DIRS.INFO The most relevant business & tech news

☆ 'Unpredictable' election in Africa's largest economy is set to resonate around the world
▼ + stars: | 2023-02-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +8 min

After 24 years of uninterrupted democracy since ending military dictatorship in 1999, Africa's most populous nation and largest economy is conducting its seventh election. Muhammadu Buhari, Nigeria's president, speaks during the U.S.-Africa Business Forum in New York. Leena Koni Hoffmann, associate fellow of the Africa Programme at Chatham House, told CNBC on Monday that the presidential election will be the "most unpredictable" since the transition to civilian rule. Alongside the Covid-19 pandemic and war in Ukraine, Koni Hoffmann noted "missed opportunities" and "self-inflicted crises" under Buhari's regime. Economists panned the decision, which Koni Hoffmann suggested rendered Nigeria and its neighbors more vulnerable to the damage of the pandemic.

☆ Australia wage growth hits decade high, but misses forecasts
▼ + stars: | 2023-02-22 | by ( Wayne Cole | ) www.reuters.com time to read: +2 min

Figures from the Australian Bureau of Statistics out on Wednesday showed its wage price index rose 0.8% in the December quarter from the previous quarter, under forecasts of a 1.0% increase. Markets had been braced for an upside surprise and quickly reacted by pushing the Australian dollar down 20 ticks to $0.6847 , while futures scaled back slightly the likely future peak for interest rates. As a result, markets had wagered interest rates could peak as high as 4.35%, but that tempered toward 4.1% following the wages news. The RBA had forecast wage growth of 3.5% for last quarter, so the actual outcome should be a pleasant surprise. "Wage growth was weaker than the RBA had expected last quarter and we think it won’t accelerate as rapidly as the RBA anticipates," said Marcel Thieliant, head of Asia Pacific economics at Capital Economics.

☆ China's new home prices rise in Jan for first time in a year
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

More major cities among the 70 surveyed by NBS reported increases in new home prices last month, with prices rising in 36 cities, up from 15 in December. Analysts see rising home prices as a positive sign, but believe more stimulative policies are needed to lift currently dismal demand and spark a longer-term recovery. The property sector, once an engine of the world's second-largest economy, has been hobbled by fragile demand and developers' mounting debt defaults. Prices were down 1.5% year-on-year in January, with the rate of decline unchanged from December. "The roots of the crisis in China's property sector lie in the worsening long-term outlook for demand," said Mark Williams, chief Asia economist at Capital Economics.

☆ India, soon world's most populous nation, doesn't know how many people it has
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: +4 min

Students come out after appearing in the Bihar Board class 10th examination at Bankipur Girl's High School on Feb. 14, 2023 in Patna, India. Santosh Kumar | Hindustan Times | Getty ImagesIn two months, India is projected to become the world's most populous country with over 1.4 billion people. "In the absence of latest census data, the estimations are based on data that is one decade old and is likely to provide estimates that are far from reality," Sharma said. The office of the Registrar General of India, which is responsible for the census, did not respond to a request for comment. Teachers' travailsThe United Nations has projected India's population could touch 1,425,775,850 on April 14, overtaking China on that day.

☆ China's economic recovery is off to a slow start
▼ + stars: | 2023-02-15 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Hector Retamal | Afp | Getty ImagesBEIJING — China's economic recovery is off to a modest start. Migrant workers have mostly returned to work after China's biggest holiday of the year, and children went back to school this week. It also remains to be seen how demand from China's growth picks up as businesses resume work and travel after the Lunar New Year holiday. Robin Xing, chief China economist at Morgan Stanley, pointed out that in-person meetings are particularly important for doing business in China, and that such interactions weren't easily feasible last year. Ting Lu chief China economist, Nomura

☆ In COVID China, a hospital bed can hinge on who you know, red packets
▼ + stars: | 2023-02-14 | by ( Engen Tham | ) www.reuters.com time to read: +6 min

After hours of frantic calls, Steven was taken to a packed hospital and given oxygen and a bed in a children’s ward. If you know the head of the hospital, then there won’t be trouble getting a bed," a Shanghai doctor said. Although China has tried to crack down on doctor bribery, the regulatory focus has been on payments from pharmaceutical companies rather than patients. Doctors and experts said the use of red packets and "guanxi", or connections, to gain access persists. "Many of those rural patients, COVID patients, that had severe symptoms would choose not to proactively seek care; instead they just die at home," Huang said.

☆ China's factory prices fall as manufacturing struggles to recover
▼ + stars: | 2023-02-10 | by ( Joe Cash | ) www.reuters.com time to read: +4 min

[1/2] Employees work at the production line of aluminium rolls at a factory in Zouping, Shandong province, China November 23, 2019. The drop in factory gate prices was unexpected because China's economic activity returned to growth in January. The official purchasing managers' index (PMI), which measures manufacturing activity, crossing the 50-point threshold for the first time since September. Falling input prices, including chemicals, as well as lower crude oil and domestic coal prices contributed to the greater-than-expected decline. Core inflation, which excludes food and energy prices ticked up to 1.2% last month from an annual gain of 0.7% in December.

☆ China factory gate prices fall in January, CPI rises
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Feb 10 (Reuters) - China's January factory gate prices fell more than economists expected, suggesting that flashes of domestic demand that had stoked consumer prices after the zero-COVID policy ended are not yet strong enough to rekindle upstream sectors. The producer price index (PPI) was down 0.8% on a year earlier, extending the 0.7% drop the prior month and faster than the 0.5% fall tipped in a Reuters poll. The consumer price index (CPI) in January was 2.1% higher than a year earlier, up on the 1.8% annual gain seen in December, data from the National Bureau of Statistics (NBS) showed on Friday, but just shy of the 2.2% increase economists had predicted in a Reuters poll. Economists expect the cost of living in China will pick up over the coming months, with inflation approaching the target of about 3% that the government set last year. (This story has been corrected to say 'fall', instead of 'slow', in the headline)Reporting by Joe Cash; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ What do Chinese travelers want? Luxury 'star-rated' hotels, says new survey
▼ + stars: | 2023-02-10 | by ( Evelyn Cheng | Chris Dwyer | ) www.cnbc.com time to read: +4 min

The research points to growing demand for high-end and luxury hotels in China now that the country has ended domestic travel restrictions — and a Covid wave has passed. watch nowThe report said that "37% of the consumers prefer higher star-rated hotels, up from 18% in 2020, with higher-income consumers showing even stronger appetites for luxury hotel stays (47% vs. 31% in 2020)." "The growing mid-/high-income population in China will fuel continued growth in demand for upscale hotels," the UBS report said. "At present, the number of upscale and luxury hotel guest room contribution and brand penetration rate in China are both lower than in North America." "China's hotel groups are still exploring the upscale hotel market, and we think acquisition of established overseas upscale brands may be their best option, and that founding joint ventures with real estate developers could provide property management resources for expansion into the upscale hotel market."

☆ In aging China, a call for 'bold' steps to cut cost of having babies
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +3 min

HONG KONG, Feb 10 (Reuters) - A Chinese health official has urged local governments to take "bold" steps to lower the cost of having babies and raising children to reduce the burden on families and boost fertility, a state-backed publication reported on Friday. In addition to that is the prospect of a rapidly aging population slowing the economy as revenues drop and government debt increases because of soaring health and welfare costs. Yang Wenzhuang, director of Department of Population Monitoring and Family Development under the National Health Commission (NHC), stressed the importance of family support for improving the fertility rate, the publication the Paper reported. China had to "firmly grasp the important window period of population development" during its 14th five-year plan which runs until 2025, to accelerate "the promotion of childbearing support", he said. Yang's comments were published in the latest issue of NHC-managed magazine, Population and Health, the Paper said.

☆ Column: India's economy - and emissions - primed for big jumps in 2023
▼ + stars: | 2023-02-08 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

Climate trackers will be alarmed by such a robust outlook, as India's power sector already spewed out near record emissions in 2022 when its economy was stuck in a lower gear, and will likely elevate pollution totals further as momentum builds. RECORD USE OF COALIndia's power sector emissions of carbon dioxide (CO2) and equivalent gases are on track for a record in 2022, according to data from think tank Ember. The emissions tally for January through November - the latest monthly data available - is 7.5% above the same period in 2021, which registered a record annual power sector emissions total of 1.091 billion tonnes. Strong, sustained electricity demand from households, retail outlets and offices - mainly for air conditioners - helped push India's overall electricity demand higher in 2022, despite the soft showing from manufacturers. India's electricity generation and emissions scale record highs in 2022Total electricity generation through November increased by 8.3% from the year before, indicating that India's power producers successfully deployed larger amounts of new clean power in 2022 (up 13.3%) than new fossil-fuel power (up 6.7%).

☆ Awful Stock Market Analysts, Wall Street Economists Are Costing Investors Money
▼ + stars: | 2023-02-08 | by ( Neil Dutta | ) www.businessinsider.com time to read: +10 min

One type of data point to be wary of involves vehicles for confirmation, which use old data to confirm what an analyst already believes. The index is also revamped after every recession — given new weights and components so the new index perfectly signals the recession that just happened. Let's assume the ISM signals a turning point in the business cycle when it runs below 50 for three consecutive months. In a bull market, when rising stocks lift all boats, these analysts are still making money while arguing the downside just "hasn't happened yet." No single data point is a substitute for good judgment, which is the best leading indicator of all.

☆ Australia retail sales volumes dip in Q4, price growth slows
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, Feb 6 (Reuters) - Australian retail sales volumes fell for the first time in a year last quarter as shoppers trimmed spending on goods, a sign higher borrowing costs are finally working to curb spending. Data from the Australian Bureau of Statistics on Monday showed real retail sales dipped 0.2% in the December quarter to A$96.9 billion ($66.99 billion). That was still better than market forecasts of a 0.6% fall and will make a slight drag on economic growth. The central bank meets on Tuesday as is widely expected to hike rates by a quarter point to 3.35%. Reporting by Wayne Cole; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

China's population is shrinking. This shocking statistic is only the start of China's population decline. This year India is set to surpass China's population, and in a few years it will surpass China's working-age population — people 20 to 69. Because of its manufacturing prowess and importance to supply chains, China's shrinking working-age population has enormous, direct effects on the global economy. Among today's largest economies, only the US has a projection of positive population growth, though at very low levels.

☆ China’s Consumers Drive Rebound in Economic Activity
▼ + stars: | 2023-01-31 | by ( Stella Yifan Xie | ) www.wsj.com time to read: 1 min

A rapid consumption-led recovery of China’s economy would help buttress global demand for goods and services. HONG KONG—Economic activity in China shook off a monthslong slump in January following the lifting of Beijing’s zero-Covid policy, a positive sign for a global economy that faces a litany of challenges this year. Official gauges of activity in both manufacturing and services improved sharply, with both sectors rebounding into expansion territory, the National Bureau of Statistics said Tuesday.

☆ Oil falls on rate hike worries, Russian export flows
▼ + stars: | 2023-01-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +2 min

SummarySummary Companies OPEC+ seen sticking with oil output policy at Feb. 1 meetingInvestors watch for central bank rate hikesPositive China data caps weaknessLONDON, Jan 31 (Reuters) - Oil prices fell on Tuesday as the prospect of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures fell by $1.01, or 1.19%, to $83.89 per barrel by 0920 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 90 cents, or 1.07%, to $83.60. Interest rate decisions will shed some light on the prospects of economic and oil demand growth," said Tamas Varga of oil broker PVM. Higher rates could slow the global economy and weaken oil demand.

SummarySummary Companies OPEC+ seen sticking with oil output policy at Feb. 1 meetingInvestors watch for central bank rate hikesPositive China data caps weaknessJan 31 (Reuters) - Oil prices fell on Tuesday as the threat of further interest rate increases and ample Russian crude flows outweighed demand recovery expectations from China. March Brent crude futures declined 25 cents to $84.65 per barrel by 0715 GMT. The March contract expires on Tuesday and the more heavily traded April contract fell by 38 cents, or 0.45%, to $84.12. Likewise, U.S. West Texas Intermediate (WTI) crude futures dropped by 44 cents, or 0.56%, to $77.46 a barrel. Higher rates could slow the global economy and weaken oil demand.

The 8.4 trillion yuan ($1.24 trillion) decrease in profits in 2022 followed a 34.3% rise in 2021. Frequent and widespread COVID disruptions hit production at industrial firms, hurting both supply and demand sides and putting huge upward pressure on costs, said Bruce Pang, chief economist at Jones Lang Lasalle. In 2022, profits at foreign firms slumped 9.5%, while those at private-sector firms shrank 7.2%, NBS data showed. Industrial profits data covers firms with annual revenue above 20 million yuan from their main operations. Liabilities at industrial firms rose 8.6% in 2022 from a year earlier, compared with 9.0% growth as of end-November.

☆ Australia Dec retail spending nosedives in warning for economy
▼ + stars: | 2023-01-31 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

Retail sales fell 3.9% in December from November, after 11 months of consecutive gains, Australian Bureau of Statistics (ABS) data showed on Tuesday, suggesting that rate hikes so far are working as intended. "The large fall in December suggests that retail spending is slowing due to high cost-of-living pressures," said Ben Dorber, ABS head of retail statistics. "With the impact of the 2022 rate hikes yet to be fully realised, we still expect two more hikes to be delivered in the first quarter." After the data, futures markets still priced in a hefty 85% chance the cash rate would be raised by a quarter-point next week to 3.35%. An analysis by UBS on Tuesday projects a sharp slowing in spending by those who hold "extra" cash savings to a well-below trend pace from mid-2023.

LONDON, Jan 31 (Reuters) - China’s manufacturing activity has started to increase as the coronavirus epidemic wanes, after the country abandoned its suppression strategy that severely disrupted the economy with a series of city lockdowns. The NBS manufacturing index appears low, barely above the theoretical 50-point threshold dividing expanding activity from a contraction, but that may understate the increase in activity. But China’s manufacturing index has been generally lower and less variable than the comparable indices published for the United States and the euro zone by the Institute for Supply Management and S&P Global respectively. China's index has a standard deviation of 1.59 points compared with 3.99 points for the United States and 4.88 for the euro zone. If that timeline holds, manufacturing and freight transportation activity is likely to increase over the next two months.

☆ China PMI: economic activity expands for the first time in months as Covid 'exit wave' ends
▼ + stars: | 2023-01-31 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Economic activity in China has expanded for the first time in four months as disruptions caused by the abrupt end of its zero-Covid policy appears to be fading. The official non-manufacturing PMI, which tracks activity in the services and construction sectors, surged to 54.4 in January from 41.6 in December, also marking its first expansion in four months. This is a sign that China’s Covid “exit wave” is coming to an end, said analysts from Nomura in a research report. The official PMI survey mainly covers larger businesses and state-owned companies. Zhu Wanchang/VCG/Getty ImagesChina scrapped most of its pandemic restrictions in early December, effectively ending its three-year-long zero-Covid policy.

☆ China economic activity swings back to growth in January - official PMI
▼ + stars: | 2023-01-31 | by ( Joe Cash | ) www.reuters.com time to read: +2 min

BEIJING, Jan 31 (Reuters) - China's economic activity swung back to growth in January, official data showed on Tuesday, after a wave of COVID-19 infection passed through the country faster than expected following abandonment of pandemic controls. The official purchasing managers' index (PMI), which measures manufacturing activity, rose to 50.1 from 47.0 in December, the National Bureau of Statistics (NBS) said on Tuesday. Non-manufacturing activity, which includes provision of services, the construction industry and catering, for example, surged to 54.4, up from 41.6 in December. The official composite PMI, which combines manufacturing and services, rose to 52.9 from 42.6 in December. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Feb. 1.

☆ China’s January factory activity returns to growth as economists cheer its reopening
▼ + stars: | 2023-01-31 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

A textile factory on December 30, 2022 in Jiangxi Province. Chinese manufacturing activity contracted at its sharpest pace in nearly 3 years in December. China's factory activity bounced back in January and expanded for the first time since September, data from the national bureau of statistics showed. The official manufacturing purchasing managers' index (PMI) rose to 50.1 in January, above the 50-point mark that separates growth from contraction. Non-manufacturing PMI rose to 54.4, the highest level since June 2022.

☆ China's factory activity likely contracted more slowly in January
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Jan 30 (Reuters) - China's factory activity in January is expected to have contracted more slowly than in December, a Reuters poll showed on Monday, with production hampered as workers continued to fall sick after the government dismantled its "zero-COVID" regime." While the "exit wave" of infections passed through the population and workforce faster than economists had anticipated, disruptions on production lines persisted. An index reading above 50 indicates expansion in activity on a monthly basis and a reading below indicates contraction. The official manufacturing PMI, which largely focuses on big and state-owned firms, and its survey for the services sector, will be released on Tuesday. The private sector Caixin manufacturing PMI, which centres more on small firms and coastal regions, will be published on Feb. 1.

☆ Australian inflation hits a post-1990 peak
▼ + stars: | 2023-01-25 | by ( Jihye Lee | ) www.cnbc.com time to read: 1 min

Australia's consumer price index reached the highest since 1990 for the quarter of December, 2022. The annualized figure of a rise in consumer prices backed by higher prices in food, automotive fuel, and new residential construction, according to the Australian Bureau of Statistics. Prices rose the most for costs related to domestic and international travel, which rose by 13.3% and 7.6%, respectively. Economists polled by Reuters had forecast the quarter's consumer price index to rise 7.5%, lower than the Reserve Bank of Australia's forecast of 8%. Prices of goods rose 9.5%, a slightly less dramatic print than the 9.6% from the previous quarter — the cost of services rose 5.5%, the highest since 2008.

Search resuls for: "of Statistics"

25 mentions found