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Japan stimulus measures should focus on economic growth, says head of ruling party tax panel

Japan stimulus measures should focus on economic growth, says head of ruling party tax panel

By Yoshifumi Takemoto

TOKYO, Oct 14 (Reuters)Japan must compile another extra budget to have enough funding to boost economic growth and paying for disaster preparations, a ruling party lawmaker said on Wednesday.

Akira Amari, the head of the Liberal Democratic Party’s tax panel, said any new stimulus measures should shift focus to boosting economic growth from providing support for current conditions.

Amari, speaking during a group interview with media, also said large businesses heavily reliant on foreign tourism could expect to start facing capital shortages next year.

His remarks came after local media reported on Tuesday that Prime Minister Yoshihide Suga plans to order his government to compile extra stimulus measures as early as November, a move that would highlight the government’s resolve to return growth to levels last seen before the COVID-19 crisis.

Japan has already rolled out a combined $2.2 trillion in two stimulus packages in response to the health crisis, including cash payments to households and small business loans to help them withstand the blow to demand.

(Reporting by Yoshifumi Takemoto; Writing by Daniel Leussink; Editing by Clarence Fernandez and Gerry Doyle)

(([email protected]; Twitter: @danielleussink; +81-3-4563-2747;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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IMF Projects Less Severe Global Economic Decline for 2020, Slower Growth for 2021 | Best Countries

IMF Projects Less Severe Global Economic Decline for 2020, Slower Growth for 2021 | Best Countries

The International Monetary Fund announced on Tuesday new economic projections that mix both slightly better news for the short term and not-so-good news for the long term, as the coronavirus pandemic continues to hinder global growth.

The organization’s latest World Economic Outlook projects a global decline of 4.4% in 2020 – painting a rosier picture compared to its last update in June, when a 4.9% contraction was projected. The improved forecast reflects both better-than-expected second quarters – mostly for advanced economies – and indicators of strong recovery in the third quarter, according to the report.

A return to growth among advanced economies and China helped drive the revisions, the report notes. Chinese officials said on Tuesday that the country’s growth in exports accelerated in September, buoyed by a global demand for masks and medical supplies.

But the IMF also again downgraded its global outlook for 2021, projecting growth of just 5.2%. The organization in June projected growth of 5.4%, which represented a decline of 0.4% from its previous update in April. The continued downgrades represent the expectation that social distancing will continue into next year, according to the report. The current projections would leave gross domestic product in 2021 about 6.7 percentage points lower than the IMF’s pre-pandemic projections from January, and the level of global GDP next year is now expected to be a “modest” 0.6% above that of 2019.

The IMF also cautions that because of the nature of the pandemic, the outlook of the global economy is hard to put a finger on. The possibility of worse outcomes than expected “remains sizable.”

“The uncertainty surrounding the baseline projection is unusually large,” the report reads. “The forecast rests on public health and economic factors that are inherently difficult to predict.” That uncertainty also comes as the

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Muted Loan Growth to Mar Truist Financial (TFC) Q3 Earnings

Muted Loan Growth to Mar Truist Financial (TFC) Q3 Earnings

Truist Financial Corporation TFC is slated to announce third-quarter 2020 results on Oct 15, before market open. Per the Fed’s latest data, commercial and industrial loan (C&I) balances (accounting for almost 50% of the company’s total loans and leases held for investment) declined in the third quarter as overall lending activities remained muted due to continued fears related to the coronavirus outbreak.

Moreover, the Zacks Consensus Estimate for average earning assets for the to-be-reported quarter is pegged at $435.2 billion, indicating a 2.6% decline from the prior quarter’s reported figure.

Thus, because of muted growth in loans along with near-zero interest rates, Truist Financial’s net interest margin (NIM) and net interest income (NII) are expected to have been hurt in the third quarter. Management anticipates NIM to be flat sequentially.

The consensus estimate for NII for the to-be-reported quarter of $3.31 billion indicates a 4.1% decline sequentially.

Other Key Estimates for Q3

Non-interest Income: The consensus estimate for insurance commission is pegged at $513 million, indicating a fall of 11.7% sequentially. The consensus mark for income from bank-owned life insurance is $45 million, suggesting no change from the previous quarter’s reported number.

The Zacks Consensus Estimate for service charges on deposits of $225 million suggests a rise of 11.4% from the prior quarter. However, the consensus estimate for operating lease income of $78 million indicates a decline of 6% from the previous quarter’s reported figure.

The consensus estimate for total non-interest income of $2.03 billion points to a 16.3% decline on a sequential basis.

Expenses: While the company has been witnessing a continued rise in overall expenses over the past several quarters because of investments in technology upgrades and merger integration, management anticipates core non-interest expenses (excluding merger costs and amortization) for the to-be-reported quarter to be down

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Bluebird Network Announces a New Website and Renewed Commitment to Supporting Business Growth

Bluebird Network Announces a New Website and Renewed Commitment to Supporting Business Growth

Bluebird Network, a communications infrastructure provider and underground data center owner, is thrilled to announce the launch of a new website redesign. New interactive features and site design proudly raise the Bluebird brand above industry standards and exemplify the company’s commitment to wireless Carriers and Enterprise businesses implementing existing and emerging digital technologies.

This press release features multimedia. View the full release here:

Bluebird Network website (Graphic: Business Wire)

“The fact is everything Bluebird does and all of the services we provide underpin the technologies that make our digital world possible,” said Michael Morey, Bluebird President and CEO. “Our world is governed by the ability to make connections and leverage bandwidth. We offer world-class fiber services focused on high capacity bandwidth—and business is all about good connections.”

A prominent new feature of the website is the searchable network map, allowing users to type in their business’ address to see if their building is on, near or off Bluebird’s extensive fiber network. By adding this element to the website, businesses can get the information they need more quickly.

Bluebird historically focused on providing carrier-class service to the largest telecommunications carriers in the world. While the company continues to support carrier services, now Bluebird is even more aligned to provide needed high-speed bandwidth to enterprise businesses joining the ranks of the larger data-hungry businesses shaping the world today.

“No longer is the internet a luxury,” said Morey. “Whether you are a company with 20 employees or thousands of employees, having access to bandwidth is paramount to a business’ success. Bluebird is here to support businesses of all sizes continue their growth trajectory by working smarter, not harder.”

Bluebird offers ethernet, dark fiber, wavelengths and a host of other network services and is uniquely positioned to offer businesses scalable colocation solutions from

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India Turns to Economic Overhaul as Growth Prospects Slide Amid Coronavirus

India Turns to Economic Overhaul as Growth Prospects Slide Amid Coronavirus

NEW DELHI—With India facing an economic crisis brought on by the coronavirus pandemic, Prime Minister Narendra Modi is looking to deregulation as the cure.

The changes pushed through in recent weeks by his Bharatiya Janata Party, affecting everything from factory floors to farming, have so far led to more confusion than acclaim, but economists say the economic overhaul could ultimately improve India’s troubled growth prospects.

“The reforms are in the right direction. They are bold steps,” said Ashok Gulati, an Indian agricultural economist and professor at the Indian Council for Research on International Economic Relations.

India’s economic growth was slowing alarmingly even before the pandemic abruptly threw it into reverse, starting in March. In the months that followed, the economy contracted by almost one-quarter, the sharpest blow suffered by any of the world’s largest economies during the coronavirus-induced downturns.

The poor have been particularly hard hit, as workers who had migrated to cities to support families in rural areas returned home when those jobs disappeared. With many returning to farming, they now depend more than ever on India’s heavily regulated agricultural economy.

Mr. Modi, whose government’s perilous financial state has left few options for addressing the crisis, pushed through a grab bag of dramatic regulatory changes last month with little warning and no debate in Parliament. In a voice vote—obscured by technical glitches with the public broadcast of the proceeding that made it difficult to determine which parliamentarians actually supported the measures—the BJP passed a flurry of politically difficult changes.

In a single swoop, it dismantled a longstanding regulatory system that forced farmers to sell most of their crops through government-approved wholesale markets dominated by traders and middlemen instead of directly to consumers or food processors.

Then the BJP passed a series of new labor measures that increased the number

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