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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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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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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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IMF to start negotiating new Argentine lending deal over coming weeks

Argentina will start talks with the International Monetary Fund in the coming weeks aimed at clinching a new program to replace a defunct $57 billion standby lending deal from two years ago, a top IMF official told Reuters on Saturday. In 2018, Argentina received the biggest lending package in IMF history in an ill-fated bid to halt a slide in the local peso currency. About $44 billion of the allotted cash has been paid out so far. “Within the next few weeks Argentina plans to formally request the initiation of ...

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Gulf energy ministers, Iraq see improving global economy in Friday call

Energy ministers from Gulf oil producing countries including Saudi Arabia and Iraq held a call on Friday and said they were encouraged by recent signs of improvement in the global economy, stressing the importance of compliance with the OPEC+ cuts. The ministers from Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman and Iraq reviewed developments in the oil market, the continued recovery in oil demand and the global economy, according to a joint statement carried by Saudi state news agency SPA and the Iraqi oil ministry. “The ministers are ...

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‘Everything is gone.’ Flooding in China ruins farmers and risks rising food prices

By this time of year, the rice growing on Bao Wentao’s family farm should have been ready to harvest. Instead, heavy flooding has engulfed huge swathes of southern China, including more than 36 acres of rice fields that 19-year-old Bao and his father tend to in their village near Poyang Lake. “The crops have completely failed,” Bao told CNN Business in an interview over the social media app WeChat, adding that his family has already lost roughly 200,000 yuan ($28,000) worth of produce. “The rice was nearly ripened and ready ...

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Thai July consumer mood rises for third month as virus restrictions ease

Thai consumer confidence increased for a third straight month in July due to relief measures and easing coronavirus restrictions, but concerns about unemployment and economic recovery weighed on spending, a university survey showed on Friday. The consumer confidence index of the University of the Thai Chamber of Commerce rose to 50.1 in July from 49.2 in June. But it was still near an all-time low of 47.2 hit in April, when the outbreak took a huge toll on tourism and domestic activity. “Consumers felt the economy had bottomed out as ...

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U.K. Economy Won’t Make Up Lost Ground Until End of 2021

The Bank of England said the U.K. economy will take until the end of 2021 to make up the ground lost during the pandemic, after suffering what it estimates was the steepest second-quarter fall in output among rich countries. Officials estimate the economy shrunk by around 20% between April and June as a nationwide lockdown to contain the coronavirus came into force. That compares with estimates of 9.5% for the U.S. and 12% for the eurozone, highlighting the scale of the U.K.’s economic hit. Bank of England Gov. Andrew Bailey ...

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