MACRO ECONOMIC NEWS

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Macro Economic News 25 Jan 2020

 

IMF chief Kristalina Georgieva said that the growth slowdown in India appears to be temporary and that she expects the momentum to improve soon. Corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax reduction. The United States wants India to buy at least another $5-6 billion worth of American farm goods if New Delhi wants to win reinstatement of a key U.S. trade concession and seal a wider pact, four sources familiar with the talks told Reuters. U.S. increased tariffs on derivative steel products by an additional 25 percent and duties on derivative aluminum products by an additional 10 percent. The U.S. improvement contrasted with weaker economic performance in some of the world’s other major economies. Europe’s economy remained a global weak spot. UK may also use high tariff threat to raise pressure in trade negotiations while EU seeks power to sanction UK over any Brexit deal breaches. Nigeria tightens screws on banks with higher cash requirements and Forex reserve in India hits lifetime high of $462.16 billion. ESIC payroll data sows India created 14.33 lakh new jobs in November while a report expects Fiscal deficit may widen to 3.8% for current financial year.

 

FINANCIAL TIMES

[I]  Brussels builds alliance to bypass US block on WTO judges

[I]  Brazilian strongman snubbed in west to be guest of honour at India’s Republic Day

[I]  Eurozone makes weak start to year as services stall

[I]  Data from France offsets better than forecast German activity in PMI surveys

[I]  France and Australia confirm first cases of disease and US second of Sars-like virus

[I]  Private sector confidence bounce points to stronger economy

[I]  Macron defies protests over pension reforms

[I]  EU seeks power to sanction UK over any Brexit deal breaches

 

REUTERS

[I]  U.S. pushing India to buy $5-6 billion more farm goods to seal trade deal - sources

[I]  Exclusive: India faces first fall in direct taxes in at least two decades - sources

[I]  Exclusive: India likely to raise import duties on more than 50 items next week

[I]  Exclusive: Indonesia to increase imports from India amid New Delhi-Malaysia spat - sources

[I]  Exclusive: India's rice exports fall sharply as sanctions delay payments from Iran

[I]  Trump increases tariffs on derivative steel, aluminum products from some countries

[I]  UK to use high tariff threat to raise pressure in trade negotiations - The Times

 

BLOOMBERG 

[I]  Have We Reached Peak Globalization?

[I]  Libya Oil Shutdown Is a ‘Bullet in the Head,’ Says Bank Governor

[I]  Charting the World Economy: Fed Can Rest Easy, BOE in Tough Spot

[I]  Nigeria Tightens Screws on Banks With Higher Cash Requirements

[I]  Canadian Retail Sales Rebound in November, Beating Forecasts

 

WALL STREET JOURNAL

[I]  U.S. Business Activity Increases in Early 2020

[I]  Climate Change—and Ideas for Tackling It—Dominated Davos

[I]  Wuhan Virus Could Hit China’s Economy Harder Than SARS

[I]  New Warehouse Supply Projected to Exceed Demand Over Next Two Years

[I]  U.S. Existing-Home Sales Wrapped Up 2019 on Solid Note

[I]  The Stock Market Where Family Succession Still Matters

 

BUSINESS LINE

[I]  Direct tax mop-up to fall this year for the first time in two decades

[I]  Growth slowdown in India is temporary, says IMF chief

[I]  RBI doubles FPIs’ debt investment limit

[I]  ‘India going through a slowdown like 2001-03, but there’s no crisis’

[I]  Financial services sector optimistic about turnaround

 

ECONOMIC TIMES

[I]  US pushes India to buy $5-6 billion more farm goods

[I]  Direct taxes may fall for first time in two decades

[I]  Forex reserve hits lifetime high of $462.16 billion

[I]  Govt to repeal Plantation Labour Act; tea industry concerned

[I]  14.33 lakh new jobs created in November: ESIC payroll data

[I]  Fiscal deficit may widen to 3.8% for current financial year: Report

 

BUSINESS STANDARD

[I]  Indian growth slowdown temporary, expect momentum to improve: IMF chief

[I]  India faces first fall in direct taxes in at least two decades: Report

[I]  Parliamentary panel invites suggestions on Personal Data Protection Bill

[I]  India likely to ask Brazil to expedite negotiations for trade pact

[I]  India, US agree to resolve amicably dispute over steel import duty

[I]  Dairy cooperatives, companies spar over allowing imported milk powder

 

Best Regards, ARBIND

25 Jan 2020