Figure 4: Li Keqiang versus official GDP as one-year forward indictors of commodity price levels The Li Keqiang index, and to an even greater extent official GDP, has also correlated highly with future movements in currencies versus the U.S. dollar.
While there is no guarantee that the Li Keqiang index will remain a meaningful indicator going forward, the rebound in China’s industrial growth, for which the index can be seen as a proxy, has coincided with a rebound in many commodity prices over the past six months.
What is remarkable also about the data in figure 4 is that commodities have had a more positive correlation with the Li Keqiang index than they do with China’s official GDP.
Go deeper: Joe Biden's campaign has privately told U.S. miners it would support boosting domestic production of metals used to make electric vehicles, solar panels and other products crucial to his climate plan, according to Reuters.
The two also differed on minimum wage, with Trump stating it should be left up to states and Biden saying it deserves to be $15 an hour on a federal level (from the current $7.25).
Regarding coronavirus shutdowns... Trump declared, "we can't keep this country closed... the cure cannot be worse than the problem itself," while Biden replied, "I'm going to shut down the virus, not the country," though he didn't rule out additional shutdowns.
Trump said Biden would "destroy the oil industry" after the latter talked up plans about a "transition to renewable energy over time," as well as ending federal subsidies to the sector.
In a relatively civil debate following a turbulent first faceoff, President Trump and former Vice President Joe Biden traded some barbs last night over the economy.
The coaches are disabled-friendly with wider doors for easy wheelchair access to berths at the end, and one disabled-friendly toilet per coach.The need for a new type of economy coach arose as the railways plans to run some mail and express trains at 130kmph, up from a maximum speed of 110kmph now.
To create space for 11 extra berths, the electrical controls have been slung under the carriage – a first for mainline coaches of Indian Railways, Gupta said.The coaches offer an upgrade from the non-AC sleeper class without a significant reduction in space per passenger.
The new economy AC coach, however, is based on the German LHB (Linke-Hofmann-Busch) platform that Indian Railways uses now.
And if social media is your thing, don’t worry, every berth will have its own charging point for nightlong chats and marathon photo sharing.These are just some of the features of the new line of AC coaches being readied to replace the ordinary sleeper class on trains designed to run at 130kmph.
Economy AC tickets will therefore cost more than ordinary sleeper class but less than the normal AC-3, Indian Railways officials have said.The new class is likely to be profitable as a CAG report tabled last year showed that AC-3 and AC chair car were the only profitable classes in 2016-17.
As he concluded in his statment: "So far through this crisis we have now provided over £13billion pounds of support to self employed workers, sole traders, small businesses and self employed people are the dynamic entrepreneurial heart of our economy.
READ MORE: Self-employed to face ‘a long, cold hungry winter' - changes needed “This is a potential further £3.1 billion of support to the self-employed through November to January alone, with a further grant to follow covering February to April."
"I hope the government’s stepped-up support can be part of the country pulling together in the coming months."
"These changes mean that our support will reach many more people and protect many more jobs.
DON'T MISS: Rishi Sunak set to announce extended lockdown tier support [INSIGHT] Martin Lewis warns on mortgage problems with ‘no fool proof solutions' [EXPERT] Martin Lewis issues urgent warning on ‘above inflation’ price hikes [WARNING] "Support for local authorities, support for the self employed, support for people's jobs and incomes all on top of over 200 billion pounds of support, since March.
· The summit will kick off with its first episode on October 27, which will focus on how technology leaders drive collaboration, innovation and the integration of new technologies.
· “The role of the Chief Information Officer continues to expand, and CIOs have been charged with finding cutting-edge technologies that create a more resilient global economy,” said Martin Giles, Forbes CIO Network Editor.
The event will convene the world’s leading Chief Information Officers, who are using collaboration, innovation and integration strategies to develop new technologies and drive digital-first growth at incredible speed.
Forbes CIO Next Virtual Series Forbes #ForbesCIONext NEW YORK – Oct. 22, 2020 – Forbes today announced its expanded three-part exclusive CIO Next virtual event series centered around the theme The Future Fit CIO: Preparing For 2021 – And Beyond.
Director of National Intelligence John Ratcliffe arrives to a closed-door briefing on election security at the Senate Intelligence Committee on September 23, 2020, in Washington, D.C. Ratliffe said Russia and Iran have obtained U.S. voter registration information.
Getty Images European stocks weakened on Thursday after the U.S. accused foreign rivals of election interference, even as progress appears to have been made on a new round for stimulus for the U.S. economy and earnings have largely been better than anticipated.
U.S. stocks SPX, +0.02% fell on Wednesday, while bond yields TMUBMUSD10Y, 0.846% rose, amid talks over a fiscal stimulus package.
The U.S. accused Iran of interfering in the coming election, saying the country was behind threatening emails to Democratic-registered voters in battleground states, and that Russia also obtained voter registration data.
According to FactSet, Stoxx 600 earnings are now expected to drop 31% in the third quarter, versus the 35% decline expected at the end of June.
These business practices, and others, have allowed Google to control nearly 80 percent of all U.S. search queries and to dominate digital advertising—44 percent of the U.S.’s $54.7 billion market is Google's share.
At the same time, Google persuades other competitors from preloading their own search engines on phones.
The case alleges that Google, an Alphabet subsidiary, has maintained its central role in search and advertising through anticompetitive contracts which allowed Google to establish itself as a gatekeeper to the digital world and its economy, giving it even greater latitude to deal with any potential competitors.
On Tuesday, the Justice Department and 11 state attorney generals filed an antitrust lawsuit accusing Google of preserving its monopolies in search and search advertising with anticompetitive behavior.
The lawsuit may take years to resolve—the investigation itself took well over a year—but will likely spawn a multitude of other antitrust lawsuits from state attorney generals, not to mention the dozens of currently ongoing investigations by states and localities into Google's anticompetitive behavior.
The data spans a period when Victoria remained under hard lockdown to combat a renewed outbreak of coronavirus — and it remains the only State or Territory to be trading below September 2019 levels.
“Food retailing, household goods retailing, and other retailing, which includes online only retailers, recorded falls this month,” said Ben James, director of quarterly economy wide surveys at the ABS.
Preliminary retail sales slid 1.5 per cent from the previous month, the Australian Bureau of Statistics said Wednesday.
Australian consumer spending fell in September, the first back-to-back monthly decline this year, as demand eased in industries like food and household goods that have remained buoyant during COVID restrictions.
The Reserve Bank of Australia is expected to ease policy further next month, with the key interest rate currently at 0.25 per cent and a yield target on the three-year government bond at the same level.
The Bank of Japan’s (BOJ) powerful monetary policy easing is exerting the intended effects on the economy, policymaker Makoto Sakuraisaid on Wednesday.
The BOJ will strive to aid corporate funding and maintain market stability, Sakurai added.
Further comments “Must take swift, appropriate action as needed if the economy's recovery is delayed due to pandemic.”
“Monetary policy only has an indirect impact on stimulating the economy via financial institutions.”
USD/JPY weighed by USD weakness USD/JPY is testing lows of 105.36, reached on the back of a broad-based US dollar weakness, as the progress on the US fiscal stimulus talks boosted the market sentiment and weigh on the safe-haven greenback.
Atlantic Canada wind energy New Brunswick — 314 megawatts (MW) from 119 turbines Newfoundland and Labrador — 55 MW from 27 turbines Nova Scotia — 616 MW from 309 turbines Prince Edward Island — 204 MW from 104 turbine Source: Canadian Wind Energy Association (as of December 2019) Experienced developer Headquarter in Calgary, Clem Geo and its partners have thus far supported the development of over 150 MW of utility-scale wind projects and, according to CEO Charlene Beckie, it has a further 123 MW of projects in development in Alberta.
Argentia is the construction site for Husky Energy's West White Rose concrete gravity structure, but its future has been murky since the company announced in September it was reviewing all plans for the offshore oil project.
On Monday, the organization announced the signing of a memorandum of understanding (MOU) with Clem Geo-Energy Corp. and a partnership of companies to explore the potential to develop a 60-megawatt (MW) wind farm on Port of Argentia land.
ARGENTIA, N.L. — Port of Argentia is hoping its strong southwest winds can convince an Alberta energy company to invest millions of dollars in the local economy.
"For us, we're certainly not turning our back on oil and gas," Penney said, adding he wants projects like Husky's concrete gravity structure to remain part of the port's economic footprint.
Some Wall Street strategists make the case that two weeks shy of the Nov. 3 election, some narrowing of the chances for a victory in the presidential race by former Vice President Joe Biden against incumbent President Donald Trump is causing some pause among investors.
A poll of key battleground states shows that Biden leads Trump by 3.9 percentage points, 49.1 vs. 45.2, compared with a 5 percentage point lead enjoyed by the 45th president’s Democratic challenger about a week ago, according to a recent average of polls in those key states from RealClearPolitics.
A general election nationwide poll by RCP shows a wider 8.6 percentage-point lead for Biden, but the tightening of the race in battleground states may be reviving some anxieties for investors, experts said.
Phil Orlando, Federated Hermes, chief equities strategist, tells MarketWatch that he isn’t sure the polls accurately reflect how the race for the White House will play out in early November and encourages investors to be cautious, pointing to the surprise win by Trump against Democrat Hillary Clinton in 2016.
With a spike in the ratio for the implied level of volatility investors may be preparing for market turbulence around Election Day.
U.S. stocks fell at the start of the new week, amid dimming hopes for a pre-election U.S. stimulus deal and despite data showing China’s economy continues to grow.
House Speaker Nancy Pelosi said late on Saturday that the White House had 48 hours to strike a stimulus deal with the Democrats that could pass before Election Day.
“Data on Friday showed US retail sales rose sharply in September with spending above the pre-pandemic level, but there are fears the lack of stimulus will start to bite,” said Neil Wilson, chief market analyst for Markets.com, in a note to clients.
The global recovery was in focus on Monday after China’s economy grew 4.9% in the third quarter, which was slower than expected but still shows growth momentum continues.
Boeing (BA) shares slipped 0.6% in late afternoon trades.
It's also maintaining a Neutral on AMC Networks (NASDAQ:AMCX), with a $29 target (26% upside); Disney (NYSE:DIS), with a $136 target (9.5% upside); Discovery (NASDAQ:DISCA), with a $22 target (9% upside); and Interpublic Group (NYSE:IPG), with a $19 target (7% upside).
The firm reiterated its Neutral rating on ViacomCBS (NASDAQ:VIAC) but raised its price target to $27 from $25 (vs. current $27.13).
Its price target of $45 implies 11.5% downside.
It's bumped that price target to $37 from $36 (implying 42% upside).
But the firm sees some long-term value in premium names due to structural tailwinds; that includes names it's Neutral on, like Roku (NASDAQ:ROKU), where it's raised its price target to $170 from $145, and Netflix (NASDAQ:NFLX), where it maintains a target of $390.
Story continues below advertisement Auto sales marked a sixth straight month of gains in September while Ford Motor Co’s China vehicle sales jumped 25 per cent in the third quarter from a year earlier.
CONSUMERS STEP UP China’s retail spending has lagged the comeback in factory activity this year as heavy job losses and persistent worries about infections kept consumers at home, even as restrictions lifted.
That would make China the only major economy expected to report growth in 2020, albeit at the slowest annual pace since 1976, the final year of Mao Zedong’s Cultural Revolution.
Story continues below advertisement “There is a risk that the return of lockdowns in Europe and another wave of infections in the United States will hurt consumer spending and trigger more job losses, which would be a negative for China’s economy.”
Andy Wong/The Associated Press China’s economic recovery accelerated in the third quarter as consumers shook off their coronavirus caution, although the weaker-than-expected headline growth suggested persistent risks for one of the few drivers of global demand.
We have been fine tuning all these packages from time to time based on feedback.The steps have helped get the economy getting back on track and this is visible in the numbers, be it record e-way bills or GST figures.
People are waiting for the fine print, what are the rules and the moment they go through that you will see many state governments deciding on similar packages.
In an interview, he tellsthat the government is open to more steps and clarifications on LTA benefits for private sector employees may come as early as this week.
Is the government too worried about the fiscal deficit and holding itself back from a Some of the states are still unhappy with the GST compensation formula and they want the Centre to borrow the entire Rs 2.3 lakh crore… What do you have to say to the charge that the decision in the GST Council was taken on majoritarian grounds and it was not unanimous?
As of today, most states have agreed to the Rs 1.1 lakh crore borrowing formula.If you ask me after 22 hours of patient hearing, due deliberations, discussions, if 21 states are asking for their share of money, they want to raise it and they want the GST Council and the Centre to facilitate it, nine states can’t deny the right of 21.
“Victorian businesses are losing opportunities, investment and jobs every day to interstate and international competitors, while the state government appears clueless regarding the connectedness of all businesses and supply chains.”
Greg Hunt, also a Victorian as well as federal health minister, refers repeatedly, if politely, to the failures in the state’s public health system as well as the impact on mental health while Frydenberg attacks the growing economic debacle compounded by protracted lockdown.
The secret fear in Canberra and NSW is that Victoria’s system of contact tracing, while much improved, may still not be up to what’s needed once the government allows the economy to reopen.
According to the federal Treasurer, the Andrews government is showing “callous indifference” to the plight of small business and the loss of jobs with more than 1000 Victorians losing their jobs every day the lockdown continues.
“Thousands of Victorian businesses are only surviving on federal government support and the Victorian government needs to back this Commonwealth assistance with tax relief, incentives and investment – to get industry back on its feet and people back in jobs,” Willox says.
But larger figures stepped up their criticism of Mr Andrews, who will have had the state locked down for 19 weeks by November 1, when he plans to lift most restrictions, including enabling hospitality and retail to reopen.
"There’s been a callous indifference by the Victorian government to the loss of jobs in the state and the plight of small business,'' Mr Frydenberg said.
This was despite the number of coronavirus cases now being very low in Victoria and on a par with those in NSW, a state that has had an open economy and lived with small outbreaks for months.
'Callous indifference' Although Prime Minister Scott Morrison has maintained a more diplomatic approach, Mr Frydenberg, a Victorian whose family has been living under lockdown and whose children have missed months of school, exploded on Monday after Mr Andrews' limited lifting of restrictions.
Victorian Liberal senator James Paterson branded Mr Andrews an “authoritarian leader” who had smeared his own citizens as “enemies of the state”.
Part of any decision will be serious consideration of what sectors can remain open.
There would also be significant risks that many businesses that survived the first lockdown would not survive a second time; the closure of a dozen Pamela Scott stores is just the latest example of financial stress in the retail sector.
There would be direct costs to the exchequer, with a few hundred thousand people moving back onto the Pandemic Unemployment Payment (PUP) as they get laid off from sectors such as retail, hairdressing, leisure and other parts of services and manufacturing sectors not classified as essential.
As Cabinet meets on Monday, the economic cost of moving to Level 4 or 5 will be a key consideration.
This is likely to be the case nationwide if restrictions are tightened – at least to Level 4 – and consideration could also be given to keeping at least some parts of the retail sector open.
BEIJING, Oct. 16, 2020 /PRNewswire/ -- A report from China SCIO: The digital economy of Beijing accounted for over half of the city's GDP in 2019, the highest ratio in China, municipal officials announced on Thursday.
The digital economy of Beijing accounted for over half of the city's GDP in 2019, the highest ratio in China, municipal officials announced on Thursday.
With the goal of becoming a national scientific innovation center, Beijing is accelerating its plan of building national labs, major facilities, and other national-level innovation platforms, said Tan Xuxiang, head of the Beijing Municipal Commission of Development and Reform.
According to official data, 27,000 new tech companies, over 200 maker spaces, and more than 150 incubators and science parks in universities were set up in Beijing in 2019.
Beijing's digital economy accounts for over half of GDP in 2019
The Lekki toll gate, a key transit point in Lagos’ business district, has been virtually shut down this week resulting in major traffic jams and somewhat paralyzing a key part of Lagos’ economy.
The international airport in Lagos has also been a target as young protesters have taken to blocking off the main access tolls to the airport and hobbling international travel.
Nigeria’s police leadership has disbanded the rogue SARS unit in a bid to pacify protesters.
In Lagos, the state governor has announced four policemen will face trials for beating up protesters while in Anambra, in Nigeria’s east, the governor has sacked and announced plans to prosecute a top security aide who infamously ran one of the state’s SARS units.
That makes Trump vulnerable to Democratic challenger Joe Biden, not only for a host of norm-breaking actions and controversies but for what a few months ago seemed the president’s biggest strength: the economy.
For example, Biden would raise taxes on those making more than $400,000, while restoring the Obama-era top tax rate of 39.6% (from Trump’s 37%).
Trump, meanwhile, has shown little interest in a new economic platform, largely confining himself in this area to criticizing Biden’s plan or bragging on the pre-pandemic economy.
Trump also carried out a campaign promise to levy tariffs against China, leading to a tit-for-tat trade war.
Far from getting Beijing to cave, Trump’s trade war gave ammunition to Chinese President Xi Jinping’s own economic nationalism.
The Black Death in the 14th century is one salient example of a pandemic which dramatically decreased wealth inequality, but this column argues that the Black Death is exceptional in this respect.
Figure 2 Real wages of unskilled workers in European cities, 1300-1400 and 1600-1700 compared (in grams of silver) A) Real wages and the Black Death B) Real wages and the plagues of the 17th century Sources: Alfani (2020b), based on data from Fochesato (2018).
Figure 3 Wealth inequality and cholera pandemics in France, 1800-1910 (share of the richest 10%) Source: Alfani (2020b), based on data from WID (World Wealth and Income Database).