NEW DELHI (Reuters) - India collected 1.74 trillion rupees ($20.86 billion) as gross goods and services tax (GST) in June, 8% more than the same period last year, a source aware of the matter said on Monday.
The government had collected 1.61 trillion rupees as GST in the same month last year. ($1 = 83.4305 Indian rupees)
(Reporting by Nikunj Ohri; Editing by Savio D'Souza)
BRUSSELS/LONDON (Reuters) -EU countries are wavering over whether to back additional tariffs on Chinese-built electric vehicles, highlighting Brussels' challenge in building support for its largest trade case yet as Beijing threatens wide-ranging retaliation. Germany, whose carmakers made a third of their sales last year in China, wants to stop the tariffs, according to a government source, while France has been among the firmest backers. The issue will be put to members in an advisory vote in the coming weeks, the first official test of support in a landmark case for the Commission.
Beijing should be wary of wider decoupling risks as even close trading partners mirror the US in demanding restrictions on Chinese-made imports, a consultancy has warned, even if the impact of the latest US tariff hikes would be "manageable". The warning from Dalian Infobank, a Chinese trade data and analysis agency, comes as the world's No. 2 economy faces increasing trade frictions globally. In May, the United States announced new tariffs on US$18 billion worth of Chinese imports, followed by
Governments owe an unprecedented $91 trillion, an amount almost equal to the size of the global economy and one that will ultimately exact a heavy toll on their populations.
TOKYO (Reuters) -Japan began circulating its first new banknotes in 20 years on Wednesday, featuring three-dimensional portraits of the founders of financial and female education institutions in an attempt to frustrate counterfeiters. The notes use printed patterns to generate holograms of the portraits facing different directions, depending on the angle of view, employing a technology that Japan's National Printing Bureau says is the world's first for paper money. "Faces of those representing Japan's capitalism, women's empowerment and technology innovation are on the new bills," Prime Minister Fumio Kishida said at a function.
SINTRA, Portugal (Reuters) -The U.S. is back on a "disinflationary path," Federal Reserve Chair Jerome Powell said on Tuesday, but policymakers need more data before cutting interest rates to verify that recent weaker inflation readings provide an accurate picture of the economy. Data for May showed the Fed's preferred measure of inflation did not increase at all that month, while the 12-month rate of price increases has ebbed to 2.6%, still above the U.S. central bank's 2% target but on the way down after a scare in the first months of the year. "We just want to understand that the levels that we're seeing are a true reading on what is actually happening with underlying inflation," Powell said at a monetary policy conference in Portugal sponsored by the European Central Bank.
Recent gauges of China's manufacturing activity show export demand, but domestic sentiment is weak.
The next move is almost certainly lower, which should benefit dividend payers, home builders, and auto makers.
Jayon Evans*, 37, a police officer in New City, New York (which has a population of close to 35,000 people), has been utterly unimpressed with -- if not downright disgusted by -- the work of the Biden...
Federal Reserve chair Jerome Powell managed to smooth some election-ruffled feathers in bond markets on Tuesday, helping Wall St stocks back to all-time highs as a sweep of labor market soundings are due ahead of the July 4 break. U.S. Treasuries, which had been hit earlier this week by rising bets on Donald Trump's return to the White House and the fiscal implications of his campaign promises, have calmed somewhat since Powell spoke in Portugal on Tuesday. Ten-year yields have slipped back to 4.43% from peaks close to 4.5% set on Monday - when betting markets pushed former President Trump's chances of beating incumbent Joe Biden in November to more than 60% after Biden's dire TV debate performance last week.
The number of Americans filing new claims for unemployment benefits increased last week, pointing to easing labor market conditions. Initial claims for state unemployment benefits rose 4,000 to a seasonally adjusted 238,000 for the week ended June 29, the Labor Department said on Wednesday. The report was released a day early because of the Independence Day holiday on Thursday.
SEOUL (Reuters) -South Korea's government on Wednesday vowed to support small businesses and the construction sector struggling due to high interest rates in the second half of 2024, as it revised up its forecast for this year's economic growth. The government has prepared a total of 25 trillion won ($18 billion) worth of support measures, Yoon said.
Euro zone inflation eased last month but a crucial services component remained stubbornly high, likely fuelling concern among some European Central Bank policymakers that domestic price pressures could stay at elevated levels. Consumer inflation in the 20 nations sharing the euro currency slowed to 2.5% in June from 2.6% a month earlier, in line with expectations in a Reuters poll of economists, as a rise in energy and unprocessed food costs moderated. While the ECB has long predicted that inflation will hover on either side of this level for the rest of the year, economists are scrutinizing underlying price trends to gauge whether the ECB can indeed bring inflation down to its 2% target next year.
“Because the U.S. economy is strong and the labor market is strong, we have the ability to take our time and get this right,” the Fed Chairman said on Tuesday.
Prices in British shops rose at the slowest pace in almost three years last month, according to industry figures that underscore how inflation has cooled even if Prime Minister Rishi Sunak is unlikely to see much benefit in this week's national election. Prices for non-food goods fell by 1.0% in annual terms after a 0.8% drop in May - helped by promotions on TV sets timed to coincide with the Euro 2024 soccer tournament - while food inflation slowed for a 14th month in a row to 2.5% from 3.2%%. "This will be of help to shoppers as they plan their household budgets for essential goods and services," said Mike Watson, head of retailer and business insight at NielsenIQ, which provides data for the BRC.
Food inflation is now lower than at any point since December 2021, helped by falling prices for key products such as butter and coffee.
The latest job openings data comes as economists have been closely tracking whether a cooldown in the labor market could spiral further.
Viktor Orban has made a surprise visit to Kyiv where he urged Volodymyr Zelensky to accept the Kremlin’s offer of a ceasefire.
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A Russian missile attack destroyed five warplanes at a Ukrainian airbase primed to receive F-16 fighter jets from Kyiv’s Nato allies.
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