Business Phenoms

China's central bank head said on Tuesday that China is not going to follow other countries in significantly loosening monetary settings , adding that has ample options to help prop up slowing growth. People’s Bank of China governor Yi Gang is therefore maintaining its cautious approach to stimulating the economy. The People's Bank of China will avoid a "massive stimulus," Yi Gang said at a news conference. Despite a slew of growth measures since last year, the world’s second-largest economy has yet to stabilize as the Sino-U.S. trade war shows no sign of ending. Analysts expect growth could cool further this quarter from a near 30-year low of 6.2% hit in April-June. Beijing is trying to shore up cooling economic growth amid a tariff war with Washington but is wary of reviving a rise in debt levels that are so high that rating agencies have cut China's credit rating. "Macro-economic policies have significant room to move , especi...

The indian economy grew at its slowest annual pace in six years in April-June, 5%. Confidence in the Indian economy is giving way to uncertainty as growth in the labor-intensive manufacturing sector has come to a near standstill, braking to 0.6% in the last quarter from 12.1% in the same period a year earlier. Many economists believe Prime Minister Narendra Modi’s signature economic policies are at least partly to blame. A surprise demonetization in 2018 and the hasty rollout of a goods and services tax were dire blows to manufacturing, especially the auto industry. The fourth largest in the world, it’s a pillar of the Indian economy, contributing 7.5% to the country’s GDP. The industry employs almost 37 million people and is on its way to shedding as many as a million jobs in the months ahead because of declining sales, according to the Auto Component Manufacturers Association of India. Car deliveries in August dropped 41% from a year earlier, truck and bus sales fell 39% an...

Fed Chairman Jerome Powell pushed back against perceptions that the U.S. economy was tilting into a recession, while leaving the door open to further interest-rate cuts to keep the country’s record economic expansion on track. Speaking Friday in Zurich, Powell said consumer spending and support from monetary policy should help deliver economic growth between 2% and 2.5% this year. His remarks followed a mixed August jobs report and other readings on the economy that show fallout from President Donald Trump’s trade disputes. “The most likely outlook for our economy remains a favorable one with moderate growth, a strong labor market and inflation moving back up close to our 2% goal,’’ Powell said during a question and answer session. “All that said, there are significant risks and we’ve been monitoring those, including slowing global growth, uncertainty around trade policy, and also persistently low inflation.” The chairman’s remarks sought to counter pessimism building in the fin...