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Strong economic recovery in 2021 less certain – Irish Deputy PM

A very strong Irish economic recovery from its COVID-19 lockdown looks less certain next year, Deputy Prime Minister Leo Varadkar said on Monday, days after the government reimposed local restrictions for the first time. “I think to be frank the economic impact is going to be a lot worse than you or I may have thought back in March or April or when the government was formed (in June),” Varadkar, the country’s business minister who was prime minister until June, told the Newstalk radio station in an interview. “Back in ...

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Euro zone investor morale improves in August but recovery sluggish – Sentix

Investor morale in the euro zone rose for a fourth consecutive month in August but the low reading suggests that the coronavirus-hit economy is still in recession in the third quarter, a survey showed on Monday. Sentix’s index for the euro zone improved to -13.4 from -18.2 in July. That was its highest reading since pre-lockdown times in February and compared with the Reuters consensus forecast for a reading of -15.1. The current situation index rose to -41.3 from -49.5 in July, its highest reading since March. “There is still ...

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China’s factory deflation slows in July as recovery gains strength

China’s factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed back towards pre-coronavirus levels, adding to signs of recovery in the world’s second-largest economy. The producer price index (PPI) fell 2.4% from a year earlier in July, the National Bureau of Statistics (NBS) said in a statement on Monday, compared with a 2.5% decline tipped in a Reuters poll of analysts and a 3.0% drop in June. Analysts say China’s industrial output is steadily returning to levels seen before the pandemic ...

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IMF willing to redouble Lebanon efforts, subject to reform commitment

The International Monetary Fund said on Sunday it was willing to redouble efforts to help Lebanon after the devastating blast that hit Beirut, but said all of the country’s institutions needed to show willingness to carry out reforms. In a statement to an emergency donor conference for Lebanon, the IMF’s managing director, Kristalina Georgieva, laid out reforms expected, including steps to restore the solvency of public finances and the soundness of the financial system, and temporary safeguards to avoid continued capital outflows. Even before the massive explosion that killed 158 ...

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French economic activity runs 7% below normal level in July – Bank of France

Economic activity in France ran at 7% below normal levels in July, a slight improvement on June, as the construction sector neared pre-coronavirus crisis levels of activity and industrial capacity usage nudged higher, the Bank of France said. In its monthly update on business conditions, the central bank said on Monday the euro zone’s second biggest economy contracted 13.8%, in line with its forecast. “The rebound continued in July, at a more moderate rhythm, in line with the trajectory anticipated last month,” the bank said. In June, economic activity was ...

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Egypt’s annual urban consumer price inflation fell to 4.2% in July – CAPMAS

Egypt’s annual urban consumer price inflation fell to 4.2% in July from 5.6% in June, the central statistics agency CAPMAS said on Monday. Month on month inflation increased to 0.4% in July from 0.1% in June mainly on the back of an increase in electricity and energy prices, the agency said. Allen Sandeep, head of research at Naeem Brokerage, called the fall in the annual rate a “positive surprise”, highlighting a 0.9% monthly drop in the price of food. Consumer demand ahead of and during the Muslim holiday of Eid ...

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Euro zone investor morale improves in August but recovery sluggish – Sentix

Investor morale in the euro zone rose for a fourth consecutive month in August but the low reading suggests that the coronavirus-hit economy is still in recession in the third quarter, a survey showed on Monday. Sentix’s index for the euro zone improved to -13.4 from -18.2 in July. That was its highest reading since pre-lockdown times in February and compared with the Reuters consensus forecast for a reading of -15.1. The current situation index rose to -41.3 from -49.5 in July, its highest reading since March. “There is still ...

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India to promote manufacturing of some products to boost market share

India’s government plans to promote the manufacturing of selected products, especially lines in which China enjoys a big share in the global market, as part of efforts to reduce imports and push exports, a cabinet minister said on Monday. The government aims to attract foreign investments in pre-identified areas, promote joint ventures and support local businesses to expand India’s share of global markets, Nitin Gadkari, India’s minister for MSME (micro, small and medium enterprises), told a virtual conference. “There is an opportunity for India in sectors where China enjoys a ...

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Italian banks’ lending to businesses jumps in June, deposits grow

Italian banks increased their lending to companies in June, as business resumed after a government-imposed national lockdown was gradually lifted, data showed on Monday. A monthly Bank of Italy report on domestic banks’ balance sheets showed that loans to non-financial companies were up 3.7% year-on-year, almost double the 1.9% rise seen in May. Gross unpaid loans were down to 68.05 billion euros ($79.98 billion) at the end of June versus 71.21 billion euros a month earlier. Italian residents’ deposits with domestic banks kept rising, reaching 2.64 trillion euros, while holdings ...

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Italy’s Econony Minister sees third-quarter GDP rebound not far off 15%: paper

Italy’s economy will rebound strongly in the third quarter and should grow at a rate not far from 15%, Treasury Minister Roberto Gualtieri said on Sunday in a newspaper interview. Gualtieri told daily La Repubblica the fall in gross domestic product (GDP) in the second quarter, estimated by the national statistics authority ISTAT at 12.4%, was a bit less than the government had expected. “The rebound in the third quarter will probably be slightly lower than 15% but we believe not far from that number,” he said, adding however that ...

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Lebanon’s battered economy dealt fresh blow after port blast hits ‘Achilles heel’

Lebanon’s economy, already sinking before the explosion that knocked out its main port, could now shrink by double the rate previously forecast for this year, making it even harder to secure the financing the country needs to get back on its feet. Economists say Tuesday’s blast, which also damaged large parts of commercial Beirut, could lead to a GDP contraction of around 20-25% this year – far beyond the IMF’s recent forecast for a 12% decline due to a deepening economic and political crisis. Lebanese officials have estimated losses due ...

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Italy seeks 28.5 billion euros in EU’s SURE unemployment aid

Italy has asked the European Union to tap its SURE unemployment scheme for 28.5 billion euros ($33.6 billion) after extending furlough support to help the economy withstand the hit from the COVID-19 crisis. The Italian government on Friday approved a new stimulus package worth 25 billion euros, setting aside roughly half of that sum to support employment. Italy extended temporary layoff schemes for up to 18 weeks, setting conditions and requiring firms not to cut jobs to qualify for state aid. Economy Minister Roberto Gualtieri and Labour Minister Nunzia Catalfo ...

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Portugal’s exports down 17.1 pct in first half of 2020

The National Statistics Institute of Portugal (INE) said on Friday that the country’s exports fell 17.1 percent in the first half of 2020 from the same period last year. Imports dropped by 19.7 percent in the first half of this year compared with the same period of 2019, said INE. According to INE, the data obtained from Portuguese companies showed a reversal of the growth trend recorded in both flows compared with the second half of 2019. Before the outbreak of COVID-19 pandemic, Portugal’s exports had increased by 4 percent, ...

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Statement by IMF Managing Director Kristalina Georgieva on the International Conference on Support to Beirut and the Lebanese People

Ms. Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), made the following statement today at the end of the high-level “International Conference on Support to Beirut and the Lebanese People” after the August 4 explosion: “I would like to thank French President Emmanuel Macron for bringing us together just days after the devastating explosion in Beirut and express heartfelt solidarity with the Lebanese people. It is a terrible tragedy, coming at a terrible time. Lebanon has been struggling with profound economic and social challenges, aggravated by a pandemic, ...

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Central People Government of People Re : China’s tax, fee cuts top 1.5 trillion yuan in H1

China’s top tax authority said the country’s tax and fee cuts totaled over 1.5 trillion yuan (about $216 billion) in the first half of the year. Of the total, the preferential tax and fee measures unveiled in 2020 to support economic development and COVID-19 containment saved a total of 894.1 billion yuan, according to the State Taxation Administration. The remaining 610.4 billion yuan of taxes and fees were reduced as a result of the implementation of large-scale tax and fee cut policies rolled out last year. Since the outbreak of ...

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