Discover and read the best of Twitter Threads about #Economy

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#China's exports and imports contracted in November as the #COVID19 outbreak disrupted production and weakened demand at home. The value of exports fell to a low of $296 billion, the lowest since April when the lockdown of Shanghai closed factories. 🧵
The decline in imports also widened to 10.6%, leaving a narrower trade surplus of $69.8 billion last month.
China's government is now looking to relax the #COVIDZero policy to reduce its impact on the economy and add more stimulus.
Read 5 tweets
⚡China's Jan-Nov surplus (in USD terms) $802.04 billion
#Imports +2.0% y/y
#Exports +9.1% y/y
1/ thread #trade #import #export #economy 🇨🇳 🇺🇸
#China's Jan-Nov surplus (in yuan terms) 5.34 trillion yuan
#Imports +4.6% y/y
#Exports +11.9% y/y
2/ thread #trade #import #export #economy 🇨🇳 🇺🇸
China November trade balance(in yuan term) 494.33 bln yuan; Est. 486.0bln, Prev. 586.8bln;
#Imports -1.1 y/y ; Est. +7.1%, Prev.+6.8%;
#Exports +0.9% y/y ; Est. +8.2%, Prev.+7.0%.
3/ thread #trade #import #export #economy 🇨🇳 🇺🇸
Read 7 tweets
The four unpleasant means to get #inflation under control:

1) Keep rising rates.
2) Getting rid of all (useless) Covid restrictions + NO more stimulus.
3) Peace in #Ukraine .
4) Running down the global balance sheet of #centralbanks .
(+ A revolution?)

🧵 1/15
#inflation = excess (monetary) demand over supply.

You need to get demand down and/or supply up to get price pressures under control.

Current situation is an (insane) combo of stimulus and demand destruction. We, e.g., should do everything to grow energy production. 2/
We are at a situation, where #inflation expectations are becoming a problem. Firms are rising prices and workers demand higher salaries in expactation of fast inflation. 👉 The worst situation.

We are also entering the second leg of #EnergyCrisis . 3/
mtmalinen.substack.com/p/winter-is-he…
Read 15 tweets
JUST IN: #BNNAfghanistan Reports.

Local media officials in Helmand province fear a possible province-wide end to media activities due to the prevailing economic crisis in the country. #media #Helmand #economy #Afghanistan
They further urged the government and local and international organizations to support media in the province, to provide financial aid for them to continue operations.
Head of media in Helmand, Hafiz Ahmad Nasrat, in a statement said, “if media-supporting organizations do not support media in this province the remaining media will be closed soon.”
Read 4 tweets
JUST IN: #BNNUK Reports.

Southern Water has announced a £98m package of support for its customers, mostly across Hampshire, the Isle of Wight, Kent, and Sussex, to combat the cost of living crisis. #UK #Economy
The water firm said it would boost minimum bill discounts for 125,000 households from 20% to 45%. Customers in greater need would get discounts of up to 90%, it added.
"As water is an essential service people cannot live without, we believe it is critical that we support thousands of vulnerable households in our region who need a break," Southern Water's chief customer officer said.
Read 4 tweets
BREAKING: #BNNJapan Reports.

Japan plans to defer its plans to boost the defense budget through a hike in taxes, reports say. Instead, the government will continue to look for another steady source of revenue to implement a plan of Prime Minister Fumio Kishida
...of raising defense spending to 2% of gross domestic product GDP by 2027 from the current 1%. For now, the government is likely to forego deciding on a specific tax increase. #Japan #War #economy #politics
This comes as some Liberal Democratic Party LDP lawmakers of the ruling bloc opposed raising taxes that would directly hit consumers and companies.
Read 4 tweets
BREAKING: #BNNUganda Reports.

According to an official, the African Development Bank has invested more over Shs1 trillion to repair the Kampala-Malaba Uganda metre gauge railway to enhance regional trade. #Economy #Uganda #Investment
The railway line is part of the East African Community's Northern Corridor, which connects Uganda's capital, Kampala, to Kenya's coastal city of Mombasa.
While approving the loan in Ivory Coast last week, the bank's group president, Mr. Akinwumi Adesina, stated that railway lines are vital to opening up Africa's heartland, which has enormous agricultural and economic potential.
Read 7 tweets
BREAKING: #BNNChina Reports.

The Japanese division of Chinese automotive manufacturer BYD announced that it will start selling its battery-only electric vehicles (EVs) in Japan starting January 2023. #China #economy #EV #business
BYD will first roll out an electric sports utility vehicle, Atto3 on Jan. 31 which will cost 4.4 million yen ($32,735.66) and will have a cruising distance of 485 kilometers.
Compared to this, Nissan Motors' Leaf standard electric vehicle model costs 3.7 million yen and has a cruising distance of 322 kilometers.
Read 5 tweets
BREAKING: #BNNVietnam Reports.

The market gained for the third week in a row last week, with the VN-Index gaining the most since 2009. According to experts, the Vietnamese stock market's advance is projected to continue
#Vietnam #Economy #StockExchange #Market #HoSE
...with the benchmark index heading toward the next resistance level of 1,130 points. The VN-Index on the Ho Chi Minh Stock Exchange (HoSE) concluded last week at 1,080.01 points, up 4.22 percent, & the HNX-Index on the Hà Ni Stock Exchange (HNX) up 2.35 percent to 215.96 points.
The VN-Index gained 11.17 percent last week, while the latter gained 9.75 percent. After three weeks of gains, the market benchmark has risen 23.6 percent since its low of 873.78 points on November 16.
Read 5 tweets
BREAKING: #BNNVietnam Reports.

President Nguyn Xuân Phc began his visit to Seoul on Sunday with a series of meetings with organisations that have made major contributions to the friendship, economic-cultural cooperation
#Vietnam #ExternalAffairs #economy #RoK #Korea #Seoul
...and people-to-people exchanges between Vietnam and the Republic of Korea (RoK). During a visit to the RoK by a representative of the L (Lee) family, descendants of a fleeing Vietnamese royal in the 12th century...
...the President stated that the Vietnamese State and people are pleased and proud of the family's accomplishments as well as contributions to both nations and their relations.
Read 7 tweets
JUST IN: #BNNUK Reports.

The National Union of Rail, Maritime and Transport Workers (@RMTunion) has rejected an offer from rail employers aimed at heading off more strikes. #UK #Economy
The @RailDeliveryGrp offered the union a pay rise of 8% over two years with a guarantee of no compulsory redundancies until April 2024. This was done in an attempt to resolve a long-running dispute over jobs and pay.
The RMT’s general secretary Mick Lynch, said: “We have rejected this offer as it does not meet any of our criteria for securing a settlement on long-term job security, a decent pay rise, and protecting working conditions.
Read 5 tweets
JUST IN: #BNNSouthKorea Reports.

Yoon Suk-yeol, South Korean President has instructed officials on Sunday to prepare an executive order for striking truckers in the fuel and steel industries to return to work, due to the logistics disruptions caused by the collective action.
Yoon presided over a meeting of relevant Cabinet ministers on the topic of the ongoing strike and instructed the officials to "prepare to immediately issue an administrative order for industries, such as oil and steel, that are feared to incur additional damage".
This move comes five days after Yoon invoked a back-to-work order for cement truck drivers. A specific time frame for a second executive order was not provided by him.
Read 8 tweets
JUST IN: #BNNTurkey Reports.

Recep Tayyip Erdogan (@RTErdogan), Turkish President said on Sunday that, Turkey is indulged in preparatory works to create a gas hub to supply gas to Europe. #Turkey #Russia #Europe #Economy
Media reports quoted him as saying, "[Russian President Vladimir] Putin, as you know, suggested that natural gas for Europe be distributed via Turkey’s territory. We are conducting preparatory works for that".
During the Russian Energy Week, Russian President Vladimir Putin advanced the idea of establishing a hub in Turkey to redirect the volume of gas, the transit of which is no longer possible through the Nord Stream.
Read 5 tweets
JUST IN: #BNNBelarus Reports.

Yury Seliverstov, Belarusian Finance Minister said on Sunday that, Belarus will pay for Russian energy resources in Russian rubles in 2023. #Belarus #Russia #Rubles #Economy
Seliverstov said, "Naturally, it is advantageous [to pay in Russian rubles]. Our proceeds are in Russian rubles, so, we have no problems with that".

According to Seliverstov, Belarus pays in Russian rubles not only for energy resources, but also pays off its debt liabilities.
Seliverstov said, "The scheme is the same, it is quite comfortable for us".

Russia and Belarus amended the agreement related to gas supplies in May 2022.
Read 4 tweets
JUST IN: #BNNFrance Reports.

Emmanuel Macron (@EmmanuelMacron), French President on Sunday, expressed confidence in India's leadership and wished Narendra Modi (@narendramodi), Indian Prime Minister, as India assumed G20 Presidency for 2023 on December 1.
Macron wrote, "One Earth, One Family, One Future. India has taken over the presidency of G20. I trust my friend Narendra Modi to bring us together in order to build peace and a more sustainable world".
For this, Modi replied Macron and wrote, "Thank you, my dear friend, @EmmanuelMacron! I look forward to consulting you closely during India's G20 Presidency, as we work to focus the world's attention on the issues that affect humanity as a whole".
Read 4 tweets
BREAKING: #BNNNigeria Reports.

If elected in February, the anti-establishment candidate for Nigeria's presidency will reform the country's costly subsidy system and unify the multiple exchange rates of the local naira currency, according to his manifesto released on Sunday. Image
If elected on February 25, Labour Party candidate Peter Obi said he would "demand transparent liberalization of the foreign exchange market."
He would abolish a multiple-rate naira regime that "effectively subsidises a few privileged persons while depriving government of desperately needed revenues," according to his manifesto, and "unaffordable subsidies" would be recalculated to benefit poorer citizens.
Read 5 tweets
BREAKING: #BNNItaly Reports.

Following discussions with the European Commission (@EU_Commission), Italy's Prime Minister Giorgia Meloni (@GiorgiaMeloni) said on Sunday that she may scale back plans to make it easier to settle small payments with cash rather than cards.
Meloni's government has presented a budget for 2023 that eliminates fines for retailers who refuse card payments for less than 60 euros ($63.23), a move seen as going against the spirit of commitments made with the EU.
Meloni in a video posted on Facebook said, "Until 60 euros, we would like not to force retailers to accept electronic payments. But let's say that the 60-euro threshold is indicative, for me it could even be lower,"
Read 4 tweets
JUST IN: #BNNNigeria Reports.

The Socio-Economic Rights and Accountability Project (@SERAPNigeria) has filed a lawsuit against President Muhammadu Buhari over alleged mismanagement of the ecological funds. #Economy #Nigeria
Joined in the suit before a Federal High Court sitting in Lagos, marked FHC/L/CS/2283/2022, are the Attorney-General of the Federation and Minister of Justice, Abubakar Malami (SAN), and Secretary to the Government of the Federation, Boss Mustapha.
The suit reads in part, "The Federal Government has the legal obligations to address the calamitous consequences of flooding for the human rights of millions of people, and to prevent and address the consequences that climate change may reap on human rights.
Read 7 tweets
JUST IN: #BNNArgentina Reports.

The Ministry of Labor, Employment and Social Security financed 131 projects under the Labor Insertion Program, which enabled the inclusion of 160 people with disabilities in formal jobs.#Argentina #Employment #Economy
The Job Training Actions Program facilitates the acquisition of knowledge and experience in tasks and jobs in demand locally, through participation in real jobs, and provides participants with monthly financial assistance.
Law 22.431 establishes the labor quota and obliges the State, the Executive, Legislative and Judicial Branches, and private companies that are concessionaires of public services to employ at least 4% of people with disabilities.
Read 5 tweets
JUST IN: #BNNMexico Reports.

The Secretary of Economy, Raquel Buenrostro, met in Washington with the U.S. Secretary of Commerce, Gina M. Raimondo, to strengthen supply chains and promote the relocation of companies. #Mexico #Economy #Politics
Buenrostro visited Raimondo at her offices in Washington, D.C. to follow up on their first virtual meeting.

At the meeting, both officials agreed that the main pillars on which the region's economic development rests are energy security, food security and national security.
The Ministry of Economy informed that during the meeting, several topics were discussed, including the relocation of companies from Asia to North America and the strengthening of supply chains, particularly in the printed circuit board and semiconductor sectors.
Read 4 tweets
JUST IN: #BNNDRC Reports.

The 2023 budget measure was approved by the National Assembly on Saturday, December 3.

In terms of revenue and expenses, the central government's budget for the 2023 fiscal year is balanced at 32,034.7 billion FC (15.8 billion USD),
...representing a 44.0% increase over the 2022 finance law forecast of 22,253.0 billion FC (10.7 billion USD).

All 402 of the voters cast votes in favor. When a measure passes first reading, it is sent to the Senate for a second reading.
This measure was studied by the Ecofin commission, whose report was tabled on September 15—the first day of the current session—and after which its adoption was approved.
Read 4 tweets
JUST IN: #BNNArgentina Reports.

The International Monetary Fund @IMFNews and the Argentine economic team reached a staff-level agreement on the third program review under the Fund's Extended Fund Facility Agreement. #Argentina #IMF #Economy
"The agreement is subject to approval by the IMF Executive Board, which is expected to meet this month. Once the review is completed, Argentina will have access to about US$6 billion (SDR 4.5 billion)," the statement said.
"The IMF staff and the Argentine authorities reached agreement at the staff level on an updated macroeconomic framework and associated policies needed to complete the third review under Argentina's 30-month SAF arrangement," the IMF said.
Read 5 tweets
JUST IN: #BNNNigeria Reports.

The Nigeria Labour Congress (@NLCHeadquarters) and the Trade Union Congress have called on the President Muhammadu Buhari-led Federal Government (@NigeriaGov) to end fuel shortage and hike in its prices across the country. #Nigeria #Economy
This was contained in a statement jointly signed by the President of the NLC, Ayuba Wabba, and his TUC counterpart, Festus Osifo, and released today in Abuja. They urged the FG to proffer lasting solutions to the usual queues that litter the country, especially in December.
They decried the adulteration of petroleum products by industry stakeholders in a bid to make more money, stating, "All these have tragic consequences for the Nigerian people and debilitating effects on the health of the economy which itself is not in good state.
Read 6 tweets
JUST IN: #BNNUK Reports.

Thousands of Scottish families with prepayment meters are still missing out on vouchers to pay their energy bills since October. #Scotland #UK #Economy
As per the rules, every bill payer is entitled to a discount of £66 a month from October to March as part of the government's Energy Bill Support Scheme.
About 3,00,000 prepayment customers in Scotland should be sent vouchers to top up at a shop or Post Office. Last month, the UK's biggest voucher processor, said only 60% of those eligible had redeemed the credits, which are valid for 90 days.
Read 4 tweets

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