BoE’s Vlieghe sees rates rising in 2022 if economy recovers
BoE policymaker Gertjan Vlieghe said that the Bank of England could raise interest rates as soon as the first half of next year. This is if the job market bounces back faster than expected, but it is more likely to wait until later in 2022. Sterling strengthened against the dollar and euro. After Vlieghe’s remarks, […]
Barclays cuts FY 2021-22 growth forecast for India by 80 bps to 9.2%
Barclays cut its full-year 2021-22 economic growth forecast for India by 80 basis points to 9.2%. The toll from stringent lockdowns imposed to curb rising COVID-19 infections appeared to be bigger than its earlier expectation. The devastating second wave of coronavirus infections has forced nearly two-thirds of the country to introduce tough curbs. This slows […]
Zoom forecasts upbeat revenue, expects boost from hybrid work
Zoom Video Communications Inc forecast current-quarter revenue above estimates. This is because of increased adoption of hybrid work models by companies is expected to drive steady demand for its video conferencing tools. Due to this pandemic situation, from the past year many businesses and schools switched to its services for virtual classes, office meetings and […]
Premature to be envisaging second European stimulus plan-EU antitrust chief
The EU’s antitrust chief told Les Echos that before envisaging further stimulus, the European Union must focus on its current 750-billion-euro ($910 billion) pandemic recovery package. The chief also added that talking of a second plan was a bit bizarre. Margrethe Vestager, the European Commission’s executive vice president said in an interview in the French […]
Property bubbles, corporate debt among Europe’s top risks: ECB
The European Central Bank said in a biannual stability review that, the high debt levels and a property bubble are among Europe’s biggest economic vulnerabilities, weighing on its recovery from a pandemic-induced recession. During the pandemic copious government subsidy kept much of the euro zone afloat. But weaning the bloc off support will be tricky. Because, that […]
Exclusive Foxconn’s iPhone output in India down amid covid surge
The production of the Apple iPhone 12 at the Foxconn factory in India has slumped by more than 50%. This is because the woorkers got infected with covid and left heir posts. The Foxconn facility in the southern state of Tamil Nadu produces iPhones specifically for India. Tamil Nadu is facing one of the worst hits in […]
UK factory activity expands at fastest rate since 1994 –PMI
Amid supply chain delays and shortages of raw materials, British manufacturing activity grew at the fastest pace in almost 27 years. The IHS Markit/CIPS Purchasing Managers’ Index (PMI) for manufacturing activity rose to 60.9 in April from 58.9 in March, beating its highest index since July 1994. Two-thirds of businesses expect production to be higher […]
SONY expects profit to slip after pandemic boom
Japan’s Sony Corp said that it is expecting its operating income to slip 4.3% this business year. This is a result of record profit from sales of music, games and other content to people. And these are all due to the pandemic situation significantly. Previously Sony was well fledged only in consumer electronics. But this increased […]
Credit scores and open banking’s real time perception
FCA study recently found that 14 million people were contending with the financial issues at the end of 2020, which represented more than a quarter of the UK’s adult population. The image is considerably tough for SMEs, which have been impacted majority by the lockdowns, loss of earnings and more. It is estimated that the […]
UK Economy to grow faster than US this year
Goldman Sachs said that Britain is set on a faster growth rate than the United States, this year. The clients can expect the British gross domestic product to grow by a “striking” 7.8% this year, said the bank. This can be above the expectations from US. On April 13, a Reuters poll of analysts showed that […]