Economy NewsRSS

Foxconn cancels investment plan in Indonesia - Kontan
JAKARTA (Reuters) - Taiwan's Foxconn Technology Group, the world's biggest electronic components maker, has cancelled plans to invest in a factory in Indonesia, Kontan daily reported on Tuesday, citing the head of an Indonesian business chamber. Foxconn, whose flagship listed unit is Hon Hai Precision Industry Co Ltd, said last year it may invest $1 billion in Southeast Asia's biggest economy. Foxconn had decided not to go ahead with its investment plan because of land issues, Kontan quoted Suryo Bambang Sulisto, chairman of the Indonesian chamber of commerce and industry, as saying. ...
08/31/2015 11:34 PM

China Caixin factory, service PMIs suggest economic slowdown worsening
Activity in China's vast factory sector shrank at its fastest pace in almost 6-1/2 years in August, a private survey showed on Tuesday, increasing investor fears that the world's second-largest economy may be lurching toward a hard landing. Some economists believe China's current growth rate is already much weaker, and investors fear the twin shocks from a yuan currency devaluation and stock market collapse over the summer have put the economy and financial system at even greater risk.
08/31/2015 10:20 PM

China manufacturing index slumps in August: govt

Workers install car parts an a factory in Qingdao, east China's Shandong province, in July 2015The official Purchasing Managers' Index (PMI) came in at 49.7 last month, the National Bureau of Statistics said in a statement. The reading, which tracks activity in China's vast factory and workshop sector, was worse than the 50.0 reading in July, and the first time it showed contraction since February. The outlook for China's economy has turned decidedly pessimistic even after gross domestic product (GDP) registered an expansion of 7.0 percent in the April-June quarter, surprising economists on the upside.

08/31/2015 10:11 PM

China August services activity falls to lowest level in over a year - Caixin PMI
Activity in China's services sector expanded at its slowest rate in more than a year in August, a private survey showed on Tuesday, a worrying sign for what has been one of the lone bright spots in the cooling economy. Services have accounted for the biggest part of China's economic output for at least two years, with resilience in the sector helping to cushion the downdraft from persistent weakness in the factory sector.
08/31/2015 10:10 PM

Asian shares slip as downbeat China PMIs revive growth fears

A pedestrian is reflected on an electronic board showing the graph of the recent fluctuations of the Japan's Nikkei average outside a brokerage in TokyoAsian shares fell on Tuesday and the dollar struggled after twin surveys showed China's manufacturing sector in the grip of its worst slump in several years, raising fresh fears about the health of its economy. China's official Purchasing Managers' Index (PMI) fell to 49.7 in August from the previous month's reading of 50.0, the weakest showing in three years. Separately, the private Caixin/Markit China Manufacturing Purchasing Managers' Index (PMI) showed a final reading of 47.3 in August, the lowest since March 2009.

08/31/2015 10:06 PM

China August factory activity shrinks at fastest pace in three years, services cool

Workers fix second-hand robots in a factory in ShanghaiChina's factories continued to suffer from sluggish demand at home and abroad, which has saddled some firms with enormous amounts of idle capacity and forced them to cut prices, eating into profits. New export orders fell to 47.7 from 47.9 in July, contracting for an 11th consecutive month, according to data from the National Bureau of Statistics. A preliminary, private survey released in August showed China's factory sector shrank at its fastest rate in almost 6-1/2 years in August, fanning global concerns that the economy may be slowing more sharply than earlier feared.

08/31/2015 10:05 PM

Brazil government budget goes into the red

The Brazilian real, which has already lost 26.61 percent of its value against the dollar this year, hit a 12-year low, down 1.1 percent to 3.627 reais to the dollarBrasília (AFP) - Brazil's government presented a 2016 budget Monday that for the first time projects the world's seventh largest economy operating in the red, sparking worries that the country's investment grade rating will be put at risk. Embattled President Dilma Rousseff's government delivered the proposed budget to Congress predicting a primary deficit amounting to 0.5 percent of GDP, or 30.5 billion reais ($8.4 billion). This was the first time a Brazilian government has delivered a plan that would mean government spending outstripped receipts.

08/31/2015 06:34 PM

US stocks close lower: S&P loses 0.84%

Nervous investors sold down US stocks after surviving last week's turbulence, amid continued worries over the potential broader impact of China's slowdownThe broader S&P 500 lost 16.69 points (0.84 percent) at 1,972.18, and the Nasdaq Composite gave up 51.82 (1.07 percent) at 4,776.51. "The downside risks for most commodity prices, exchange rates, and stock markets are likely to persist for some time, while growth in many parts of the world, especially in emerging markets, is likely to deteriorate further," said Nariman Behravesh of IHS. "On the other hand, with market valuations now much lower than recent peaks, the equity markets in the developed world are likely to come under much less pressure.

08/31/2015 04:52 PM

Massive gas find promises to ease Egypt's fuel crisis

In this Saturday, Aug. 29, 2015 photo provided by Egypt's state news agency MEAN, Eni CEO Claudio Descalzi, third left, and his delegation meet with Egyptian President Abdel-Fattah el-Sissi, center, and an Egyptian delegation, in Cairo, Egypt. The Italian energy company Eni SpA announced Sunday, Aug. 30, 2015, it has discovered a "supergiant" natural gas field off Egypt, describing it as the "largest-ever" found in the Mediterranean Sea. Eni said the discovery — made in its Zohr prospect "in the deep waters of Egypt" — could hold a potential 30 trillion cubic feet of gas over an area of 100 square kilometers (38.6 square miles). (MEAN via AP)CAIRO (AP) — The discovery of a huge gas field off Egypt's coast promises to ease a long-running fuel crisis and boost the economy after years of unrest, but it will take years to develop and won't bring Gulf-style riches to the Arab world's most populous country, experts said Monday.

08/31/2015 04:42 PM

Nerves on edge as Chinese authorities probe market mayhem

An investor looks at an electronic board showing stock information at a brokerage house in ShanghaiBEIJING/LONDON (Reuters) - The head of hedge fund manager Man Group Plc's China business has been taken into custody to help authorities in a probe into recent market volatility, Bloomberg reported on Monday, while separately a local financial reporter confessed on national TV to having spread false information that caused "panic and disorder". Both are likely to jangle nerves in the financial industry as regulators try to find out who they think was behind China's wild stock market rollercoaster ride in the past three months. Authorities have been investigating possible market manipulation following wild swings in the stock markets, which have plunged around 40 percent since mid-June on concerns of a slowing economy and a surprise devaluation of the yuan currency earlier this month.

08/31/2015 03:35 PM

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