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Topic: Global Economy

Representational image | Commons

Front companies, corrupt govts, banks that vanish overnight — how global kleptocrats unite

In ‘Kleptopia’, Tom Burgis follows how dirty money floods the global economy when crisis hits democracies and kleptocrats see an opportunity to seize power.
File photo of China President Xi Jinping | Qilai Shen/Bloomberg

How China’s 14th five-year plan can trouble the US and the global economy

Investors are rooting for industrial companies, but China’s 14th five-year plan could bring a lot more stress to a post-Covid-19 global economy attempting a recovery. The world should watch carefully as Beijing gets ready to unveil a blueprint focused on high-tech industry. Between trillions of dollars of fiscal stimulus, easy money and China’s broadly accelerating credit cycle, global industrial stocks have found a tailwind. Data out this week showed external machinery orders in Japan – a leading indicator of capital goods exports – rose almost 50% from August, the second straight increase that’s brought them back to pre-virus levels. All good news. However, investors should exercise caution. An academic paper published in April by Xiao Cen and Wei Jiang of Columbia University’s business school and Vyacheslav Fos of Boston College found that Beijing’s industrial policies packaged together as five-year plans result in a shock to growth in targeted industries — inside...

A new, big shift is taking place in Economics under the shadow of Covid

Fiscal policy, which fell out of fashion as an engine of economic growth during the inflationary 1970s, has been front-and-center in the fight against Covid-19.
Students wearing face masks and keeping their social distance arrive at Newton scientific high during classes after pandemic related closure in Rome, Italy | Photo by Antonio Masiello | Getty Images via Bloomberg

Global economic recovery from pandemic seen extending past 2021

The WTO & IMF said while the early days of pandemic recovery were stronger than expected, the rebound is likely to take longer than earlier predicted.
People wear masks as they walk inside a mall west in Florida.

Global economic recovery is slowing from a bounce to a crawl

The accelerating spread of Covid across the world and the absence of a vaccine are further damping hopes of a V-shaped recovery.
Aerial view of the Amazon rainforest | Commons

Germany’s second wave, Kenya cancels school year, Amazonians in distress & other Covid news

As the Covid-19 pandemic shows no signs of letting up, ThePrint highlights the most important stories on the crisis from across the globe.
Philippines President Rodrigo Duterte | Commons

Philippine President Duterte’s popularity at risk, US dollar weakening & other Covid stories

As the Covid-19 pandemic shows no signs of letting up, ThePrint highlights the most important stories on the crisis from across the globe.
Pedestrians pass in front of the Nasdaq MarketSite in the Times Square neighborhood of New York, US (representational image) | Michael Nagle/Bloomberg

The next 3 months will reveal how badly global economy has been hit by coronavirus

Next 3 months stand to reveal the underlying economic pain more vividly than past 3 months as massive fiscal assistance from govts is soon going to fade.
A laboratory technician collects vials of patient swabs during coronavirus detection testing at a laboratory

Why US pandemic is different from EU’s, boom in lockdown erotica & other global Covid news

As the Covid-19 pandemic shows no signs of letting up, ThePrint highlights the most important stories on the crisis from across the globe.

Hit by lockdown, global banks are assessing pros and cons of having back offices in India

London/Mumbai: India’s decision to impose the world’s biggest virus shutdown has exposed a weak spot for the largest securities firms, which grappled with a sudden halt of their operations there. Some global banks are scrutinizing their presence in Asia’s third-largest economy after the lockdown in March effectively closed call centers and other units overnight. European regulators have also assessed the impact of India’s lockdown on the banking industry this week, showing the challenges of providing the infrastructure such as laptops required to work remotely. The push to outsource support functions such as call centers “exposed these banks to operational risks,” according to a European Banking Authority report. “Many such offshore facilities were less prepared to address the Covid-19 operational challenges owing to a lack of opportunities for remote working or reduced availability of staff,” the EBA said. JPMorgan Chase & Co, Barclays Plc and Nomura Holdings Inc. are among lenders that initially...

On Camera

File image of a sign outside the Income Tax office | Photo: Brent Lewin | Bloomberg

Govt extends deadline for filing income tax return till 31 December

Earlier in May, the govt had extended the date for filing ITR for FY2019-20 from 31 July to 30 November to give compliance relief to taxpayers.

Defence

Representational image | A flying drone

Army shoots down surveillance drone after it crosses the LoC in north Kashmir

The DJI Mavic 2 Pro drone, fitted with cameras, was spotted by the alert troops in the Keran sector. The drone was seized and further investigation is on.
Illustration: Soham Sen/ThePrint

Trump or Biden? Doesn’t matter to India-US ties as they’re in a full, strategic embrace

Pompeo & Esper’s visit to India for the 2+2 talks is proof that old hypocrisies are history, and supreme national interest has again driven a strategic choice.