Tag Archives: high

Breezy with little rain tonight followed by coolant temperature | Weather | Instant News


We will stay windy when it rains in the mountains tonight, but tonight things will improve with lows in the mid 30s to low 40s.

Expect lots of sun on Thursday with stable winds that accompany highs in the 60s to near 70.

Rain poured back into the area (no serious threat) Friday night with highs in the 50s and 60s.

It will be followed by cold for Mother’s Day weekend. Expect morning lows in the 30s and low 40s Saturday and then temperatures in freezing in the mountains Sunday morning.

Highest afternoons will be in the 50s and 60s Saturday followed by all 60s on Sundays with lots of sun.

Things look to stay dry at least the middle of next week because of highs back to the 60s and 70s.

Copyright 2020 FOX Carolina (Meredith Corporation). All rights reserved.

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EMERGING MARKET-Latam FX weakened, meeting of the Brazilian central bank witnessed | Instant News


    * Fitch lowers Brazil outlook to negative
    * Major cities in Brazil go into coronavirus-induced
lockdown
    * Brazil central bank expected to cut rates
    * Lower oil prices push Colombian, Mexican pesos lower
    * Most Latam shares decline

    By Susan Mathew
    May 6 (Reuters) - Brazil's real led Latin American
currencies lower on Wednesday after rating agency Fitch lowered
the country's credit rating to negative, while major Brazilian
cities went into lockdowns to curb the spread of the COVID-19
pandemic.
    Ahead of an expected cut in interest rates by the central
bank later in the day, Fitch overnight said Brazil's economy is
on course to shrink 4% this year, and noted a rapidly
deteriorating fiscal position and growing political risks.
 
    Brazil's real was down 1.6%. 
    As economic indicators paint a bleak outlook, Brazil's lower
house is set to pass a proposed constitutional amendment that
gives the central bank powers to buy public and private sector
assets, but concerns emerged regarding its legality.

    Sao Luis became Brazil's first major city to begin a
lockdown on Tuesday with another, Fortaleza, planning to follow
suit on Friday, as Latin America's hardest hit country reported
105,222 confirmed cases of the novel coronavirus and 7,288
deaths.
    The moves come as several nations have begun to ease
lockdowns.
    Other currencies in the region lost between 0.5% and 1.2%
against a stronger dollar, with Mexican and Colombian
pesos pressured by falling oil prices. MSCI's index of
Latin American currencies dropped 1.8%.
    "Already bleak growth prospects in the region now look
considerably more dire on the back of the dual virus-oil
shocks," Alejo Czerwonko, emerging markets strategist at UBS
Global Wealth Management told the Reuters Global Markets Forum. 
    "The region is set to experience the deepest contraction in
its modern economic history ... and the global financial crisis
of 2008 will pale in comparison to the output losses expected
for 2020," he said. UBS predicts a contraction of 6% annually
for the region as a whole, with a downside risk to the forecast.
 
    The Argentine peso hit new lows as a deadline for
bondholders to accept a tough $65 billion debt restructuring
loomed. A numbers of economists, including Nobel laureates
Joseph Stiglitz and Edmund S. Phelps, backed the government's
debt restructuring proposal on Wednesday.
    In line with a choppy session on Wall Street, most stocks in
the region fell with those in Brazil slipping 1.2%.
        
    Key Latin American stock indexes and currencies at 1437 GMT:
  Stock indexes           Latest   Daily %
                                   change
 MSCI Emerging Markets     897.81     0.23
                                   
 MSCI LatAm               1588.72    -2.51
                                   
 Brazil Bovespa          78548.41    -1.16
                                   
 Mexico IPC              36547.03    -0.19
                                   
 Chile IPSA               3958.57     0.92
                                   
 Argentina MerVal        33055.92   -1.462
                                   
 Colombia COLCAP          1093.17    -0.56
                                   
                                          
      Currencies          Latest   Daily %
                                   change
 Brazil real               5.6784    -1.58
                                   
 Mexico peso              24.2920    -1.26
                                   
 Chile peso                 838.8    -0.57
                                   
 Colombia peso            3960.65    -0.94
                                   
 Peru sol                  3.4048    -0.50
                                   
 Argentina peso           67.0900    -0.12
 (interbank)                       
                                   
 
 (Additional reporting by Lisa Pauline Mattackal and Aaron
Saldanha in Bengaluru; editing by Jonathan Oatis)
  

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EMERGING MARKET – Real Brazil leads Latam FX lower amid gloomy data, US and Chinese tensions | Instant News


    * Mexican peso among few gainers
    * Factory activity in Mexico and Brazil crumbles
    * Chile's peso eyes worst day in over two weeks

 (Adds comment, updates prices)
    By Susan Mathew and Ambar Warrick
    May 4 (Reuters) - Brazil's real led declines in Latin
American currencies on Monday as a swathe of dire manufacturing
data and rising China-U.S. tensions dented risk sentiment.
    MSCI's index of Latam currencies fell nearly
0.3%. Its stocks counterpart slid 2.2%, with
regional bourses shedding 1% to 2.5%.
    Factory activity in Latin America's largest economies sank
in April as lockdowns to stem the coronavirus outbreak shut
factories and flattened demand.
    Adding to the pain were tensions between the United States
and China, as the two traded barbs over the origin of the
coronavirus outbreak. 
    The threat of fresh U.S. tariffs on China battered risk
appetite, given that Washington and Beijing were yet to fully
deescalate their nearly two-year long trade war.
    The dollar was likely to attract more safe-haven bids in the
face of increased uncertainty, which was set to further pressure
emerging markets in the near term.
    Brazil's real weakened 1.9%, while stocks in Sao
Paulo fell 2.8%. Airline Gol Linhas Aereas Inteligentes
 was among the biggest percentage losers on the
Bovespa after it posted a loss in the first quarter, almost
entirely due to the depreciation of the Brazilian currency.

    The real has lost 28% so far this year, almost
steadily hitting new lows, making it one of the worst-performing
emerging market currencies. 
    Stymied risk appetite due to worries over the coronavirus
pandemic and the related slump in commodity prices were
exacerbated by political instability rocking the flailing
Brazilian economy. 
    "If the pandemic is not controlled, EM will likely be its
next epicentre and EM currencies the weakest link," wrote Bhanu
Baweja, global head of emerging markets cross-asset strategy at
UBS. "Central banks are prioritizing lower rates to fund large
deficits, not higher rates to cushion FX."
    Brazil's central bank is widely expected to cut rates
further into negative territory later in the week, following
similar measures from central banks across the globe as they
shore up liquidity.
    Colombia's peso fell 0.8%, while the world's largest
producer of copper, Chile, saw its currency set for its
biggest percentage loss in two weeks as the price of the metal
sank.
    Mexico's peso, meanwhile, rose 1% after a third
straight month of losses in April. Remittances to Mexico, one of
the country's main sources of foreign exchange, surged to a
record high in March.
    
    Key Latin American stock indexes and currencies at 1918 GMT:
    
    Stock indexes             Latest     Daily % change
 MSCI Emerging Markets          888.60             -3.07
                                        
 MSCI LatAm                    1604.12             -2.15
                                        
 Brazil Bovespa               78244.97             -2.81
                                        
 Mexico IPC                   36099.80             -1.02
                                        
 Chile IPSA                    3883.23             -2.37
                                        
 Argentina MerVal             31976.14            -2.342
                                        
 Colombia COLCAP               1116.85             -2.21
                                        
                                                        
       Currencies             Latest     Daily % change
 Brazil real                     5.454             -1.93
                                        
 Mexico peso                   24.1850              1.58
                                        
 Chile peso                      836.2             -0.12
                                        
 Colombia peso                 3984.92             -0.84
 Peru sol                       3.3837             -0.35
                                        
 Argentina peso                66.9200             -0.12
 (interbank)                            
                                        
 
 (Reporting by Susan Mathew in Bengaluru
Editing by Paul Simao and Leslie Adler)
  

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High power think tanks to consider reducing GST levels from 17-15pc | Instant News


ISLAMABAD: A high-powered think tank formed by Prime Minister Imran Khan to draw up a short-term plan to start stagnant economic activity has decided to consider reducing the GST level from 17 to 15 percent and discussing the details with the FBR.

The think tank also decided to meet every week before the upcoming budget announcement which was expected to be announced in the first week of next month, maybe on June 5 (Friday) 2020.

“There is now a need to provide impetus to stimulate economic activity through incentive packages that reduce the cost of doing business and provide consolation for the poor segment, but also take fiscal steps that burden the rich more through direct taxation measures,” one member thought the high-powered tank said when talking to The News after the meeting here on Sunday evening. He said that the reduction in GST must be harmonized at both the domestic and import stages. The GST level on goods and services fell into the Central and respective provincial domains, also asked to develop consensus at a single level.

Other members said that it was not easy to continue the wish list when the country was under the IMF program.

According to a press statement issued here by the Ministry of Finance on Sunday, PM’s Advisor on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the third meeting of the think tank here on Sunday to assess the situation arising from the economy related to Covid-19. the slowdown and its impact on individuals and businesses. The forum has a mandate to provide cognitive support to the ongoing federal government response in addition to providing assistance in designing new initiatives and correcting mid-way interventions that have already been implemented. The forum has representatives from leading public financial practitioners, financial analysts, bankers, economists and development and monetary academics. Participants included Counsel for the PM on Trade, Secretary of Finance, Dr. Ishrat Husain, Shaukat Tareen, Dr. Ijaz of the Prophet, Sultan Ali Allana, Arif Habib and Dr. Waqar Masood.

Counsel for PM on Finance engages with all participants in broad deliberations, while defining that the focus of the forum will remain on the short-term steps needed to provide an impetus to the economy that is under acute pressure due to both demand and supply compression. He stressed the need to learn from international experience in designing fiscal, monetary and other policy responses by the federal and provincial governments.

The think tank has compiled an “Impact and Urgency Response Matrix” by identifying several themes that can be followed up with low, medium and high economic impacts, adjusted to the short, medium and long time horizons. Participants discussed developing economic scenarios and identified priority areas that bring the potential to provide maximum economic impetus through accelerating aggregate demand and reducing supply concerns while also ensuring financial system stability, which is equally important in a strong economic recovery.

PM’s advisor Dr Abdul Hafeez Shaikh stressed the need to develop a roadmap for the chosen domain, so as to bring clarity about what needs to be done and who will do it. The need for data and real-time research is highlighted in the development of a clear roadmap and implementation framework. The forum chose six broad priority domains including enhancing social safety nets (Ehsaas and allied initiatives),

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High power think tanks to consider reducing GST levels from 17-15pc | Instant News


ISLAMABAD: A high-powered think tank formed by Prime Minister Imran Khan to draw up a short-term plan to start stagnant economic activity has decided to consider reducing the GST level from 17 to 15 percent and discussing the details with the FBR.

The think tank also decided to meet every week before the upcoming budget announcement which was expected to be announced in the first week of next month, maybe on June 5 (Friday) 2020.

“There is now a need to provide impetus to stimulate economic activity through incentive packages that reduce the cost of doing business and provide consolation for the poor segment, but also take fiscal steps that burden the rich more through direct taxation measures,” one member thought the high-powered tank said when talking to The News after the meeting here on Sunday evening. He said that the reduction in GST must be harmonized at both the domestic and import stages. The GST level on goods and services fell into the Central and respective provincial domains, also asked to develop consensus at a single level.

Other members said that it was not easy to continue the wish list when the country was under the IMF program.

According to a press statement issued here by the Ministry of Finance on Sunday, PM’s Advisor on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the third meeting of the think tank here on Sunday to assess the situation arising from the economy related to Covid-19. the slowdown and its impact on individuals and businesses. The forum has a mandate to provide cognitive support to the ongoing federal government response in addition to providing assistance in designing new initiatives and correcting mid-way interventions that have already been implemented. The forum has representatives from leading public financial practitioners, financial analysts, bankers, economists and development and monetary academics. Participants included Counsel for the PM on Trade, Secretary of Finance, Dr. Ishrat Husain, Shaukat Tareen, Dr. Ijaz of the Prophet, Sultan Ali Allana, Arif Habib and Dr. Waqar Masood.

Counsel for PM on Finance engages with all participants in broad deliberations, while defining that the focus of the forum will remain on the short-term steps needed to provide an impetus to the economy that is under acute pressure due to both demand and supply compression. He stressed the need to learn from international experience in designing fiscal, monetary and other policy responses by the federal and provincial governments.

The think tank has compiled an “Impact and Urgency Response Matrix” by identifying several themes that can be followed up with low, medium and high economic impacts, adjusted to the short, medium and long time horizons. Participants discussed developing economic scenarios and identified priority areas that bring the potential to provide maximum economic impetus through accelerating aggregate demand and reducing supply concerns while also ensuring financial system stability, which is equally important in a strong economic recovery.

PM’s advisor Dr Abdul Hafeez Shaikh stressed the need to develop a roadmap for the chosen domain, so as to bring clarity about what needs to be done and who will do it. The need for data and real-time research is highlighted in the development of a clear roadmap and implementation framework. The forum chose six broad priority domains including improving social safety nets (Ehsaas and allied initiatives), food security and supply chain security, increasing the role of banks and financial institutions in designing appropriate incentives for market participants, starting housing with low and medium cost projects, making the provincial PSDP and ADP responsive to labor-intensive propositions and business facilitation through fiscal interventions.

The forum decided that the fiscal proposal included changes in Sales Tax rates, refunds, etc. Will be discussed with the FBR in detail, so that the next federal budget addresses burning issues that are very important to spur consumer spending. In addition, proposals related to financial and banking issues, including reviewing salary remuneration schemes, incentives for banks to finance MFIs and MFBs, steps to increase remittances and inject additional liquidity to commercial banks by cutting CRR / SLR and CCB, it was decided to be handled by the forum in more detail.

Counsel for the PM on Finance concluded the session with a consensus decision that a detailed roadmap for the six selected domains will be prepared so that each ministry is involved, to create further value in the ongoing plan intended to provide economic impetus. It was further decided that the review of the implementation of the PM Economic Stimulus Package (valued at Rs, 1.240 billion) would be a regular feature at the next think tank meeting to ensure value for money apart from smooth service delivery to appropriate segments of society.

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