warming fossil fuels and generate all of the country's considerable energy needs from renewable sources. Achieving that goal is made harder than in comparable countries such as France and Britain because of Germany's exis...
Foreign Investors pull out USD 26 billion from Asian economies
BUSINESS

Foreign Investors pull out USD 26 billion from Asian economies

Amidst global economic recession due to coronavirus, foreign investors have pulled out an estimated USD 26 billion from developing Asian economies. Foreign investors have pulled an estimated USD 26 billion out of developing Asian economies increasing concerns of a major economic recession in Asia, the latest report on global economic effects of COVID-19. 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 percent, the largest quarterly decline since the series started in 1995, it said. In the US, preliminary data indicated that the GDP fell by 4.8 per cent in the first quarter of 2020, the largest quarterly decline since the fourth quarter...
China’s Manufacturing Rebounds as Virus Controls Ease
CHINA

China’s Manufacturing Rebounds as Virus Controls Ease

China's manufacturing rebounded in March as authorities relaxed anti-disease controls and allowed factories to reopen, an official survey showed Tuesday, but an industry group warned the economy has yet to fully recover. The ruling Communist Party is trying to revive the world's second-largest economy after declaring victory over the coronavirus even as the United States and other governments shut down businesses. The purchasing managers' index issued by the Chinese statistics bureau and the official China Federation of Logistics & Purchasing rose to 52 from February's record low of 35.7 on a 100-point scale on which numbers above 50 show activity increasing. The federation and private sector economists cautioned the economy still faces challenges as manufacturers rebuild sup...
The Cost of Tokyo Olympic Postponement
BUSINESS

The Cost of Tokyo Olympic Postponement

The historic decision to postpone this year's Olympic Games over the coronavirus pandemic is likely to pile on the pain for Japan's economy, already expected to be roiled by the global virus outbreak, economists say. What has the Games cost Japan? At the end of 2019, organizers estimated the total cost of the Games at around 1.35 trillion yen ($12.6 billion). That is divided between the city of Tokyo, which is paying 597 billion yen, the Japanese organizing committee, which contributes 603 billion yen and the central government, which is paying 150 billion yen. But the actual costs for the country have been hotly debated, with a widely publicized audit report estimating national government spending from the bid in 2013 until 2018 at 1.06 trillion yen, nearly 10 times the b...
IMF Warns Coronavirus Recession Could Be Worse Than 2009
BUSINESS

IMF Warns Coronavirus Recession Could Be Worse Than 2009

The world economy is facing "severe" economic damage from the coronavirus pandemic that could be even more costly than in 2009 and will require an unprecedented response, IMF chief Kristalina Georgieva said Monday. In comments to finance ministers from the Group of 20 nations, Georgieva called on advanced economies to provide more support to low income countries, and the IMF stands "ready to deploy all our $1 trillion lending capacity." As much of the world faces mass shutdowns, Georgieva warned the outlook for global growth in 2020 "is negative a recession at least as bad as during the global financial crisis or worse. Starting fom China, the pandemic has continued to spread globally, with the total number of infected cases reaching 358,735 and 15,433 deaths. Several...
Dubai Suspending All Economic Lifeline Amid Coronavirus Threat
MIDDLE EAST

Dubai Suspending All Economic Lifeline Amid Coronavirus Threat

Dubai is closing its famous malls and halting all passenger flights, capping a series of shutdowns on once-thriving sectors that serve as its economic lifeline but which have been sacrificed to curb coronavirus. A few days after barring foreigners, including those with residency permits, from entering the country, the emirate said it would close its airports to commercial flights, shut shopping centres and restrict restaurants to home deliveries. Within hours of the announcement, which will be enforced by Wednesday, the city's vast malls were already largely deserted, with corridors and concourses empty and shops devoid of customers. Boasting the most diversified economy in the Gulf, Dubai derives 94 percent of its public revenues from non-oil sources which also make up the major...
Companies Hit Pause Button as Coronavirus Infects Global Economy
ANALYSIS

Companies Hit Pause Button as Coronavirus Infects Global Economy

Layoffs, cutting costs and halting dividends, companies are scrambling to adapt as the coronavirus emergency hits demand and the draconian measures taken to contain the spread of the illness undercut production and demand. With the economic impact of the coronavirus threatening the survival of many firms, governments have pledged tens of billions to help them limp along or failing that, to bankroll outright rescues or nationalization if necessary. Several industrial giants, in particular in the automobile industry, have reduced or even suspended production. Nissan suspended production at its Sunderland plant in northern England, the automaker's biggest plant in Europe, employing about 7,000 workers, and has closed plants in Spain and Indonesia as well. French automobile manufa...
Shared Economy Platform For Digital Properties Raises Angel Funding
FUNDING

Shared Economy Platform For Digital Properties Raises Angel Funding

New Delhi: Do Your Thng (DYT), a shared economy platform for digital properties has raised an undisclosed amount from prominent individual angel investors, Sorabh Agarwal, Pawan Kumar, Girish Minocha, Proteek Dey and Rahul Verma. The raised amount will be utilized for expanding the technology platform and on-boarding the brands, influencers and creators. Sorabh Agarwal, who runs a private angel network for fund raising for early stage startups and is also an advisor to start ups / mid-sized firms for strategy, led the round with other individual investors working with established companies like KPMG, Skootr, Wipro and Wheebox. According to Mr. Sorabh Agarwal, “Traditional marketing and branding techniques are slowly crumbling and need to be replaced by something contemporary and substa...
Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners
News

Paytm to Offer Rs 5 Lakh Insurance Cover to Merchant Partners

India’s largest digital wallet company Paytm will now start offering life insurance cover of up to Rs 5 lakh to its offline partners and their staffs. One97 Communications, the parent company of Paytm, said that this effort will help in giving a push towards realizing India’s vision of the digital economy. Paytm will offer life insurance cover through its newly formed entity Paytm Life Insurance Corporation Ltd, which was established in February this year. This newly formed entity will offer life insurance cover in partnership with the existing life insurance player. The name of this life insurance player has not been disclosed by Paytm. IRDA, the insurance regulatory body had granted Paytm the corporate license to sell insurance products in 2017. The license is reportedly valid only...