Tag Archives: ECONOMY

Australia’s Net Exports Dragged to First Quarter GDP, Capital Says | Instant News

Supply Lines is a daily newsletter that tracks trade and supply chains disrupted by the pandemic. Register here.

Australia’s weak export volume in the first three months of this year is likely to dampen gross domestic product in that period, according to Capital Economics.

During the first quarter, the value of exports increased 5.4% from the previous three months, and the value of imports rose 3.4%, said Capital. However, it is a very different picture when prices are omitted, as a 10.6% jump in export prices implies a nearly 5% decrease in export volumes – which feeds into calculating GDP.


image source

UK and India announce $ 1.4 billion in private sector investment | Brexit News | Instant News

The deal includes investment by Indian vaccines making the Serum Institute and is a step towards a full free trade pact.

The UK and India have announced private sector investment worth one billion British pounds ($ 1.39 billion) and have committed to pursuing a free trade agreement. This is before the virtual meeting between Prime Minister Boris Johnson and Indian leader Narendra Modi on Tuesday.

The meeting replaces a direct visit by Johnson planned last month to deepen cooperation as Britain seeks new trading partners after leaving the European Union. The visit was canceled due to soaring COVID-19 cases in India.

“Like every aspect of the UK-India relationship, the economic relationship between our countries makes our people stronger and safer,” Johnson said in a statement.

The British government assigned a £ 533 million ($ 739.2 million) Indian investment to the UK, including 240 million ($ 332.8 million) by the Serum Institute for the vaccine business and its sales, and a £ 446 million ($ 618.5 million) export deal. for England. business.

Several listed investments have been published.

UK estimates, combined with data from the companies involved, suggest the deal will create more than 6,500 jobs in the UK.

The two countries will also finalize an “Enhanced Trade Partnership” which will remove barriers to export of goods ranging from British apples to medical equipment, and take steps to open up India’s legal services sector for British companies.

The partnership deal is seen as a step towards a full free trade deal that Britain hopes by 2030 will double bilateral trade from the current level of around 23 billion pounds ($ 31.9 billion) per year.

“In the next decade, with the help of a new Partnership signed today and a comprehensive Free Trade Agreement, we will double the value of our trade partnership with India and take the relationship between our two countries to new highs,” said Johnson.


image source

You Are Yourself – The Diplomat | Instant News

Every evening during March and April 2020, large crowds gather near my office in downtown Adelaide. Several hundred meters away, a food bank began to buckle under the unprecedented demand.

Typically catering to homeless families and refugees inside Adelaide, the number of those in need of food bank support has exploded as COVID-19 kills the city’s economy.

The line, which winds more than a hundred meters, is made up almost entirely of international students – mainly from India, Nepal and China – who have been excluded from any form of monetary support by the Australian Government, even though they live in the country.

Barred from work due to widespread lockdowns, and without access to any financial support, this community of foreign nationals has nowhere else to turn but the bread line.

The images have stuck with me throughout the pandemic, serving as a constant reminder that, although Australia’s response to COVID-19 has managed to contain the spread of the disease, it has been tainted by repeated moral failures.

Enjoyed this article? Click here to subscribe for full access. Only $ 5 a month.

The Australian Government, led by a 52 year old conservative, Scott Morrison, is very proud of its efforts to tackle COVID-19.

On the surface, the numbers speak for themselves: Australia has everything but the virus. There has only been one COVID-19 death in the country this year. And, for most Australians, normality has returned to everyday life.

We were told at the start of the pandemic that “we are all together”; that this achievement is ours, as Australians, to enjoy.

For tens of thousands of Australian expats, the Government has a different message: You are alone.

This week, the approach reached its logical end.

When India’s wave of COVID-19 shocked the world, the Australian Government reacted by banning all incoming flights from the country, without exception.

Then, citing unpublished medical advice, the Morrison Government – in a 1am press release – took that policy a step further, announce on Saturday that any Australian currently in India who makes it home will face criminal penalties. The maximum penalty is 5 years in prison, and a fine of US $ 50,000.

It is worth repeating: The Australian Government imposes criminal penalties on incoming Australian citizens their own country.

In defense of these actions, Treasurer Josh Frydenberg debate it is necessary to “keep Australians safe.”

The simple argument asserts, however, that the 9,000 Australians who remain in India are, in some cases, less Australians rather than who happen to live on the Australian continent – even though they have an Australian passport.

Enjoyed this article? Click here to subscribe for full access. Only $ 5 a month.

The racial tone of this measure is impossible to ignore. During the COVID-19 wave in the UK, Europe and the United States, the Australian Government never considered such action. Among the Australian color community, this has been noted.

“One rule for people of color, another rule for white people,” write Neha Madhok, director of Democracy in Color, a leading racial justice advocacy group in Australia.

While absurd, this overreach in Australia should come as no surprise.

The formal criminalization of most non-white Australian citizens returning to their homeland is the logical end point of the year of anti-expatriate mania that has spread fiercely across Australia. And it comes after two decades in which the strongest border control administrations have served as a constant, ugly undercurrent in Australian political debates – but who often win elections.

At the start of the pandemic, Australian expats were told to “go home” by Scott Morrison. This simple command ignores the complex ways in which Australians, as a highly multicultural and global citizen, are connected to the world.

Many cannot simply quit their jobs, or leave their children, and go to Australia for a penny without imposing untold economic – and potential health – risks to them and their families.

Yet in making this request, the Morrison Government blames all Australian expats for being legally outside of their own country, and relieves itself of any responsibility to protect them.

The decision created a culture of COVID-19 in Australia where Australian expats, regardless of their Australian citizenship, have been abandoned by their own government, and often humiliated by their compatriots for having left Australian soil.

Australia is a rich, powerful and sophisticated country. It has the 13th largest economy in the world.

But it continues to place an unprecedentedly cruel financial and logistical burden on its own citizens who happened to be abroad when the pandemic began.

The Morrison government is leading the charge, but it is not alone.

Queensland Prime Minister Anastacia Palasczuk was the first to charge $ 3,000 for all returning Australians.

Many cheered for the action. But I regret that the progressive Labor government has effectively enforced a capability test on Australians returning to their place of citizenship.

It was an act that quickly spread to every jurisdiction in the country.

After promising to bring Australians home before Christmas, the Morrison government has done little to achieve that goal, and has ignored repeated calls to build quarantine facilities that would allow more Australians, regardless of ethnicity, to return home.

Enjoyed this article? Click here to subscribe for full access. Only $ 5 a month.

The reality is that Australia is now governed by those so deprived of leadership and imagination that they find it easier to criminalize returning Indian-Australians than to fund and design a more sophisticated quarantine approach.

We started the pandemic in Australia by prohibiting international students in Australia from getting financial assistance. A year later, we are now at the point where most non-white Australians have been left behind by their own governments in the face of an unprecedented health crisis.

Australia can cheer about its success in tackling COVID-19. But the treatment of Australian expats, and the diverse communities to which they are often members, will be a dark chapter in the history of Australia’s COVID-19 response.


image source

The Power of Travel: Travel and Sightseeing Can Help U.S. Economic Rebound | Release | Instant News

Travel’s ability to bounce back from tough economic times – and inject much-needed income directly into Emporia’s economy – is why the theme for this year’s National Travel and Tourism Week (NTTW) is ” power of travel ”. NTTW (May 2, 8), the 38th annual celebration of the travel industry’s contributions to the United States, is an opportunity to remind visitors and residents of the incredible value the travel industry represents not only to our economy and our local workforce, but also for the identity and culture of our community – and to remind policymakers of the ability of travel to help recovery efforts. Travel and tourism is such an important part of who we are as a community. We have sorely missed the many visitors who come for our special sporting events like UNBOUND Gravel and Dynamic Discs Open, as well as cultural celebrations such as Cinco de Mayo and Dia de Los Muertos. Not to mention the many tourists who arrive to visit the Flint Hills and other attractions our community has to offer. In 2020, the entire travel industry in the United States lost half a trillion dollars in spending. related to travel – 10 times the economic impact of 9/11. Locally, we experienced a drop of almost 35% in hotel stays from 2019 to 2020. With such disparate losses, it is clear that an economic recovery more wide is going through a recovery within the travel industry. the return to normal is on the horizon, a resurgence in travel demand is not inevitable. Without aggressive federal action to reopen the travel economy and stimulate demand, the recovery of the travel industry is expected to take up to five years – far too long to wait for the workers whose livelihoods depend on this vital industry. . , we can once again move people in a safe and healthy way, restore our workforce, and contribute to a broader economic recovery. The travel industry needs sustained help to ensure that companies can maintain operations and workers can stay on payrolls until sustained demand can really take hold. coming is tough, but the travel industry is resilient and has an incredible ability to bounce back from tough times. We greatly appreciate the local health agencies and everyone involved in providing a fast and efficient vaccination process here in Lyon County. We are delighted that visitors can feel comfortable coming to Emporia in a safe and responsible manner.We at Visit Emporia look forward to getting back to doing what we do best – inspiring people to visit Emporia, reconnect family and friends and show the world what makes Emporia the best place to visit. During National Tourism Week, visit our website, visitemporia.com, as well as our social channels, for creative itineraries on a ‘perfect day’ to Emporia ”from some of our employees and leaders in our community, as well as impactful videos from local community leaders on how #poweroftravel has positively shaped local businesses and activities. We would also love to hear directly from you, of our visitors and members of the community. Please contact us through our website or social media to share how #poweroftravel has impacted your life. We look forward to sharing in #poweroftravel this National Travel & Tourism Week and beyond! .

image source

AstraZeneca is delaying submitting US approval for the COVID | vaccine Business and Economic News | Instant News

The Anglo-Swedish drugmaker said it would seek US permission to shoot it in the coming weeks.

AstraZeneca said on Friday that it intends to seek US authorization for a COVID-19 vaccine in “the coming weeks”, acknowledging delays in highly anticipated submissions expected in mid-April.

The Anglo-Swedish drugmaker revealed a new timetable when it released its first-quarter financial results, which showed that the company shipped 68 million doses of the vaccine to the European Union, UK and other countries in the first three months of this year.

The company said it would continue working on its application to the US Food and Drug Administration (FDA), noting a “substantial size of the file” which will include data from US trials as well as all other studies completed so far and in the real world. data collected on vaccine use in other countries.

Among the problems it might address are indications that the vaccine is linked to blood clots that are rare, especially in younger people. Some countries have recommended that the injection be given only to the elderly because of the potential for side effects. Vaccine experts say blood clots are very rare, less than the risk of blood clots in women taking birth control drugs.

When AstraZeneca released data from a US vaccine trial on March 22, company officials said they hoped to apply for FDA authorization in the first half of April. After the application is submitted, the FDA advisory committee will publicly debate the evidence behind the shooting before the agency decides whether to allow emergency use.

Ruud Dobber, AstraZeneca’s executive vice president, said at the time that if the FDA authorized the vaccine, the company would immediately deliver 30 million doses, followed by another 20 million in the first month.

The White House said earlier this week that the US would start sharing all AstraZeneca vaccine stocks with the world after completing a federal safety review, with as many as 60 million doses expected to be available for export in the coming months. The move extends a March decision by the administration of US President Joe Biden to distribute about four million doses of the vaccine with Mexico and Canada.

The White House is increasingly confident about the supply of three vaccines that have been delivered in the US – Pfizer, Moderna and Johnson & Johnson. The US is also under increasing pressure to share more of its vaccine supplies with the world, as infection rates soar in countries such as India and others struggling to get doses sufficient to protect their most vulnerable populations.

More than 3.1 million people worldwide have died from COVID-19, including more than 572,000 in the US. More than half of US adults have received at least one dose of the vaccine, and the government expects a sufficient supply for the entire population by early summer.

AstraZeneca reported revenue of $ 275 million from shipments of 68 million doses of vaccine during the first quarter. AstraZeneca has promised to deliver the vaccine on a non-profit basis during the coronavirus pandemic.

The company says 30 million doses go to the EU; 26 million to England; 7 million for Gavi, the Vaccine Alliance, which secures vaccines for low-income countries; and 5 million to other countries.

To date, AstraZeneca and partners such as the Serum Institute of India and Fiocruz in Brazil have supplied more than 300 million doses of the COVID-19 vaccine to more than 165 countries, said the maker of the Anglo-Swedish drug.

The vaccine was developed by researchers at the University of Oxford, who licensed the technology to AstraZeneca in an effort to capitalize on the company’s global production and distribution capacity. AstraZeneca in turn authorizes other companies to produce shoots around the world.


image source