BUSINESS NEWS HEADLINES
UK household finances worsen in August over job worries
The financial health of British households deteriorated in August at a faster pace than last month, in an unpromising sign for the economic recovery from the COVID-19 pandemic, a survey showed on Monday.
Japan's record economic plunge wipes out Abe era gains
Japan was hit by its biggest economic slump on record in the second quarter as the coronavirus pandemic emptied shopping malls and crushed demand for cars and other exports, bolstering the case for bolder policy action to prevent a deeper recession.
Instant View: Japan's economy shrinks at record pace as pandemic hits spending
Japan suffered its biggest economic contraction on record in the second quarter as the coronavirus pandemic crushed business and consumer spending, keeping policymakers under pressure for bolder action to prevent the recession deepening.
Oil steady as China's plans to boost U.S. imports counters tensions
Oil prices steadied on Monday as news that China planned to ship large volumes of U.S. crude in August and September countered rising tensions between the two countries and a delay in the review of their trade pact over the weekend.
Europe stuck on the ground as China markets jump
Shares crept back toward recent peaks on Monday as Chinese markets swung higher, while investors waited to see if the recent sell-off in longer-dated U.S. Treasuries would be extended and perhaps take some pressure off the dollar.
Back to the paddy fields. COVID smashes Indian middle-class dreams
Until late March, Ashish Kumar was helping to make plastic boxes for Ferrero Rocher praline chocolates and the plastic spoons tucked inside Kinder Joy eggs to scoop out the milky sweet cream inside.
European stocks flat, miners offset losses in travel sector
European shares were trading flat on Monday as China-exposed miners gained on fresh stimulus for the world's second-largest economy, but growing risks from an uptick in coronavirus cases in the continent weighed on sentiment.
Thailand suffers biggest economic slump since 1998, government announces more stimulus
Thailand's economy suffered its biggest annual contraction since the Asian financial crisis in the second quarter due to the fallout of the coronavirus, prompting the government to slash its GDP forecast for the year and announce more stimulus.
Dollar edges lower as markets eye U.S. politics, Fed minutes
The dollar edged lower and commodity currencies inched higher on Monday as investors were relieved by a delay in the review of the U.S.-China trade pact which left the deal intact.
For China's landlords, rent-to-riches dreams fade in red flag for fragile economy
(This 14th August story corrects to remove inaccurate phrase in quote in 22nd paragraph)
Japan metals manufacturers see pick-up in demand from automakers after first-quarter plunge
Japanese manufacturers of metals, including steel and aluminium, saw their output plunge in the April-June quarter as automakers temporarily shut factories to curb the spread of the COVID-19 virus and to match slumping demand.
Hong Kong commerce secretary says will discuss 'made in China' labelling with U.S.: CNBC
Hong Kong Commerce Secretary Edward Yau told CNBC on Monday that rising U.S.-China tensions are 'unhelpful' and that he will take up with the U.S. government the matter of Hong Kong goods for export to the United States to be labelled made in China.
Factbox: Oil refiners shut plants as demand losses seen continuing
Oil refiners are permanently closing processing plants in Asia and North America and facilities in Europe could be next as uncertain prospects for a recovery in fuel demand after the coronavirus pandemic triggered losses.
Thailand plans more stimulus measures this month: Deputy PM
Thailand plans to introduce more stimulus measures later this month, a new deputy prime minister said on Monday, as the economy contracted sharply in the previous quarter due to the coronavirus pandemic.
New Zealand new wage subsidy scheme expected to cost $333 million
New Zealand's Finance Minister Grant Robertson said on Monday that the new wage subsidy scheme is forecast to cost about NZ$510 million ($333.80 million) and cover 470,000 jobs.
China approves 11 fixed-asset investment projects worth $5.5 billion in July
China's top economic planner, the National Development and Reform Commission (NDRC), said it approved 11 fixed-asset investment projects worth 38.2 billion yuan ($5.50 billion) in July.
China central bank injects 700 billion yuan of MLF loans, rates steady for fourth month
China's central bank on Monday rolled over maturing medium-term loans while keeping borrowing costs unchanged for the fourth straight month.
Japan's economy minister vows to take 'flexible, timely' action to support growth
Japan's government will take "flexible, timely" action to support an economy hit by the coronavirus pandemic, Economy Minister Yasutoshi Nishimura said on Monday.
British home sales hit record after lockdown, Rightmove says
Britons bought and sold a record number of homes between mid July and early August as pent-up demand from the coronavirus lockdown and a desire to leave London bucked the usual summer slowdown, industry data showed on Monday.
British trade minister pledges to fight 'unfair' U.S. tariffs - The Telegraph
British Trade Secretary Liz Truss pledged to fight U.S tariffs on Scotch whisky, calling them "unacceptable and unfair" in an op-ed in the Telegraph on Sunday.
German union IG Metall backs four-day week to save jobs
Germany's largest trade union, IG Metall, on Saturday proposed negotiating for a move to a four-day week to help secure jobs against economic fallout from the coronavirus crisis and structural shifts in the automobile industry.
U.S. says seized four Iranian fuel shipments en route to Venezuela
The United States said on Friday it had confiscated four Iranian fuel shipments that had been bound for Venezuela, disrupting a key supply line for both Tehran and Caracas as they defied U.S. sanctions.
BoE's Haldane says UK economy on path to rapid recovery: Daily Mail op-ed
The UK economy is on course for a rapid recovery from the coronavirus crisis as strong consumer spending has helped recoup nearly half the losses caused by the pandemic, Bank Of England chief economist Andy Haldane said in an op-ed in the Daily Mail on Saturday.
Exclusive: U.S.-China trade deal review postponed as China ramps up farm, energy purchases
The United States and China have delayed a review of their Phase 1 trade deal initially slated for Saturday, sources familiar with the plans told Reuters, citing scheduling conflicts and the need to allow time for more Chinese purchases of U.S. exports.
Stocks dip on lukewarm data; oil falls
Stocks fell on Friday as data out of China, the euro zone and the United States put a lid on expectations for a sustained global rebound, with traders already worried about a delay in U.S. fiscal stimulus.
U.S. oil producer Hess cutting about 10% of workforce: sources
U.S. oil producer Hess Corp is cutting about 10% of its workforce and streamlining operations after reporting its fifth quarterly loss in a row, according to people familiar with the matter.
U.S. dollar slides, posts worst weekly run of losses in a decade
The dollar dropped on Friday, falling for eight straight weeks, as investors looked to other currencies whose economies are currently outperforming that of the United States in terms of managing the coronavirus pandemic.
Big U.S. funds gorged on tech stocks and gold in second quarter: 13F filings
Prominent fund managers dove into technology and consumer stocks during the second quarter, helping fuel a rally that has pushed the benchmark S&P 500 near record highs despite the economic toll of the coronavirus pandemic, regulatory filings released on Friday showed.
Banker bonus cap can reduce excessive risk-taking, says BoE paper
The European Union's cap on banker bonuses introduced after the financial crisis a decade ago can help to curb excessive risk-taking, a Bank of England study showed on Friday.
Kaplan: Consumers 'still spending', but shifts mean risks to service sector
Economic data show "consumers are still spending," though shifts in the patterns of consumption mean lower income workers in some sectors may face uncertain times ahead, Dallas Federal Reserve bank president Robert Kaplan said on Friday.
Euro zone trade surplus surges as imports drop, GDP and employment post record falls
The euro zone's trade surplus with the rest of the world ballooned in June to 21.2 billion euros ($25 billion) as the bloc's drop in imports of goods outpaced the fall of exports amid a global slide in trade due to the COVID-19 pandemic.
German economy will grow strongly in third-quarter but full recovery will take time: ministry
Germany's economy, which has been hit hard by the coronavirus pandemic, will expand strongly in the third quarter but a full recovery will take a long time, the Economy Ministry said on Friday.
In China, fears of financial Iron Curtain as U.S. tensions rise
A sharp escalation in tensions with the United States has stoked fears in China of a deepening financial war that could result in it being shut out of the global dollar system - a devastating prospect once considered far-fetched but now not impossible.
Lockdown lands domestic abuse on British financial sector radar
Some of Britain's biggest financial and legal firms have stepped up support for staff and customers suffering domestic abuse after the coronavirus lockdown shed new light on the scale of a problem affecting millions nationwide.
One in three UK firms struggling with operating costs: ONS
Almost one in three businesses in the United Kingdom has operating costs that are greater or equal to their turnover, Britain's statistics office said on Thursday in an update on the impact of the coronavirus pandemic on the economy.
Britain to step up challenge over U.S. whisky tariff
Britain said it would step up demands for the United States to drop tariffs on goods such as single malt Scotch whisky after the industry warned a decision by Washington to retain the levy was putting its future at risk.
EU wants to negotiate solution with U.S. on aircraft subsidy row, Commission says
The European Union's executive on Thursday acknowledged the United States' decision not to exacerbate a 16-year-old dispute over aircraft subsidies by imposing fresh tariffs, and said it wanted to negotiate a solution to end the row.
UK trade secretary to step up efforts over U.S. whisky tariff
British trade secretary Liz Truss said she would step up talks with her counterpart in the United states to urge Washington to drop tariffs on single malt Scotch whisky after the U.S. decided to retain the levy.
France aims to help SMEs with $3.5 billion aid: Sud Ouest
The French government's economic recovery plan, which will be unveiled later this month, will entail 3 billion euros ($3.5 billion) in aid for small- and medium-sized enterprises (SMEs), the Sud Ouest reported citing Finance Minister Bruno Le Maire.
China plans to expand railway network to 200,000 km before 2035
China plans to expand its railway network, the second largest in the world, by one-third in the next decade and a half, as part of a long-term plan to rev up urbanisation and stimulate local economies.
French wine exports body 'regrets' U.S. move to maintain European tariffs
The 'FEVS' French wine and spirits exports federation said on Thursday it regretted a decision by the United States government to maintain 25% tariffs on European goods.
German companies see business returning to normal in 11 months: Ifo
German companies expect business to return to normal in an average of 11 months, the Ifo economic institute said on Thursday.
UK life insurers pay 90 million pounds in COVID-19 claims: trade body
British life insurers paid 90 million pounds ($117.18 million) in claims related to deaths from the COVID-19 pandemic in the three months to end-May, the Association of British Insurers (ABI) said on Thursday.
UK housing boom gathers pace, but fears of a bust grow too: RICS
The rebound in Britain's housing market gathered more pace in July with a measure of property prices turning positive for the first time since the coronavirus crisis engulfed the country, a survey showed on Thursday.
Euro zone industry output rebound disappoints for second straight month
Euro zone industrial production rose in June, official data showed on Wednesday, but the rebound after coronavirus-induced record drops in March and April was below expectations for a second straight month and slowed from May.
UK says trade talks with U.S. continue to make positive progress
Britain said its latest round of trade talks with the United States made positive progress in many areas, and that both sides agreed negotiations should continue at pace in the coming months.
EU reinstates trade duties on some Cambodian imports over human rights violations
The European Union on Wednesday withdrew preferential market access to Cambodian products such as garments and footwear, hitting about a fifth of the country's exports to the bloc over "serious and systematic concerns related to human rights".
UK economy faces long climb back to health after historic 20% crash
Britain's economy shrank by a record 20.4% in the second quarter when the coronavirus lockdown was tightest, the most severe contraction reported by any major economy so far, with a wave of job losses set to hit later in 2020.
UK finance minister Sunak sees promising signs after record GDP hit
British finance minister Rishi Sunak said there were some "promising signs" that the country's economy was recovering from its record economic crash during the coronavirus lockdown which was announced earlier on Wednesday.
