Global Economy
China’s growth reprieve will be short-lived
China may be on track to hit its “around 5 percent” economic GDP target for this year, but repeating the feat will get harder for policymakers. Third quarter growth logged in at 4.6 percent year-on-year, and that pace will need sustaining if the People’s Republic is to achieve medium-level developed economy status by 2035. Unless planners move their own goalposts, they’ll have to contort themselves a lot more.
Analysis / Inflation is not dead, it’s just resting
Inflation in the United States picked up in the late 1960s in the wake of the Vietnam War and spending on President Lyndon Johnson’s “Great Society” set of social programs
New rules drive Japanese trucking sector to the brink
Since April, truck drivers' annual overtime has been capped at 960 hours, or 80 hours per month on average, alongside new rules including on break stops
Analysis / China's growth reprieve will be short-lived
The People's Bank of China, Ministry of Finance and other departments have at least announced enough stimulus measures to convince economists this year's performance will be on-target
Boeing and workers reach tentative deal to end strike
Boeing confirmed a tentative deal was reached and said it includes a 35 percent pay raise over four years and a one-time signing bonus of $7,000
China posts slowest growth in over a year
China posted its slowest growth in a year and a half on Friday, underlining the deep economic woes the country faces as its central bank launched a new bid to boost markets and hinted at a further rate cut in coming months.
Oil prices fall, weekly 7% drop on China demand woes, mixed Mideast outlook
Brent crude futures fell $1.39, or 1.87 percent, to $73.06 a barrel. US West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or 2.05 percent
China posts slowest growth in over a year as property woes drag
The economy expanded 4.6 percent year-on-year in the third quarter, down from 4.7 in the previous three months and the slowest since early 2023
India allows exports of rice trapped at ports
India has allowed traders to ship out their non-basmati white rice cargoes sitting at ports due to a sudden ban on exports of the category, a government order said late on Tuesday.
Asian crops output forecast lower as El Nino strengthens
An unusually dry August has taken a toll on cereal and oilseed crops in Asia as El Nino intensified, and forecasts for lower rainfall in September are further threatening to disrupt supplies.
73 garment factories receive RSC’s compliance certificate
The RMG Sustainability Council (RSC) is now covering 1,913 factories
India allows exports of non-basmati white rice trapped at ports
India has allowed traders to ship out their non-basmati white rice cargoes sitting at ports due to a sudden ban on exports of the category, a government order said late on Tuesday.
What happened to shut down Toyota's production in Japan?
Toyota Motor (7203.T) was ramping back production at its Japan-based factories on Wednesday after a computer system processing orders for vehicle parts broke down on Tuesday, forcing the closure of 14 assembly plants.
Dollar ticks up, yen under pressure
The US dollar ticked up slightly on Tuesday after a strong run though traders held off from large bets ahead of a slew of economic data this week, while the Japanese yen languished near levels that triggered intervention last year.
Ukraine won’t reduce winter wheat acreage
Ukrainian farmers are not expected to reduce the area of winter wheat they sow for the 2024 harvest despite higher logistics costs due to the wartime export crisis, a senior farming official told Reuters on Tuesday.
China’s factory activity likely extended declines
China’s factory activity likely contracted for a fifth straight month in August, a Reuters poll showed on Tuesday, as weak demand threatens recovery prospects in the world’s second-largest economy and pressures officials to prop up growth.
India’s 5 lakh tonnes of rice shipments postponed after new duty
India’s move to impose a 20 percent duty on exports of parboiled rice has prompted buyers and sellers to postpone shipments of around 500,000 metric tons to after mid-October to avoid paying the tax, three leading exporters told Reuters on Tuesday.
UK shop price inflation at 10-month low
Prices in British store chains rose in August at the slowest pace in nearly a year, according to industry data that offers further relief for consumers hit by high inflation and for the Bank of England which is trying to quash it.