Economy

Fed vows to maintain bond-buying until 'substantial progress' in recovery

WASHINGTON (REUTERS) – The Federal Reserve on Wednesday (Dec 16) promised to keep funneling cash into financial markets further into the future to fight the recession, even as policymakers’ outlook for next year improved following initial rollout of a coronavirus vaccine. Repeating a pledge to keep its benchmark overnight interest rate near zero until an […]

Economy

China industrial output steps up in November as recovery gathers pace

BEIJING (REUTERS) – China’s industrial output grew in line with expectations in November, expanding for the eighth straight month as the economic recovery gathered pace and global demand picked up. Industrial output growth quickened to 7 per cent in November from a year earlier, data from the National Statistics Bureau showed on Tuesday (Dec 15). […]

Economy

Japan may create up to $25.7 billion fund to promote green investment: Sources

TOKYO (REUTERS) – Japan’s government is considering creating a one trillion to two trillion yen (S$12.82 billion to S$25.65 billion) fund to promote investment in environment-friendlier areas, three government officials with direct knowledge of the matter told Reuters. The fund will be part of the government’s third stimulus package to be compiled next week, which […]

Economy

World economy risks fresh downturn despite vaccine nearing

NEW YORK (BLOOMBERG) – The surging coronavirus is stoking fears of a fresh downturn for the world economy, heaping pressure on central banks and governments to lay aside other concerns and do more to spur demand. Hopes are mounting that Covid-19 vaccines will become available as soon as December, but widespread delivery will take months […]

Economy

Trump or Biden, investors expect a weaker US dollar

NEW YORK (REUTERS) – The battered US dollar’s long-term fortunes are unlikely to improve regardless of who wins Tuesday’s US presidential election, investors and analysts said. Despite its recent bounce against a basket of currencies, the dollar index is still down about 9 per cent from its March highs and on track for its worst […]

Economy

Winnipeg restaurant owner says industry teetering on edge ahead of increased COVID-19 restrictions

When Manitoba’s public health officials announced triple-digit COVID-19 case numbers Friday, along with ratcheted up pandemic restrictions, East India Company in downtown Winnipeg saw single-digit numbers of diners when the restaurant opened its doors. Friday saw 480 cases, the highest number in a single day in the province since the start of the pandemic. The […]

Economy

China strips back currency control in move toward liberal yuan

BEIJING (BLOOMBERG) – China has taken more steps this month to loosen its grip on the yuan than at any time since curbs were imposed in the aftermath of a chaotic devaluation in 2015. Although the changes were widely interpreted as an attempt to slow the currency’s appreciation, they have been deployed without significantly weakening […]

Economy

South Korea economy returns to growth amid global coronavirus struggle

SEOUL (REUTERS) – South Korea’s economy returned to growth in the third quarter, climbing out of the slump brought about by the coronavirus as its major trading partners began lifting pandemic restrictions. Asia’s fourth-largest economy grew a seasonally adjusted 1.9 per cent in the September quarter from three months earlier, the Bank of Korea said […]

Economy

Temasek, Google to invest US$350 million in Indonesia's Tokopedia

SINGAPORE (BLOOMBERG) – Google and Temasek Holdings have agreed to invest about US$350 million (S$475.7 million) in PT Tokopedia, people familiar with the matter said, a major cash infusion that will bankroll the Indonesian e-commerce giant’s post-Covid-19 expansion. The Alphabet unit and Singapore’s state investment firm could sign an agreement for the funding soon, the […]

Economy

Over half Europe's small firms fear for survival, survey finds

LONDON (REUTERS) – Over half the small and medium-sized companies which together provide jobs for two-thirds of European workers fear for their survival in the coming 12 months, according to a survey released by management consultancy McKinsey on Thursday (Oct 22). The survey was conducted in August, before the current acceleration in new coronavirus cases […]