BRUSSELS—The European Commission on Thursday proposed extending looser state aid rules for virus-hit companies for six months to June 2022 in a bid to slowly wean them off the billions of euros provided by governments across the European Union. The EU executive, tasked with ensuring a level playing field in the 27-country bloc, also proposed…
EU Wants to Extend Looser State Aid Rules for Virus-Hit Companies to Mid-2022
Stagflation Risk: Stephen Roach Latest Economist to Sound Alarm on 70s-Style Inflation
Stephen Roach is the latest high-profile economist to sound the alarm on the risk of a 1970s-style stagflation—where economic growth falls but inflation stays stubbornly high. The former Morgan Stanley Asia chairman told CNBC in a Sept. 29 interview that the energy price spike is inflicting major damage to struggling supply chains and that he believes…
Ireland to Back Global Tax Deal If Concerns Met: Minister
DUBLIN—Ireland will likely sign up to an overhaul of global corporate tax rules if certainty is brought to bear on its concerns when an updated text of the OECD’s proposals is published shortly, Finance Minister Paschal Donohoe said on Thursday. Ireland, the low-tax European headquarters for a number of the world’s largest multinationals, has so…
Japan’s Factory Output Extends Declines on Car Production Cuts
TOKYO—Japan’s industrial output fell for the second straight month in August as COVID-19 outbreaks elsewhere in Asia disrupted supply chains for carmakers already facing headwinds from a prolonged chip shortage. Separate data out on Thursday showed retail sales in August slipped for the first time in six months as households cut spending amid a coronavirus…
UK Government Hails ‘Huge Success’ as COVID-19 Furlough Scheme Ends
The British government has hailed its COVID-19 job retention scheme as a “huge success” as it is due to close at the end of Thursday. The £70 billion ($94 billion) Coronavirus Job Retention Scheme, commonly known as furlough, has supported 11.6 million UK workers over the past 18 months. On the last day of the…
European Shares Rebound, but Set to End Volatile September With Losses
September 30, 2021
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European stocks continued their rebound on Thursday from a bruising sell-off earlier this week, but were set for monthly declines on worries about a slowing global economy and higher inflation. The pan-regional STOXX 600 index rose 0.6 percent, led by technology stocks, which were at the centre of the market rout, while miners rose from…
Dollar Hovers Near 1-year High as Fed Tightening in Focus, Iron Ore Prices Boost Aussie
September 30, 2021
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LONDON—The dollar hovered near its highest levels in a year against a basket of peers on Thursday on rising expectations the Federal Reserve will taper stimulus from November, while a bounce in iron ore prices boosted the commodity-linked Australian dollar. The safe haven greenback has made sharp gains over the last two sessions on concern…
BOJ Kuroda Vows to Keep Easy Policy on Weak Consumption, Inflation
TOKYO—Bank of Japan Governor Haruhiko Kuroda on Thursday stressed the bank’s readiness to maintain massive stimulus, as the fallout from the pandemic weighs on consumption and keeps inflation distant from its 2 percent target. Kuroda said the world’s third-largest economy is expected to show clearer signs of recovery as robust corporate profits and capital expenditure…
Hong Kong Retail Sales Rise for 7th Month, Consumption Voucher to Support Sentiment
HONG KONG—Hong Kong’s retail sales climbed for the seventh straight month in August, helped by a stabilising COVID-19 situation, an improved labour market, and economic recovery and thanks to a boost from a consumption voucher scheme (CVS). Retail sales in August rose 11.9 percent from a year earlier to HK$28.6 billion ($3.67 billion), government data…
Job Openings Keep Rising, On Pace to Set New Record: Indeed Hiring Lab
Real-time job openings data from Indeed Hiring Lab show the number of vacancies in the United States continuing to climb and on pace to hit a new record high when the government publishes official statistics next month. There were an estimated 11.6 million job openings in the United States as of Sept. 24, according to…
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