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G20 to say economic outlook less negative, vow to sustain, strengthen support if needed

G20 to say economic outlook less negative, vow to sustain, strengthen support if needed

BRUSSELS (Reuters) – The world’s financial leaders will say on Wednesday that the outlook for the pandemic-ravaged global economy is less negative as steps already taken are paying off, and will vow to do more if needed to support the recovery, their draft statement said.



a close up of a green building: FILE PHOTO: A man on a bicycle rides past containers at an industrial port in Tokyo


© Reuters/Kim Kyung Hoon
FILE PHOTO: A man on a bicycle rides past containers at an industrial port in Tokyo

Finance ministers and central bankers from the world’s 20 biggest economies will hold virtual meeting on Wednesday to discuss the main global economic challenges as the COVID-19 pandemic will cause a global economic contraction this year.

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“The outlook is less negative with global economic activity showing signs of recovery as our economies have been gradually reopening and the positive impacts of our significant policy actions started to materialize,” the G20 financial leaders’ draft statement, seen by Reuters, said.

“We will sustain and strengthen as necessary our policy response, considering the different stages of the crisis, to secure a stable and sustainable recovery,” it said.

The G20 financial leaders, who have clashed in the past about the international trade — a key motor of global growth — said they would not set up new barriers to it.

“We will continue to facilitate international trade, investment and to build resilience of supply chains to support growth, productivity, innovation, job creation and development,” the draft said.

(Reporting by Jan Strupczewski)

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Indonesia c.bank holds rates, stresses QE for economic support

Indonesia c.bank holds rates, stresses QE for economic support

By Gayatri Suroyo and Fransiska Nangoy

JAKARTA, Oct 13 (Reuters)Indonesia’s central bank kept interest rates steady on Tuesday, holding fire for a third straight meeting to avoid adding pressure to a falling rupiah but reiterated its pledge to use quantitative easing measures to support the economy.

Bank Indonesia (BI) kept the 7-day reverse repurchase rate IDCBRR=ECI at 4.00%, as expected in a Reuters poll, after delivering 100 basis points of rate cuts so far this year.

Southeast Asia’s largest economy is headed for its first recession in over two decades with the coronavirus outbreak still raging in the country with the largest COVID-19 death toll in the region.

“We see that (quantitative easing measures) are more effective to support the national economy,” Governor Perry Warjiyo said in a streamed news briefing, underlining that BI has injected 667.6 trillion rupiah ($45.45 billion) of fresh liquidity to fight the pandemic’s impact.

BI has also cut interest rates four times this year, cut required reserves and loosened lending rules to fight the economic fallout from the coronavirus pandemic.

It has made direct purchases of government bonds to fund President Joko Widodo’s relief programmes and is expected to remain a standby buyer in the local-currency sovereign bond market in 2021.

Governor Perry Warjiyo said during the briefing an increase in government spending, including for infrastructure projects, and improvement in exports should prop up the economy, even when private consumption remained weak.

The rupiah IDR= barely changed after the decision, while the main stock index .JKSE rose slightly. The rupiah has fallen 5.4% this year, making it the worst performing emerging currency in Asia so far in 2020.

Analysts have said they are monitoring BI’s debt monetisation operations closely particularly as parliamentary debates on amending the central bank act has raised concerns

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BBC Announces Major New Partnership with the National Film and Television School To Support UK Creative Sector

BBC Announces Major New Partnership with the National Film and Television School To Support UK Creative Sector

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Car insurance UK: Drivers able to make savings as firms offer ‘financial support’

Car insurance UK: Drivers able to make savings as firms offer ‘financial support’

This means that many car insurance customers can make tweaks to their policies without fee or risk of suffering any heavy losses.Experts at uSwitch have urged customers that it could be worth going to firms to waive these fees and make changes which could reduce costs.

They specifically highlight how road users can update their mileage details to reduce their perceived road risk and therefore lower charges.

They warn that if your car is due for renewal, it is worth recalculating mileage based on how much you have driven in 2020.

This is expected to be wildly different from the mileage predictions submitted at the start of last year before the lockdown was considered.

This is especially the case for road users who may have been forced to work from home for long periods and give up a long daily commute.

READ MORE: Car insurance customers can ‘cut the costs’ of a policy today

“So if you want to recalculate your mileage, it could be worth giving them a call to waiver the amendment fee.
“If you have a record of your mileage from the last time you applied for cover, you could use this to calculate the difference used this year.

“If you don’t, you can always sum up how far you’ve travelled each day on average to get a rough estimation.”

MoneySavingExpert Martin Lewis has previously urged road users to take advantage of the sudden cut in cancellation and amendment fees to their advantage.

He revealed it was a great time for customers to shop around and switch for a new agreement as drivers would not be liable for costs.

Switching mid-agreement would result in heavy cancellation costs but under current measures, drivers can swap completely free of charge.

He has urged drivers to switch policies regularly to

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Northern England mayors call for bigger financial support ahead of new COVID-19 rules

Northern England mayors call for bigger financial support ahead of new COVID-19 rules

LONDON (Reuters) – Leaders of major cities in northern England on Saturday asked for more generous economic support for workers and businesses facing local lockdown, saying the government’s current proposals would wreak economic hardship on their citizens.



a group of people walking on a sidewalk: FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in Manchester


© Reuters/MOLLY DARLINGTON
FILE PHOTO: Outbreak of the coronavirus disease (COVID-19), in Manchester

British finance minister Rishi Sunak on Friday offered extra help for businesses and people who are forced to stop work during local coronavirus lockdowns.

But Andy Burnham, Mayor of Greater Manchester, said that the support package was unacceptable ahead of the expected introduction of new restrictions in large parts of northern England.

He called for an increase to the proposed two-thirds of wages for furloughed workers, while government needed to recognise a broader array of businesses that would be impacted.

To accept the package would be “to surrender our residents to hardship in the run up to Christmas, and our businesses to potential failure or collapse,” Burnham told reporters.

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Stronger link to rule of law is key to passing EU budget: European parliamentarian

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Burnham said that he and other mayors were writing to lawmakers to call for a vote on the package, with a view to getting it rejected and replacing it with new support measures.

Prime Minister Boris Johnson will make a statement to parliament on Monday about potential new lockdown restrictions, after lawmakers have been handed more say over COVID-19 rules.

“The rising incidence in parts of the country mean that it is very likely that certain local areas will face further restrictions,” Edward Lister, a senior aide to the prime minister, said in a letter to lawmakers on Friday.

An Office for National Statistics survey

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