Page 36 - Global Economy
JPMorgan suspends buybacks, warns on global economy as Q2 profit slumps
JPMorgan Chase & Co reported a bigger-than-expected 28% fall in quarterly profit and suspended share buybacks on Thursday, as America's largest bank set aside more money to cover potential losses
 "JPMorgan suspends buybacks, warns on global economy as Q2 profit slumps")
World faces increasing risk of recession in next 12 months, says IMF
The commodity price shock from the war in Ukraine had exacerbated the cost-of-living crisis for hundreds of millions of people, Kristalina Georgieva said and it was 'only getting worse'
 "World faces increasing risk of recession in next 12 months, says IMF")
The recent correction has removed froth in the broader market: C J George
India will be the fastest growing large economy in the world. Our corporate profit to GDP is on a steady uptrend. Therefore, India will outperform
 "The recent correction has removed froth in the broader market: C J George")
Almost 4.5 million UK families are under serious financial difficulties
Of those in serious financial difficulty, 71% have reduced the quality of food they eat, 36% have sold or pawned possessions and 27% have canceled or not renewed insurance
 "Almost 4.5 million UK families are under serious financial difficulties")
Rice production under threat due to higher fertilizer costs, booming demand
China's worried about the crop impact of pests, while India's output depends on a good monsoon
 "Rice production under threat due to higher fertilizer costs, booming demand")
A major recession in developed countries is unlikely: AIIB chief economist
We will have inflation at an elevated level for some time, says AIIB chief economist Erik Berglof
 "A major recession in developed countries is unlikely: AIIB chief economist")
Wall Street says a recession is coming. Consumers say it's already here
Layered on top of the inflation squeeze are the mounting concerns about the outlook for economic growth, not just this year, but into 2023
 "Wall Street says a recession is coming. Consumers say it's already here")
Euro slumps to two-decade low, oil tumbles as recession fears intensify
The euro sank on Tuesday to its weakest level against the dollar in almost 20 years while oil futures tumbled and bond prices rose as investors sought safety
 "Euro slumps to two-decade low, oil tumbles as recession fears intensify")
Many major economies to hit recession in CY23, says Nomura Holdings
The brokerage expects the euro zone, the UK, Japan, South Korea, Australia and Canada to fall into recession along with the US
 "Many major economies to hit recession in CY23, says Nomura Holdings")
Asian stocks make tentative start to second half under growth clouds
MSCI's broadest index of Asia-Pacific shares outside Japan was flat, with trade thinned by a holiday in Hong Kong
 "Asian stocks make tentative start to second half under growth clouds")
Asian stocks fall in early trade amid concerns over recession, oil prices
Chinese blue chips which hit a four week high the day before, lost 0.6% while the Hong Kong benchmark fell 1.3%
US dollar, Japanese Yen find support as investors put safety first
The dollar and Japanese yen both found support in a choppy Asia session on Monday, benefiting from a bid for safety as investors worried rising interest rates and softening economic data
 "US dollar, Japanese Yen find support as investors put safety first")
Joe Biden, G7 leaders huddle on energy, inflation, Russia-Ukraine war
US President Joe Biden and his Group of Seven allies will huddle on strategies to secure energy supplies and tackle inflation, aiming to keep the fallout from Russia's invasion of Ukraine
 "Joe Biden, G7 leaders huddle on energy, inflation, Russia-Ukraine war")
How G7 could help the debt-distressed
This small and wealthy group with its outsize power is uniquely positioned to help low-income countries manage deteriorating macroeconomic conditions
 "How G7 could help the debt-distressed")
War in Europe may snuff out global recovery: RBI Dy Governor Michael Patra
Says monetary policy decisions by central banks around the world aimed at their own constituencies. But since inflation is the biggest policy issue right now, it seemed coordinated
 "War in Europe may snuff out global recovery: RBI Dy Governor Michael Patra")
PM Modi urges industry to set up long-term export targets, 'double efforts'
Despite disruptions in the global economy, India's goods and services exports stood at $670 billion and exceeded the $400-billion target for merchandise export alone, he said
 "PM Modi urges industry to set up long-term export targets, 'double efforts'")
Recession certainly a possibility, says Powell; global growth outlook weak
'The central bank was not trying to engineer a recession in the United States to stop inflation but was fully committed to bringing prices under control even if doing so risks an economic downturn'
 "Recession certainly a possibility, says Powell; global growth outlook weak")
More than half of global consumers didn't save during pandemic: Survey
Just 13% used them to fund holidays and social events since restrictions lifted, and 19% used the money for home improvements or moving house
 "More than half of global consumers didn't save during pandemic: Survey")
China defends 'zero-Covid' policy after US envoy warns of economic costs
We have full confidence that (we can) contain the epidemic, steady the economy and achieve the goal of safe economic development: Foreign Ministry spokesperson Wang Wenbin
 "China defends 'zero-Covid' policy after US envoy warns of economic costs")
US in better position than any other nation to deal with inflation: Biden
At the same time, Biden acknowledged that Americans are "really, really down" on the state of the country