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Thai central bank says virus outbreak to cut GDP by 0.8-2.0% in 2021

The latest coronavirus wave to hit Thailand is expected to reduce gross domestic product by 0.8-2.0% this year, Thailand’s central bank said on Thursday, as the Southeast Asian country tackles its biggest outbreak of the virus to date. The current COVID-19 wave has seen daily record infections, which the Bank of Thailand (BOT) said had became more severe and prolonged than previously expected. Stricter containment measures have caused economic activity to plummet to levels close to those reached during a 2020 lockdown and is likely to fall further, senior director ...

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BOE’s Broadbent sees reasons for inflation tide to ebb

A current spike in consumer goods prices does not point to longer-term persistence in inflation, Bank of England (BOE) deputy governor Ben Broadbent said on Thursday, pointing to labour market signals as a better gauge of price growth ahead. With top officials at the British central bank split on the need to remove their stimulus for the economy quickly, Broadbent highlighted how inflation pressures in the past had subsided and how the British job market usually did not amplify price shocks. “While we know it’s going to go further over ...

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US closely monitoring trade situation between Australia and China: USTR

The United States is closely monitoring the trade situation between China and Australia, US Trade Representative Katherine Tai has said. She made the remarks during a meeting with Australian Minister for Trade, Tourism and Investment Dan Tehan on Wednesday. Tai conveyed to Tehan that the US stands with Australia to tackle this shared challenge and supports a rules-based international trade, a media release said. They discussed the importance and strength of the bilateral trade relationship, which is underpinned by the US-Australia Free Trade Agreement, it said. They also agreed to ...

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Five ways fraudsters try to claim U.S. unemployment benefits

The U.S. government’s preliminary “conservative” estimates show improper unemployment benefits payments during the pandemic could exceed $87 billion nationwide. Here are some of the tactics people with stolen identities have attempted to siphon funds. MASKS Twenty-seven states have adopted a system from ID.me requiring applicants to take pictures of themselves and their photo IDs, which are then compared against each other using software from ID.me. But ID.me says some users have tried to fool the system by wearing costume masks https://mobile.twitter.com/Blake_Hall/status/1406444586373890052, some with wrinkles, beards or other distinctive features. PHOTO ...

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UK manufacturers’ growth expectations strongest on record, CBI says

British manufacturers’ expectations for output growth over the next three months are the strongest on record as the economy bounces back from its coronavirus pandemic lockdowns, the Confederation of British Industry said on Thursday. The CBI’s quarterly survey showed surging levels of employment and investment in factories but also acute inflation pressures. Average cost growth in the three months to July hit its fastest pace since 1980. The growth in costs was expected to ease next quarter but still remain high. Advertisement “UK industry is reawakening following the economic ravages ...

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UK’s Johnson urges EU to consider post-Brexit proposals seriously

Prime Minister Boris Johnson urged European Commission President Ursula von der Leyen on Thursday to consider seriously Britain’s proposals to change what he called the “unsustainable” way a Brexit deal is governing trade with Northern Ireland. Since it completed its exit from the EU at the end of last year, Britain’s ties with the bloc have reached new lows, with both sides accusing each other of acting in bad faith over an agreement for post-Brexit trade with Northern Ireland. London accuses Brussels of being too purist, or legalistic, in interpreting ...

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Oil Price Affecting South Korea’s Trade Balance

South Korea’s trade deficit for the first 20 days of this month amounts to US$3.94 billion with the producer price index showing a month-on-month rise for the eighth consecutive month with regard to the rising prices of petroleum and raw materials. According to experts, adverse effects of the rising prices are beginning to manifest themselves. Although the rising prices have been caused by a global economic recovery, the result means that South Korea’s export costs are increasing fast in that it is highly dependent on imported crude oil and raw ...

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German Finance Ministry expects continuing strong summer recovery

Germany’s tax revenues recovered substantially in June as Europe’s largest economy continued its strong recovery from the unprecedented economic hit of the coronavirus pandemic, the Finance Ministry said on Thursday. Revenues rose by 12.9% compared to the same period last year, hitting 73.8 billion euros ($87.04 billion), although they remained 8.6% short of the level in 2019, before the pandemic threw the global economy into chaos. “The pandemic situation in Germany continued to relax in 2021, giving hope for a swift overall economic recovery,” the ministry said in its monthly ...

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Lockdowns cost Australian economy around 220 mln USD a day: treasurer

Australian Treasurer Josh Frydenberg said on Thursday that coronavirus lockdowns around the country were costing the economy around 300 million Australian dollars (220.4 million U.S. dollars) a day. Frydenberg said he expected Australia’s GDP to be affected in the current quarter as a result of ongoing lockdowns. As of Thursday, more than half of the country’s 25 million people were under lockdown in the states of South Australia and Victoria, and in the Greater Sydney area in New South Wales (NSW) to prevent the spread of the Delta strain of ...

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Biden administration releases COVID funds to boost local economies

The Biden administration on Thursday released $3 billion in COVID-19 rescue funds aimed at helping localities bolster their economies in the wake of the pandemic, calling on communities to seek funding for a range of revitalization projects. The funding, authorized by the $1.9 trillion American Rescue Plan Act, which passed in March, is part of President Joe Biden’s “Build Back Better” agenda to rebuild the nation after the novel coronavirus triggered widespread shutdowns and led to more than 600,000 U.S. deaths so far. It will be available to communities nationwide ...

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U.S. Economic Growth Cooled in June — Chicago Fed

The U.S. economy lost momentum in June compared with the previous month, data from the Federal Reserve Bank of Chicago showed Thursday. The Chicago Fed National Activity Index decreased to 0.09 in June from 0.26 in May. The reading missed economists’ consensus, who polled by FactSet expected the indicator to stand at 0.3. The CFNAI index is composed of 85 economic indicators drawn from four broad categories of data: production and income; employment, unemployment and hours; personal consumption and housing; and sales, orders and inventories. A positive index reading corresponds ...

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China’s foreign trade growth expected to slow in H2

China’s foreign trade growth is expected to slow in the second half due to a high base the previous year, Li Xingqian, a Ministry of Commerce official, said on Thursday. Rising raw material prices and maritime logistics problems will further squeeze margins of trading companies, Li told a media briefing. Source: Reuters (Reporting by Liangping Gao, Shenyan and Ryan Woo; Editing by Jacqueline Wong)

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Senate Republicans block US infrastructure debate

Senate Republicans blocked Democrat’s efforts July 21 to begin formal debate on bipartisan infrastructure legislation by a vote of 51-49. The move had been expected as senior Republican leaders expressed concern ahead of the vote that the bill’s text and associated costs were not yet available as negotiations continued late into the night July 20. Despite the rejection, lawmakers from both parties said negotiations will continue, with another vote is expected as soon as July 26. The measure would need to clear a 60-vote threshold to proceed to debate. Majority ...

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For most emerging market central banks, the only way is up

While top central banks such as the Federal Reserve, the ECB and the Bank of Japan may be sitting on their hands as inflation rises, many of their peers in the big developing economies aren’t taking any chances. Brazil and Russia have already raised interest rates three times this year. China had been in tightening mode until a wobble this month, while Mexico, the Czech Republic and Hungary have all just made their first moves in years. And it looks like just the start. Despite this week’s global market squalls, ...

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5 things you need to know about the new global framework to manage nature

Climate action failure, biodiversity loss and infectious diseases counted as the top three risks in the World Economic Forum’s Global Risks Report. It is imperative that leaders and citizens alike adopt a systems view for the economic and societal transformation needed today so we build the world we want to inhabit in 2030. In 2015, world leaders came together for an ambitious commitment on fighting climate change to keep the world on a 1.5C pathway. In addition to governments that committed to the Paris Agreement, businesses aligned their plans and ...

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