Page 28 - Global Economy
Oyo Hotels is slashing footprint and headcount in virus-hit Japan
The Indian start-up slashed its regional presence by closing offices in provincial centers Sapporo, Sendai, Nagano, Hiroshima and Omiya at the end of June, Chief Business Officer Ryota Tanozaki said.
 "Oyo Hotels is slashing footprint and headcount in virus-hit Japan")
Opec cuts output to lowest since 1991 as coronavirus slams oil demand
The Organization of Petroleum Exporting Countries cut production by 1.93 million barrels a day to 22.69 million a day last month, according to the survey.
 "Opec cuts output to lowest since 1991 as coronavirus slams oil demand")
Shell plans to slash value of its oil & gas assets by up to $22 billion
The writedown announcement came after Shell cut its forecast for energy prices into 2023 on expectations that sales will only recover slowly after the pandemic
 "Shell plans to slash value of its oil & gas assets by up to $22 billion")
Investors bullish on gold amid strong fundamentals, weak global economy
Despite falling imports into India and China, gold prices are moving up due to high investment and consumer demand in the US
 "Investors bullish on gold amid strong fundamentals, weak global economy")
World Coronavirus Dispatch: Did the disease appear earlier than thought?
From taking a look at potential holiday destinations, to a possible wave of bankruptcies in Russia
 "World Coronavirus Dispatch: Did the disease appear earlier than thought?")
Legacy of coronavirus will be weak global inflation, say economists
Beyond being a symptom of recession, weak price growth or outright deflation also creates more headaches for the world's biggest central banks
 "Legacy of coronavirus will be weak global inflation, say economists")
Central banks have thrown trillions at Covid-19. What do they have left?
For central banks that already print money to buy assets, so-called helicopter drops could follow -- directly funding state spending with newly created money that's not offset by government IOU
 "Central banks have thrown trillions at Covid-19. What do they have left?")
IMF projects global economy to shrink by 4.9% this year over Covid-19
The International Monetary Fund has sharply lowered its forecast for global growth this year because it envisions far more severe economic damage
 "IMF projects global economy to shrink by 4.9% this year over Covid-19")
India's Covid-19 pandemic fiscal cost lowest among major nations: Report
Business Standard's own calculations suggest that the Centre's fiscal impact amounts to around Rs 2.28 trillion, or around 1.2 per cent of GDP.
 "India's Covid-19 pandemic fiscal cost lowest among major nations: Report")
World Coronavirus Dispatch: Covid could wipe out $16 trn of global wealth
WHO halts HCQ trials again, Australia jobless rate 19-year high, UK builds Covid war chest-roundup of news from across the world on the Covid-19 pandemic
 "World Coronavirus Dispatch: Covid could wipe out $16 trn of global wealth")
BP wipes up to $17.5 billion from assets with bleaker oil outlook
Like its rivals, the British oil major is set to take a big hit to revenue from an unprecedented collapse in demand due to the pandemic.
 "BP wipes up to $17.5 billion from assets with bleaker oil outlook")
M&M plans to exit loss-making international subsidiaries in a year
The move is prompted by the steep impairment loss reported by the consolidated entity as SsangYong Motor (SYMC), its Korean subsidiary, and Genzee, its two-wheeler entity in the US, turned in losses.
 "M&M plans to exit loss-making international subsidiaries in a year")
The mythology of fear
Instead of its once haloed existence as the year of lofty goals and vision statements, it is now staring at an epitaph that may well read: The year when death ran amok and the gods went missing.
 "The mythology of fear")
World coronavirus dispatch: Will economy bear lingering scars of pandemic?
From rising Covid-19 infections in India, Bangladesh and Pakistan, to Twitter cracking down on Chinese propaganda, and Japan's $298-billion stimulus - read these and more in today's world dispatch
 "World coronavirus dispatch: Will economy bear lingering scars of pandemic?")
Global natural gas demand set for biggest fall on record, says report
Consumption is set to slump by 4% this year, or twice the amount lost after the 2008 financial crisis, according to the International Energy Agency's Gas 2020 report.
 "Global natural gas demand set for biggest fall on record, says report")
Covid-19 impact: India's economy to shrink by 3.2% in FY21, says World Bank
India to lose tag of fastest growing large economy to China for another two years
 "Covid-19 impact: India's economy to shrink by 3.2% in FY21, says World Bank")
ECB prepares more aid for euro zone economy to help Covid-induced recession
The ECB makes it clear it will do its part and the severity of the recession argues for earlier action
 "ECB prepares more aid for euro zone economy to help Covid-induced recession")
India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner
Gartner expects spending on devices and data centre systems in India to see their steepest declines in 2020, at -15.1 per cent and -13.2 per cent, respectively.
 "India IT spending to dip 8% in 2020 amid Covid-19 pandemic, says Gartner")
Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis
Most of the reductions will take place this year, according to an internal memo said.
 "Chevron Corp sees up to 15% reduction in positions amid Covid-19 crisis")
Wealth managers advise clients to invest in US-oriented offshore products
International funds delivered 6.8% returns in one year, against large drawdowns in domestic funds
 "Wealth managers advise clients to invest in US-oriented offshore products")
