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14.08.2022 / 20:15

Despite severe Covid, Indian economy has remained strong: President Murmu

Addressing the nation ahead of the 76th Independence Day, the President cited the Indian startup ecosystem and the growing number of unicorns in the country to show economic growth New Delhi: Describing India as one of the fastest growing economies in the world, President Droupadi Murmu said that at a time when the pandemic has uprooted lives and economies, Indian economy has remained strong and is moving forward. Addressing the nation ahead of the 76th independence day, the President cited the Indian startup ecosystem and the growing number of unicorns in the country to show the economic growth.

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India moving forward despite severe covid impact on other economies: President Murmu

NEW DELHI : Describing India as one of the fastest growing economies in the world, President Droupadi Murmu said that at a time when the pandemic has uprooted lives and economies, Indian economy has remained strong and is moving forward. Addressing the nation ahead of the 76th Independence Day, the President cited the Indian startup ecosystem and the growing number of unicorns in the country to show the economic growth. “The pandemic has uprooted lives and also economies in the entire world.

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CEO posts crying selfie to LinkedIn after laying off employees

LinkedIn following the layoff of several employees.Braden Wallake, the chief executive officer of a marketing agency called HyperSocial, uploaded a post to LinkedIn on Wednesday, outlining his guilt about having to lay off some members of staff. The post finished with a close-up photo of the CEO teary-eyed, covering his mouth with one finger.

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US employers add 528,000 jobs, unemployment falls to lowest since pandemic struck in 2020

WASHINGTON : Defying anxiety about a possible recession and raging inflation, America's employers added a stunning 528,000 jobs last month, restoring all the jobs lost in the coronavirus recession. Unemployment fell to 3.5%, lowest since the pandemic struck in early 2020. July's job creation was 130,000 more than than those produced in June, and the most since February.

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July jobs report: As recession fears grow, strong US hiring is likely slowing

FILE - A "now hiring" sign is displayed in a window in Manhattan on July 28, 2022, in New York City. (Photo by Spencer Platt/Getty Images The American job market has defied raging inflation, rising interest rates, growing recession fears.

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Lights out: Europe saves energy as Russian gas wanes

A glowing neon hotel sign as apartment lights remain off in residential buildings at night in Paris, France, on Thursday, July 28, 2022. Although economic expansion in France beat expectations by a distance, the European energy crisis is pushing up t PARIS (AP) - Fanning out like urban guerrillas through Paris' darkened streets well after midnight, the anti-waste activists shinny up walls and drain pipes, reaching for switches to turn off the lights.Click.

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India continues to be fastest growing economy despite pandemic, says Nirmala Sitharaman

Pandemic, second wave, Omicron, Russia-Ukraine (war), even today largest supply components in China are under lockdown. In spite of that, we have held inflation well within 7 per cent or below. That has to be recognised," She says in Lok Sabha She further adds, "4,000 banks in China are reported to be going bankrupt.

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‘India has recovered admirably from Covid pandemic,’ Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Monday explained 'oprice rise' in the country. The finance minister said that the entire world is reeling from the Covid pandemic and war, yet India's economy has performed well despite humongous challenges.

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Consumers have powered through the pandemic and inflation—until now

The consumer who fueled the U.S. economy through the pandemic is starting to crack.

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Covid stimulus delivered maximum bang for taxpayer funds: KV Subramanian

recession in the US with the US Fed tightening its monetary policy to control inflation after the covid stimulus that included cash transfers. It is also significant given that India’s covid response had earlier faced criticism from the Opposition about its size and that it was focused more on the supply side and liquidity boosting measures. “While all other economies – both advanced and emerging – focused their policy primarily on stimulating demand, India’s policy focused on enhancing demand and supply.

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Sprite retires the iconic green bottle after over 60 years

Sprite is trading in its familiar green plastic bottle design for an even greener bottle — one that supports the circular economy, according to a statement from Coca-Cola.Starting on Aug. 1, all new bottles of Sprite will be found in clear plastic bottles, a major departure from the bubbly lemon-lime drink’s historic look.The popular drink was launched in the United States in 1961 and quickly became a household name with its signature green packaging.

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Fed hikes interest rate by 0.75 percentage points in bid to curb inflation

WASHINGTON - The Federal Reserve on Wednesday raised its benchmark interest rate by a hefty three-quarters of a point for a second straight time in its most aggressive drive in three decades to tame high inflation.The Fed’s move will raise its key rate, which affects many consumer and business loans, to a range of 2.25% to 2.5%, its highest level since 2018.The central bank’s decision follows a jump in inflation to 9.1%, the fastest annual rate in 41 years, and reflects its strenuous efforts to slow price gains across the economy. By raising borrowing rates, the Fed makes it costlier to take out a mortgage or an auto or business loan.

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Fed set to impose another big rate hike to fight inflation

WASHINGTON - Conflicting signs about the health of the U.S. economy have thrust the Federal Reserve into a difficult spot.With inflation raging at a four-decade high, the job market strong and consumer spending still solid, the Fed is under pressure to raise interest rates aggressively.But other signs suggest the economy is slowing and might even have shrunk in the first half of the year. Such evidence would typically lead the Fed to stop raising rates — or even cut them.For now, though, the Fed is focused squarely on its inflation fight, and this week it’s set to announce another hefty hike in its benchmark interest rate.

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All jobs businesses cut in pandemic are back, but not where they were lost

US economy has more e-commerce and white-collar jobs than in early 2020, but restaurant and government employment lag behind Private-sector payrolls exceeded prepandemic levels in June, taking just over two years to close a 21 million job gap that was created in the spring of 2020 and reshaping the labor market in the process.

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Trucker protest shuts down operations at Port of Oakland

OAKLAND, Calif. - Truckers protesting a state labor law have effectively shut down cargo operations at the Port of Oakland and they planned to be out again on the picket lines for a fourth day on Thursday. "Enough is enough," AB Trucking owner Bill Aboudi said on Wednesday. "On the first day, the port downplayed the protesters' effect on the Port and that did not send the message out to the politicians.

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Tuition hub Kota bounces back after covid

MUMBAI : Bhadu B. Nagarade is ready with hot idlis and dosas in his food cart at 5am, across the road from Kota’s largest coaching centre, Allen Career Institute’s headquarters. Nagarade, a mechanical engineer, used to run a restaurant in Rawatbhata, Rajasthan, home to several nuclear power plants.

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‘A big shock’: Canadians feeling squeezed by Bank of Canada’s interest rate hikes

Bank of Canada’s continued interest rate hikes this year — including Wednesday’s surprise one per cent bump — have hit Canadians like Aashti Vijh hard.In January, the 30-year-old marketing and communications manager was paying about $1,600 per month for the variable rate mortgage she has on her downtown Toronto condo. Now, that monthly payment will be nearly $2,000.“It’s been a big shock and a big change for me personally,” she told Global News Wednesday, shortly after the central bank’s announcement, which added about $200 to her payments alone.“I’m also managing the mortgage by myself, so all of these payments come out from my paycheque.” Bank of Canada hikes key interest rate by full percentage point in surprise move The key interest rate now sits at 2.5 per cent, a drastic shift from the 0.25 per cent rate seen at the start of the year, as the Bank of Canada tries to tame decades-high inflation that has sent prices skyrocketing.The bank’s governor Tiff Macklem acknowledged Wednesday that higher interest rates will add to the difficulties that Canadians are already facing with high inflation, but said if inflation becomes entrenched it will be more painful for the economy — and for Canadians — to get it back down.That comes as little comfort for Vijh.

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Surging gas prices likely drove US inflation to new 40-year high

WASHINGTON - U.S. inflation likely reached a new 40-year high in June, driven up by a spike in gas costs, more expensive food and rent, and pricier cars and hotel rooms.A government report Wednesday is expected to show that consumer prices soared 8.8% in June compared with a year earlier, according to data provide FactSet.

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Bank of Canada will hike interest rate by 0.75% this week, economists predict

Bank of Canada will hike its key interest rate by three-quarters of a percentage point on Wednesday as inflation rages on globally.In Canada, inflation hit a 39-year-high of 7.7 per cent in May — well above the two per cent target rate central banks typically aim for.The Bank of Canada raised its key interest rate by half a percentage point on June 1, bringing it to 1.5 per cent. Since then, it has signalled a willingness to move in a more aggressive direction.“We may need to take more interest rate steps to get inflation back to target.

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Ukraine ‘deeply disappointed’ as Canada approves turbine return to Russia’s Gazprom

Ukraine‘s energy and foreign ministers are condemning the decision by the Canadian government to allow Germany to return controversial turbines being serviced in Canada to Russia‘s Gazprom.In a statement published on the Ukrainian government’s energy ministry website Sunday afternoon, the ministers said they were “deeply disappointed” by Canada’s decision and urged the government to reverse it. In the statement, they added that returning the turbine would amount to adjusting the sanctions imposed on Moscow “to the whims of Russia.”Gazprom has blamed the turbines for its decision to halve the flow of gas to Germany, which is heavily dependent on Russian natural gas and recently declared an “alarm stage” over looming gas shortages.

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Protesters in Sri Lanka break into homes of president, prime minister

Security forces fire tear gas to disperse an anti government protest rally outside the presidents official residence, on July 09, 2022, in Colombo, Sri Lanka. (Photo by Thilina Kaluthotage/NurPhoto via Getty Images) COLOMBO, Sri Lanka (AP) - Protesters on Saturday broke into the Sri Lankan prime minister's private residence and set it on fire hours after he said he would resign when a new government is formed, in the biggest day of angry demonstrations that also saw crowds storming the president's home and office.The office of Prime Minister Ranil Wickremesinghe said the protesters forced their way into his Colombo home in the evening.

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The economy could have a long case of long Covid

This is the first column in a three-part Heard on the Street series on long Covid.

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Inflation, expenses rise sharply as priorities for most Americans, poll finds

Gas prices are listed at over $7 per gallon in Los Angeles, California on June 22, 2022.(FREDERIC J. BROWN/AFP via Getty Images) WASHINGTON - Concerns about inflation and personal finances have surged while COVID has evaporated as a top issue for Americans, a new poll shows, marking an upheaval in priorities just months before critical midterm elections.Forty percent of U.S.

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This is how much money you need to make to be happy living in Pennsylvania, survey finds

Mason Dixon Line signage alone side of the road entering Pennsylvania.

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Biden heads to Ohio to tout pension plan for millions, deliver remarks on economy

President Biden travels to Ohio to speak about the American Rescue Plan. (SAMUEL CORUM/AFP via Getty Images)WASHINGTON - Reassuring frustrated blue-collar voters, President Joe Biden on Wednesday is visiting Ohio to highlight federal action to shore up troubled pension funding for millions now on the job or retired.Biden’s speech at a Cleveland high school is showcasing a final rule tied to his $1.9 trillion coronavirus relief package from last year.

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Canadians are in a spending mood heading into summer. What that means for inflation

pandemic started that travel restrictions have dropped and the world feels like it’s opening up again.So when it comes time to check out and the plane tickets are twice as expensive as you had budgeted, do you cancel the plans?Or do you just say whatever and click buy?For Canadians weighing decades-high inflation with pent-up demand for travel and other experiences after years of pandemic lockdowns, the answer seems to be landing on “buy now.” Searing hot inflation could shift Canada Day BBQs to ‘hotdogs instead of steaks’ But a surge in demand for consumer spending could make efforts to bring rampant inflation back into line even more of an uphill battle, experts say.TD Economics put out a report this week tracking spending data leading into the busy summer months.Real spending was up 15 per cent year-over-year in May, with TD suggesting that surging prices — inflation hit a nearly 40-year high of 7.7 per cent that month — had yet to take a bite out of consumer demand.TD said that spending has shifted from an appetite for goods, as Canadians sought to buy stuff for their homes during lockdown, to services, now that the weather is warming and their favourite experiences are opening back up.Demand for recreation and entertainment is leading the charge, with spending in this category 40 per cent higher (on a nominal basis, meaning not adjusted for inflation) compared with pre-pandemic levels.TD senior economist Leslie Preston, one of the report’s authors, tells Global News that after years of being denied the chance to go out and spend their money, the next few months will likely see Canadians keen to “scratch that itch.”“I do think there’s a lot of pent-up demand,” she says.“People made a lot of sacrifices for the two

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Airline to debut next-level sleeping pods for economy class flights

Air New Zealand is giving passengers on long flights the chance to kick back and relax in one of their new sleeping pods. (Photo courtesy of Air New Zealand airline from a 2020 test run) (Air New Zealand)Falling asleep aboard a flight can be a hassle given the lack of space on airplanes, but one airline has a new, creative solution to help you enjoy slumber in the air.Air New Zealand is giving passengers on long flights the chance to kick back and relax in one of their new sleeping pods.

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Biden says he backs changing filibuster rules to pass abortion protections

MADRID - President Joe Biden said Thursday that the Supreme Court's decision ending a constitutional right to abortion is "destabilizing" and that he supports changing Senate rules to codify nationwide abortion protections. He maintained the ruling does not affect U.S.

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Most people think nation on wrong track, including Democrats, poll shows

High gas prices at a station on the corner of Valley View Street and Chapman Avenue in Garden Grove, CA, on Monday, March 7, 2022. (Jeff Gritchen/MediaNews Group/Orange County Register via Getty Images) WASHINGTON - An overwhelming and growing majority of Americans say the U.S.

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Powell says pandemic could alter inflation dynamics

Fed is raising interest rates at aggressive pace to combat inflation Federal Reserve Chairman Jerome Powell said the pandemic had disrupted the economy in ways that might fuel more inflation or volatility in price pressures that could complicate how central banks manage economic growth.

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Canada faces ‘challenging’ NATO summit amid spending dip, NORAD questions: experts

NATO leaders summit amid new data suggesting a defence spending dip, and growing public confusion about where the cash is coming from for major promised NORAD upgrades, experts warn.New numbers from the military alliance suggest Canada is slipping behind on its pledge to hit a prominent spending target as the size of the economy grows in comparison to promised new spending.At the same time, there is growing frustration among the defence industry at the government’s handling of an announcement of $4.9 billion in upgrades to NORAD radar and surveillance systems.“If the idea was to instill confidence that this is all buttoned down, I think they’ve done about the opposite that,” said David Perry, vice-president of the Canadian Global Affairs Institute and a defence policy expert.“That basically is going to make the summit a little bit more challenging, especially in the middle of a fairly convoluted week and a bit, over what we are doing about continental defence and the budget.”Perry said the government has trying to emphasize that spending on defence is on the upswing.Now, he says the confusion is about whether the government is actually adding new defence spending, or “reshuffling things.”Ranked by percentage of GDP spending, Canada now sits 24th out of 29 members in the NATO alliance.

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Plum partners Visa to offer health insurance to MSME card holders

₹129 (per life, per month). The partnership also enables organisations with just two employees to get access to best-in-class insurance covers.

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Greedflation: Is corporate price gouging fuelling inflation? Experts weigh in

oil and gas company profits and to funnel the proceeds to financially struggling households. Inflation sparks worldwide protests as food, fuel prices soar Yet for all the public’s resentment, most economists say corporate price gouging is, at most, one of many causes of runaway inflation — and not the primary one.“There are much more plausible candidates for what’s going on,” said Jose Azar an economist at Spain’s University of Navarra.They include: Robust spending by consumers. Supply disruptions at factories, ports and freight yards.

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Biden: G-7 countries to ban Russian gold imports

GARMISCH-PARTENKIRCHEN, GERMANY - JUNE 26: European Council President Charles Michel, Italy's Prime Minister Mario Draghi, Canada's Prime Minister Justin Trudeau, French President Emmanuel Macron, German Chancellor Olaf Scholz, U.S. President Joe Bid President Joe Biden on Sunday praised the continued unity of the global alliance confronting Russia, as he and other heads of the Group of Seven leading economies strategized on sustaining the pressure in their effort to isolate Moscow over its months-long invasion of Ukraine.Biden and his counterparts were meeting to discuss how to secure energy supplies and tackle inflation, aiming to keep fallout from the war from splintering the global coalition working to punish Moscow.

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Energy company mulls local spots for multi-billion dollar liquid natural gas plant

PHILADELPHIA - An energy company says its plan to build a multi-billion dollar liquid natural gas facility on the banks of the Delaware River would be a boon for the local economy, but some have stressed environmental concerns.Penn-America Energy is mulling several spots between South Philadelphia and Marcus Hook for its hundred-acre facility natural gas liquefaction facility and export terminal, which would be the largest on the east coast. Penn-America Energy CEO Frac James told FOX 29 that the estimated $7 billion facility would create 4,000 new jobs. The facility would produce 7M tons of liquid natural a year to be exported overseas. "This enables Pennsylvania and the region's specifically southeastern Pennsylvania to have a role in the decarbonization of our planet," James said.Some residents in Chester, where developers are considering the old Ford plant, have some hesitations about the environmental impact and safety concerns. "We want the type of companies that other communities compete for," Zulene Mayfield said.

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Gas prices soar around the world amid Russia-Ukraine war, rebound from COVID-19

COLOGNE, Germany - At a gas station near the Cologne, Germany, airport, Bernd Mueller watches the digits quickly climb on the pump: 22 euros ($23), 23 euros, 24 euros. The numbers showing how much gasoline he’s getting rise, too. But much more slowly.

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Rampant inflation means Bank of Canada must raise rates above 3%: economist

inflation in the Canadian economy means the Bank of Canada will have to raise rates above three per cent to bring things back under control, suggests one economist.Don Drummond, an economist and fellow with Queen’s University, spoke with The West Block‘s Mercedes Stephenson and said while the Bank has been clearly signalling an intent to raise rates back between its normal two to three per cent range, that’s a “minimum” for what is needed.“I don’t think that will do the trick. I think the inflation pressures are too embedded,” he said.“They will have to raise their rates above three per cent.”Drummond’s comments come ahead of an expected update to the inflation rate in Canada this week.In April, the last month for which data is available so far, inflation hit 6.8 per cent in Canada — the highest level since 1991 — and an increase compared to the previous month.

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Biden hosts international climate change meeting amid high gas price pressure

WASHINGTON - President Joe Biden, who has recently been focused on boosting oil production to reduce rising gas costs, will turn his attention to climate change on Friday when he convenes a virtual meeting of some of the world's biggest economies.Among the participants will be China, Germany, Saudi Arabia, the United Kingdom and the European Union. Also present will be Egypt, which is hosting the next United Nations summit on climate change, and the U.N.

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Fed raises key interest rate in largest hike since 1994

WASHINGTON (AP) - The Federal Reserve intensified its fight against high inflation on Wednesday, raising its key interest rate by three-quarters of a point — the largest bump since 1994 — and signaling more rate hikes ahead as it tries to cool off the U.S. economy without causing a recession.The unusually large rate hike came after data released Friday showed U.S.

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Biden put focus on workers during Philadelphia visit to AFL-CIO convention

PHILADELPHIA - President Joe Biden told the largest federation of labor unions on Tuesday that he's working to rebuild the U.S. economy around workers, an attempt to draw a contrast with Republicans who have increasingly attracted blue-collar votes."We should encourage unions," Biden said.

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President Biden to visit Philadelphia Tuesday, speak at AFL-CIO National Convention

PHILADELPHIA - Keep an eye out for the Presidential Motorcade - President Biden is making his way to the "City of Brotherly Love" Tuesday morning.Biden is set to be the keynote speaker at the 29th American Federation of Labor and Congress of Industrial Organizations National Convention, which runs through Wednesday.The president will address members of the largest federation of unions in the country from inside the Pennsylvania Convention Center. He is expected to show his support for organized labor.His visit comes amid mounting issues for the U.S.

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Gas prices in the U.S. are skyrocketing. Here’s why

There is little evidence that gasoline prices, which hit a record $5 a gallon on Saturday, will drop anytime soon.

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Janet Yellen responds to Cardi B’s recession prediction: ‘I don’t have that much time for her’

LOS ANGELES - Following a tweet by rapper Cardi B asking "when y’all think they going to announce that we going into a recession?" Treasury Secretary Janet Yellen dismissed the question saying argued the U.S. is not going to enter into a recession.Speaking with CNBC’s Andrew Ross Sorkin at the New York Times’s DealBook D.C. policy forum, Yellen was asked about Cardi B’s tweet asking if she even knows who the famous rapper is. "I mean, I don’t have that much time for her.

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US Treasury hails India's strong recovery despite three Covid waves

India's economy recovered strongly despite 3 COVID waves, says US Treasury report The Indian economy has rebounded strongly despite three significant COVID-19 waves, the US Treasury has said in a report to Congress. India's acute second wave weighed heavily on growth through the middle of 2021, delaying its economic recovery, the Treasury said in a semi-annual report.

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Women lead job growth as unemployment rate dips to 5.1%

unemployment rate across Canada dropped to a new low of 5.1 per cent in May amid a jump in jobs for women, according to the latest Labour Force Survey results.Statistics Canada said Friday morning that the country added 40,000 jobs last month.The agency said that women across all age groups made up the bulk of hiring in May, with employment steady for men.The participation rate, which looks at workers employed or looking for a job, hit an all-time high of 85 per cent for core-aged women in May.Strong growth in full-time positions (135,000 new jobs) offset losses in part-time work (96,000 fewer jobs), Statistics Canada said.

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US inflation hit 8.6% in May, a new 40-year high

WASHINGTON - The costs of gas, food and other necessities jumped in May, raising inflation to a new four-decade high and giving American households no respite from rising costs.Consumer prices surged 8.6% last month from 12 months earlier, faster than April’s year-over-year surge of 8.3%, the Labor Department said Friday.On a month-to-month basis, prices jumped 1% from April to May, a steep rise from the 0.3% increase from March to April. Much higher gas prices were to blame for most of that increase.America’s rampant inflation is imposing severe pressures on families, forcing them to pay much more for food, gas and rent and reducing their ability to afford discretionary items, from haircuts to electronics.

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Interest rates must still rise despite high debt, house prices: Bank of Canada

Bank of Canada said Thursday that vulnerabilities from high household debt and elevated housing prices have increased and pose key risks to the Canadian financial system, but warned that interest rates must keep rising to cool the surging cost of living.In its latest financial system review, the central bank said the twin factors have increased the downside risk to economic growth as rising rates meant to counter inflation increase the chance of households having to divert consumption towards debt repayments.“In an environment of tightening financial conditions, high global inflation and increased geopolitical tension, financial system vulnerabilities have become more complex, and risks have become more elevated,” the bank said in its report.

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May jobs report: US added 390,000 jobs last month as hiring remained robust

WASHINGTON - U.S. employers added a healthy 390,000 jobs in May, extending a streak of solid hiring that has bolstered an economy under pressure from high inflation and interest rates.Last month’s gain reflects a still-healthy job market despite concerns that the economy will weaken in the coming months as the Federal Reserve steadily raises rates to fight inflation.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0