TOKYO—A majority of Japanese firms say the world’s third-largest economy will recover to pre-pandemic levels in fiscal 2022, a Reuters poll showed, with many anticipating they will continue to face COVID-19 pains until next year or later. The Corporate Survey results underscored a cautious view of Japan Inc on the economy, which stood in contrast…
Japan Firms See Economy Recovering to Pre-COVID-19 Level in FY2022: Poll
Jobless Claims Rise as Pandemic Fears and Supply Chain Crunch Weigh on Recovery
The number of American workers who filed for unemployment rose last week after touching a pandemic-era low in the prior week, with the spread of the Delta variant and supply chain issues weighing on the labor market recovery. First-time filings for unemployment insurance—a proxy for layoffs—came in at 332,000 for the week ending Sept. 11,…
China Probes ‘Blind Box’ Funds Under Misleading Contract
China is investigating “blind box” funds to ensure that investment uses are consistent with the contract terms, a national securities newspaper reported on Sept. 16. Such funds, according to Xinhua-run China Securities Journal, are vaguely defined or have been misnamed, leading to investor losses—as money has been invested in sectors not set out in the…
Over 40 Percent of Larger UK Businesses Struggling to Recruit
LONDON—British businesses have reported a sharp rise in recruitment difficulties within the space of just a few weeks—partly as a result of a continued lack of European Union workers, official figures showed on Thursday. Some 41 percent of companies with 10 or more staff reported greater than usual recruitment challenges in the two weeks to…
Court Win for EU Regulators Over Crackdown on $825 Million Belgium Tax Scheme
LUXEMBOURG—EU competition regulators secured a big win on Thursday when Europe’s top court backed their crackdown on Belgium’s 700-million-euro ($825-million) tax scheme for Magnetrol, BP and more than 30 other multinationals. European competition chief Margrethe Vestager launched a fight against sweetheart tax deals nearly a decade ago. She has won three cases at a lower…
New Zealand’s Economy Surges in Q2, Supporting Rate Hike Call
WELLINGTON—New Zealand’s economy grew at a much faster pace than expected in the second quarter, officials said on Thursday, reinforcing views that the central bank will start raising interest rates despite a recent outbreak of the COVID-19. Gross domestic product (GDP) surged 2.8 percent in the three months through June, Statistics New Zealand said, well…
Australian Employment Slides in August as Lockdowns Slash Workers’ Hours
SYDNEY—Australian employment dived in August as coronavirus lockdowns in Sydney and Melbourne forced businesses to lay off workers and slash hours, while the jobless rate was nudged lower by a sharp fall in the number of people looking for work. Thursday’s data from the Australian Bureau of Statistics (ABS) showed employment fell by 146,000 in…
Japan’s Hot Exports Growth Cools as COVID-19 Hits Supply Chains
TOKYO—Japan’s exports extended double-digit gains in August, led by strong shipments of chip manufacturing equipment, although the pace of growth weakened as COVID-19 hit key Asian supply chains and slowed factory production. The trade growth is unlikely to dispel worries about the outlook for Japan’s economy, which has not yet recovered to pre-pandemic levels after…
Investors Tense up as Fears of Post-Election Gridlock Rise in Canada
TORONTO—Foreign investors are growing more worried that Canada’s federal election on Monday could result in a deadlock that hampers Ottawa’s response to the COVID-19 pandemic and further slows the economic recovery from the crisis. Polls show Prime Minister Justin Trudeau’s center-left Liberals virtually tied with the opposition Conservatives ahead of the Sept. 20 vote, raising…
Japan Cuts Economic View on Weaker Production, Spending Due to COVID-19 Revival
TOKYO—Japan cut its economic view for the first time in four months as a surge in COVID-19 cases disrupted manufacturers’ global supply chains and dampened consumer confidence. In a monthly assessment approved by the cabinet on Thursday, the government pointed to domestic and overseas virus situations as evident downside risks to the country’s economic recovery….
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