Tag Archives: September

Britain’s economic boom still keeps the nation catching up | Instant News

People shop at Lewisham Market amidst the coronavirus disease (COVID-19) outbreak in London, England, October 13, 2020. [Photo/Agencies]

The UK economy grew by a record 15.5 percent in July to the third quarter of September this year, but remains 8.2 percent smaller than before the pandemic, official figures show.

The growth figure is the largest the UK has recorded in a quarter and is a clear change from the first six months of the year, when gross domestic product, or GDP, fell 22.3 percent.

However, the economy grew at a slower-than-expected 1.1 percent in September from August, even before the latest restrictions on business, said the latest data from the Office for National Statistics, or ONS.

Analysts warned of a further contraction to come, driven by a second national lockdown this month.

The Bank of England estimates that the world’s sixth-largest economy is expected to shed 11 percent over the year, before growing more than 7 percent in 2021.

The ONS comparison shows the UK economy saw the largest decline among the major economies, twice as large as the decline in Italy, Germany and France and nearly three times the size of the decline in the United States.

Reuters reports that the UK economy is supported by more than 200 billion pounds ($ 264 billion) in emergency spending and tax cuts ordered by Finance Minister Rishi Sunak and by the Bank of England’s 900 billion pound bond purchase program.

Sunak acknowledged in a statement on Thursday that recovery had slowed. He said: “The steps we have to take since stopping the spread of the virus mean growth is likely to slow even further.

Very optimistic

“But there are reasons for optimistic caution on the health front – including promising news about tests and vaccines.”

In September there was an increase in education as children returned to school and house construction continued to recover.

Jonathan Athow, deputy national statistician at the ONS, warned: “While all major sectors of the economy continue to recover, the pace of growth is slowing again, with the economy still well below its pre-pandemic peak.

“However, pubs and restaurants saw less business after the Eat Out To Help Out scheme ended, and accommodations saw less business after a successful summer.”

The crisis has had a major impact on jobs as unemployment rose to nearly 5 percent in the July-September period as layoffs hit a record 314,000, up from 181,000 in the previous quarter.


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Remittances from overseas Pakistan rose to $ 2.3 billion in September: PM Imran – Pakistan | Instant News

Published in October 12, 2020 9:54 a.m.

Remittances were 31 percent higher than last September and nine percent higher than August 2020.

ISLAMABAD (Dunya News) – Prime Minister Imran Khan said Monday there was more good news for Pakistan’s economy despite COVID-19 as remittances from overseas Pakistan rose to $ 2.3 billion in September 2020.

The prime minister tweeted that the remittances were 31 percent higher than last September and nine percent higher than August 2020. This marks the fourth month in a row that remittances have remained above $ 2 billion, he added.

It is important here to mention that remittances sent by Pakistanis overseas totaled $ 2.095 billion during August 2020, representing a 24.4 percent increase over the same month last year, the State Bank of Pakistan (SBP) has reported.


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Brazil posted the fastest inflation for September in 17 years – business news | Instant News

Brazilian consumer inflation posted the fastest pace for September since 2003 as food and fuel prices rose, supporting the central bank’s case to keep interest rates unchanged later this month.

The benchmark IPCA index rose 0.64% from August, above the median estimate of 0.54% in a Bloomberg survey of economists. Annual inflation increased to 3.14%, below this year’s target of 4%, the national statistics agency reported on Friday.

Below-target inflation has allowed the central bank to signal its intention to keep interest rates at an all-time low of 2% in the future. But concerns about increased government spending led traders to predict the likelihood that monetary tightening will start as soon as this year.

Central bank president Roberto Campos Neto has warned that the country will not be able to keep interest rates low and slow inflation in the long run if public spending gets out of hand. For now, price pressures from fuel and food have been dismissed by policymakers as a temporary shock.

What Our Economists Say

“The main risk for our base case scenario – a stable policy rate at 2% through the end of 2021 – comes not from inflation itself, but from the fiscal outlook. If President Jair Bolsonaro ignores existing fiscal rules, the central bank may be forced to raise policy rates despite the economic downturn. “

–Adriana Dupita, Latin American Economist for Bloomberg Economics

Food and beverage inflation increased to 2.28% from the previous month and was responsible for 0.46 percentage points of the main index. Staples such as rice and soy cooking oil cause higher prices. Transportation costs rose 0.70%.

The central bank has shifted its focus to inflation next year, and while on the one hand the pressure from real weakness could trigger further increases in commodity-related costs, on the other hand there is still an increasing sluggishness in the economy as Brazil heads into its worst one-year recession in Note, rising unemployment and ending government cash transfers may limit demand. Currently, the central bank indicates that the benchmark interest rate will remain stable for the next meeting.

“Inflation shocks may be more persistent than central bank estimates. Further weakness of the real could increase pass-throughs and wholesale prices could affect contracts starting next year, ”said Necton Investimentos chief economist Andre Perfeito. “Unemployment is still increasing and this could limit price increases.”

“In terms of controlling inflation, the good news is that the economy is in bad shape,” he said.


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The US approved the sale of jets and missiles to Switzerland | Instant News

(MENAFN-Swissinfo) China

(en) The US approves the sale of fighter jets and missiles to Switzerland

  • On September 27, Swiss voters approved a CHF6 billion funding package that would allow the army to continue purchasing new fighter jets to replace its aging fleet of F-5 Tiger and F / A-18 Hornet jets by 2030.The government will decide next year between Eurofighter from Airbus, Rafale from Dassault France, Boeing F / A-18 Super Hornet, or Lockheed Martin F35-A.

    On Wednesday, in a move that will pave the way for the export of one of the US jets, the US State Department approved a potential sale of 40 F-35A spare parts, ammunition and training for a total estimated cost of $ 6.58 billion.

    The State Department also approved the potential sale of 40 F / A-18E / F Super Hornet jets, spare parts and training ammunition and related equipment for an estimated $ 7.45 billion cost.

    The notification process reminds the US Congress that the sale to a foreign country has been approved, but does not indicate that a contract has been signed or negotiations are complete.

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    In addition, the State Department approved the potential sale of five Patriot missile systems and related equipment at an estimated cost of $ 2.2 billion.

    ‘Too expensive’

    In the run-up to Sunday’s vote, Swiss activists warned that the government was underestimating the true costs for the new aircraft. When maintenance and other costs are taken into account, the bill will amount to CHF24 billion rather than CHF6, said opponents.

    However, proponents of the project say neutral Switzerland needs to modernize its air force fleet to maintain a credible self-defense system and remain independent from other nations.

    The group for Switzerland without an Army, which launched a referendum on Sunday with the Social Democrats and Greens, has declared itself ready to launch other initiatives against certain types of fighter aircraft.


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    Social Democrat MP Roger Nordmann told Swiss public television, RTS, that even with a narrow ‘Yes’ vote, ‘it is impossible to buy the American F-35, which is the most expensive’. The Greens will also be wary, promised MP Fabien Fivaz.


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    Sales of POL products fell 2 percent in September | Instant News

    KARACHI: Overall sales of petroleum products in September fell 2 percent on an annual basis to 1.52 million tonnes, data released by the Petroleum Companies Advisory Committee (OCAC) showed on Friday.

    “The drop came as demand for major retail fuels, namely motor spirit (MS) and high speed diesel (HSD) each fell by 8.0 percent sequentially,” said Ali Zaidi of JS Global Capital. However, the strong demand for fuel oil (FO) from the power sector limited the overall monthly decline in sales of petroleum products.

    “September 2020 is the highest monthly sales in FO since July 2018,” added Zaidi.

    The government has ordered a ban on imports of furnace oil in

    December 2018, but Pakistan State Oil (PSO) was granted exemption due to a long-term furnace oil supply contract with K-Electric.

    Local refineries protest the government ban decision. After protests, however, the government notified of a complete ban on imports of oil stoves in January 2019.

    Then in July 2020, the government officially lifted the ban on imports of fuel oil to meet the peak electricity demand in the country, including Karachi.

    “Strong FO sales are likely to occur in the coming months, as FO-based plants continue due to gas supply problems,” Zaidi said.

    Meanwhile, Pakistan State Oil increased MS market share to 43 percent, HSD to 49 percent and FO to 54 percent during the first quarter of the current fiscal year.

    Attock Petroleum Limited (APL) contributed 7 percent to the total MS and HSD market, while its market share in the FO segment reached 19 percent.

    However, sales of petroleum products increased 8 percent on an annual basis in the first quarter of the current fiscal year to 4.74 million tonnes.


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