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    Hong Kong (CNN Business)China's top leadership has gone quiet on the growth targets it had set for the year, as the world's second-largest economy continues to battle a largely self-inflicted economic slowdown.In early March, China's government had said that the country would target gross domestic product growth of about 5.5% this year. While that would be China's lowest official target for economic growth in three decades, economists have said that it is looking increasingly impossible to reach.Over the last few months, the Chinese economy has been hammered by rigid Covid lockdowns, a crackdown on the private sector and an intensifying property crisis. Growth slowed to only 0.4% in the second quarter, while youth unemployment soared to an all-time high. Chinese President Xi Jinping claps hands during the Second Plenary Session of the Fifth Session of the 13th National People's Congress on March 08, 2022, at the Great Hall of the People, in Beijing, China. Now, the country's leadership has fallen silent on growth targets all together. At a key meeting of top leaders on Thursday, no mention of GDP...
    Facing a potentially grim report this week on the economy’s overall health, President Joe Biden wants to convince a skeptical public that the U.S. is not, in fact, heading into a recession. The Commerce Department on Thursday will release new gross domestic product figures. Top forecasts such as the Atlanta Federal Reserve’s GDPNow are predicting that the figure will be negative for the second straight quarter — an informal signal that the country is stuck in a downturn. That’s political chum for Republicans in an election year. The Biden administration is pre-emptively telling voters not to judge the economy by GDP or inflation alone. It says people should look at job gains, industrial output and other measures that point toward continued growth, even as Americans are downbeat in polls on the economy and Biden. The president maintains the economy is just cooling off after a sharp recovery from the 2020 recession caused by the coronavirus pandemic. “We’re not going to be in a recession, in my view,” Biden said Monday. “My hope is we go from this rapid growth...
    Shanxi province's GDP was among the fastest-growing in China in the first half of 2022, up by 5.2% year on year. Pictured here on Jan. 14, 2022, is a robot arm welding the frame of a new energy vehicle in Shanxi.Future Publishing | Future Publishing | Getty Images BEIJING — Several economists expect that China will avoid a Japan-style stagnation — if the right policies take effect. China's gross domestic product barely grew in the second quarter while Covid lockdowns stifled growth. Those restrictions have eased. But Covid controls remain an uncertain overhang while the country awaits a quarterly gathering of policymakers expected at the end of the month. But even if Covid restrictions ease, China still has untapped growth potential for the next few years, the economists said. For one, the country's income levels — and theoretically spending — have much room to grow. China's per capita GDP in 2021 was less than a fifth of that in the United States, and adjusted net national income per capita was about one-seventh of that in the United States, according to...
    London (CNN Business)The two candidates jostling to become the next prime minister of the United Kingdom are making big promises about rescuing the country's economy. It won't be an easy task.Rishi Sunak and Liz Truss, two politicians for the country's Conservative Party, are in the final running to replace Boris Johnson after his resignation earlier this month — and face an uphill struggle to revive an economy battling record inflation, anemic growth and labor shortages. Starting last year, soaring energy prices and supply chain snarls have fueled global inflation as the world's economies emerged from their pandemic lockdowns. Russia's invasion of Ukraine in late February exacerbated the situation. The country's economic woes, though, run much deeper than the crises of the past two years. The UK economy is expected to stagnate next year, with zero growth in 2023 — the worst-expected performance in the G7, according to the Organisation for Economic Co-operation and Development. Truss and Sunak have promised to tackle inflation to help households burdened by the worst cost-of-living crisis in decades. They both have said they will cut...
    A Federal Reserve tracker on the nation's economic growth has pointed to an increased chance that the the U.S. has already entered a recession.  While many economist believed a recession would hit next year, the Federal Reserve Bank of Atlanta's Gross Domestic Product (GPD) tracker recorded a 2.1 percent drop following an abysmal end to the second fiscal quarter on Thursday.  Coupled with a fall of 1.6 percent in the first quarter, the drops fit within the definition of a recession, a period of economic decline across the board identified by a fall in GPD over two successive quarters.  'GDPNow has a strong track record, and the closer we get to July 28th's release [of GDP estimates] the more accurate it becomes,' Nicholas Colas, co-founder of DataTrek Research, told CNBC. It comes after Wall Street reported major losses at the end of the second quarter on Thursday, with the S&P 500 reporting a nearly 21 percent loss since the start of the year before seeing a small rebound on Friday.  The Federal Reserve Bank of Atlanta's Gross Domestic Product (GPD)...
    VIDEO2:4202:42Expect the Philippines to implement tax reform program next year: Central bankSquawk Box Asia The Philippines' incoming finance minister wants to get his county back on a growth path and tackle pressing economic issues such as its huge debt pile. "As finance secretary I'll have a slightly different role," said Benjamin Diokno who is currently the central bank governor. "I'll be heading the economic team. What we really want to do is get back to our growth trajectory before the crisis," he told CNBC's "Squawk Box Asia" on Wednesday. "That's our plan to keep the growth momentum going because I think it'll solve a lot of our problems right now, which includes the ballooning deficit-to-GDP ratio and of course, the debt-to-GDP ratio," said Diokno, who is governor of Bangko Sentral ng Pilipinas. The Philippine government's national debt reached 12.76 trillion Philippine pesos (about $232.11 billion) at the end of April, data released by the Treasury showed. In February, the Department of Finance announced a fiscal consolidation plan for the next administration, which focused on the need to reduce the country's pandemic-induced debt.Benjamin...
    Ireland’s Prime Minister has told the public that they are in for a “difficult” winter as energy supplies across Europe begin to dwindle. The Irish public is in for a ‘difficult’ winter when it comes to energy supplies, the country’s pro-EU Prime Minister, Micheál Martin has reportedly said, with a lack of Russian gas and oil rendering the availability of various fossil fuels more and more scarce. Martin’s warning comes as the European Parliament approves a further tightening of the bloc’s carbon emission rules, a move MEP Cristian Terhes told Breitbart London would result in even more hardship for individuals and businesses in the bloc. According to a report by the Irish Examiner, the Prime Minister recognised that the population was due to face significant additional hardship, but said that his government would not act to alleviate the issue for fear of worsening inflation. “The winter will be difficult, particularly on the energy front,” the PM reportedly said, while also claiming that authorities could not “chase inflation from month to month” with emergency measures. “We know from the 1970s what happens if...
    New census data reveals that Arizona has five of the fastest-growing 15 cities in the U.S. The five areas are Queen Creek, Buckeye, Casa Grande, Maricopa City and Goodyear. While Phoenix was further down on the list, it was one of only two of the largest 10 cities in the country to gain residents. The five popular Arizona cities experienced a rate of growth from 5.4 percent to 8.9 percent between July 2020 and 2021. Goodyear and Buckeye topped 100,000 residents for the first time. Buckeye was the state’s fastest-growing city between 2010 and 2020. Queen Creek grew by 8.9 percent to 66,346. Homes.com ranked Queen Creek the 10th-best suburb to move to in 2021. Buckeye Mayor Eric Orsborn told The Arizona Sun Times the growth is due to “the excellent quality of life” the city offers. This includes, “A variety of high value housing, a significant increase in new retail and services, major improvements to the city’s infrastructure, and new employers relocating here (KORE Power, Five Below, Funko and Ross Dress for Less).” “There are so many exciting things...
    Covid lockdowns have hit China's economy, and the Asian giant might have to issue more debt to continue meeting its growth target.Kevin Frayer | Getty Images News | Getty Images China may have to issue more debt as it tries to keep growing in the face of Covid lockdowns that are stunting its economy. The country has signaled in recent weeks that it still wants to meet its growth target of 5.5% this year. China's Politburo meeting on April 29 sent a "strong signal that policymakers are committed to this year's GDP target despite downside risks from COVID-19 disruptions and geopolitical tensions," ANZ Research analysts wrote in a note on the same day.To attain the 5.5% target, China may be borrowing from the future and incur more debt.ANZ Research analystsChinese state media on Friday reported details of that Politburo meeting, in which officials promised more support for the economy to meet the country's economic growth target for the year. That support would include infrastructure investment, tax cuts and rebates, measures to boost consumption, and other relief measures for companies. That's...
    MIAMI (CBS) – The cost of living continues to go up, and renters across the country are facing major price hikes. “I try to save, I have an IRA, those things are important to me, and taking a 25% increase on my rent, a lot of that would go away,” said Hedda Bates, whose rent went up. READ MORE: Two South Floridians Scored A Million Dollars Each Playing Florida Lottery Scratch Off GameBates lives in the Nashville area and the price hikes are even worse in other major cities. Miami has seen rents jump 58% in the past two years, according to Realtor.com. Memphis is up 41%, Las Vegas 34%, and in Phoenix, renters are paying 29% more on average. “Renters who are going to move are likely to experience some sticker shock,” says Danielle Hale, chief economist with Realtor.com. Hale said renters are getting priced out of many cities. READ MORE: Fleet Week Returns To South Florida After 2-Year Hiatus“People are looking for affordability and the best place for them to find affordability is in smaller...
    New Delhi (CNN Business)Shares of Chinese tech companies soared on Friday after Beijing signaled that it may throw the beleagured industry a lifeline and promised again to minimize the impact of Covid-19 on the economy.Hong Kong's Hang Seng index jumped 4%, while the Shanghai Composite was up 2.4%, after Chinese state media reported that the country's top leaders had vowed to boost growth. They also promised to "promote the healthy development" of the internet economy and "introduce specific measures" to support the sector, the Communist Party's Politburo said Friday, according to state-run Xinhua News Agency. The pledge follows a sweeping crackdown on some of the country's biggest private enterprises that began in 2020 when the government slammed the brakes on Ant Group's plan to go public at the last minute. Analysts took Friday's statement as a sign that the government may dial back its dramatic regulatory offensive, which has slammed industries ranging from tech and finance to gaming, entertainment and private education.Read More"In short, today's Politburo meeting wants to assure the market that the regulation campaign, which started from the...
    Figures from the Spanish National Institute of Statistics (INE) have revealed that the Spanish population increased by over 50,000 people last year, with all of the growth driven by immigration. The number of Spanish citizens fell by 21,920 people last year, while the number of foreigners increased by 72,410, leading to an overall population increase of 50,490 for a total of 47,435,597 inhabitants of the country. The number of Spaniards in Spain remains under 42 million, while the number of foreign nationals living in the country is now over 5.5 million. The province of Almeria recorded the most foreign residents, at 21.8 per cent of the overall population, El Mundo reports. The provinces of Girona and Alicante also have migrant populations over 20 per cent. Over the course of the first year of the Wuhan virus pandemic, Spain’s birthrate fell by over five per cent, while the mortality rate increased by 18 per cent. Spain’s birthrate declined by over five per cent during 2020, further reducing the already low birthrate in the country, while the mortality rate jumped nearly 18 percent. https://t.co/OsYn9HnTbJ — Breitbart...
    The economy grew at a 5.7% annual rate in 2021, the fastest rate since 1984, as the country shook off the worst of the pandemic, the Bureau of Economic Analysis reported Wednesday. The numbers, adjusted for inflation, were in part fueled by a surprisingly strong fourth quarter. Gross domestic product grew at a robust 6.9% annualized rate to close out the year, which was far stronger than the growth in quarter three and better than forecasters had expected. The GDP numbers, which are the government’s final projection, are sure to be touted by President Joe Biden as proof that his COVID-19 mitigation legislation and economic agenda have been a success, although Republicans will point out that despite the powerful growth, the country is mired in the worst inflation it has faced in decades. The omicron variant of COVID-19 overlapped the end of the fourth quarter but appears to have been little more than a speedbump along the country’s economic recovery after the deadlier delta variant slowed growth over the summer. RECORD-LOW NUMBER OF UNEMPLOYED WORKERS PER...
    LISBON, Portugal (AP) — Members of Portugal’s center-left Socialist Party are set to be sworn into office Wednesday for the party’s third straight term in government as the country prepares to start spending some 45 billion euros ($50 billion) in European Union aid to help fire up one of the bloc’s weakest economies. The Socialists captured 120 seats in the 230-seat parliament in a landslide January election, opening a path for far-reaching reforms long postponed by political quarreling. The main opposition center-right Social Democratic Party has 77 seats. Prime Minister António Costa, the Socialist Party leader who has led the country since 2015, promised an economic recovery after the COVID-19 pandemic but now faces headwinds stemming from Russia’s invasion of Ukraine. Portugal, a country of around 10.3 million people, has for more than two decades been marked by low growth, low productivity and low salaries. New challenges include a steep rise in the cost of living, including higher electricity and gas prices for households and businesses, in the wake of Russia’s war in Ukraine. Consumer confidence posted its second sharpest...
    Hong Kong (CNN Business)China has set its lowest official target for economic growth in three decades.Speaking during one of China's most important political gatherings of the year, Premier Li Keqiang said that China would target GDP growth of about 5.5% this year. The world's second biggest economy grew 8.1% in 2021, but the pace of expansion slowed sharply in the final months of the year.Chinese policymakers face mounting challenges to keep growth steady, as the country contends with a real estate crisis and Beijing's zero-tolerance approach to the coronavirus. The fallout from the Ukraine crisis could also slow growth by driving commodity prices higher."A comprehensive analysis of evolving dynamics at home and abroad indicates that this year, the risks and challenges for development rise significantly, and we must keep pushing to overcome them," Li said.China would ensure food and energy security and step up oil exploration and development, Li added. Beijing would spend more on defense, while aiming for a smaller budget deficit of 2.8%.Read MoreThis year's "Two Sessions" meeting kicked off Friday with a gathering of top political advisers...
    During my travels in Tunisia over the past three years, some of my most influential contacts have been with entrepreneurs, whose initiative and passion for innovation continue to remind me of the country’s immense potential. These Tunisians are driven not only by the desire for personal success but also by the desire for a more prosperous future for their communities and their country. Today, Tunisians face a high unemployment rate, and an increasing number of young inventors are considering emigrating. At the same time, the Tunisian economy needs to undergo significant reforms, which have long been delayed. The US government is ready to support these reforms in accordance with the democratic will of the Tunisian people. Throughout this critical period, Tunisia prioritizes its support for entrepreneurs who are one of its most valuable competitive assets. Keep in mind that silicon fence giants like Apple, Google and Microsoft did not succeed overnight. They started with a small group of young entrepreneurs who showed incredible ingenuity and perseverance, and they were supported by a disciplined environment conducive to innovation. These small businesses...
    The UK’s Office for National Statistics has predicted that the country will see 5.6 million migrants settle in the country over the next decade, propping up a population that would otherwise be falling due to deaths outstripping births. 5.6 million people will immigrate long term to the UK, according to figures released by the Office for National Statistics on Wednesday. The government body also reported that it expected more deaths than births to occur in the country within the same period, meaning that the nation’s overall expected growth rate of 3.2 per cent will be entirely fueled by inward migration. According to the released projections, while 5.6 million will come to the United Kingdom in the coming decade, 3.4 million people are also expected to leave. The balance — or ‘net migration’ — of those entering the country to live long term over the next ten years, according to the report, will therefore be 2.2 million. James Robards of the Office for National Statistics said the figures had changed from previous estimates because they’d adjusted their assumptions of future fertility...
    BOSTON (CBS) — The housing market continues to be hot for sellers in Boston and in cities around the country. The S&P CoreLogic Case-Shiller 20-city home price index, released Thursday, climbed more than 18% in October compared to a year earlier. READ MORE: 'It Never Dawned On Us,' Thomas Randele's Friends Still Stunned He Was Fugitive Hiding In Massachusetts For DecadesPhoenix, Tampa and Miami saw the biggest gains. In Boston, prices jumped more than 15%. READ MORE: Powerball Jackpot At $441 Million For Wednesday Night DrawingAnalysts say the rise is due to a combination of factors, including low interest rates, a limited supply of houses actually up for sale, and people looking to trade up for bigger spaces after being stuck at home during much of the pandemic. MORE NEWS: Massachusetts Minimum Wage Set To Rise On January 1 
                 The Florida Department of Economic Opportunity (DEO) released the November jobs report along with labor force statistics, and the unemployment rate in Florida dropped to 4.5 percent. One  year ago the rate was a 5.4 percent. State officials say the continued drop is more indication the “open for business” policies in Florida have kept Florida’s economy recovering from the pandemic-induced economic slow-down. According to Florida Gov. Ron DeSantis (R), that approximately 210,000 jobs were created in the United States in November, and Florida-based jobs consisted of over 51,1000 of that total. Meaning, Florida’s economy created one out of every four jobs in the country. “The state by state numbers came out and Florida’s reporting creating on its own 51,100 jobs out of that 200,000,” DeSantis said. “We continue to lead the way in that. There’s a lot of problems going on when you look at inflation, what they’re doing in Washington. Everything is going up. It’s very difficult to keep up when things are rising this much.” DeSantis maintained that “policies matter” and Florida is “holding down the...
    Hong Kong (CNN Business)One year ago, Chinese leader Xi Jinping pledged to spend 2021 reining in "disorderly" private businesses that were growing too powerful and taking on too much risk.The sweeping regulatory crackdown that followed accomplished just that, claiming some high-profile casualties along the way. But the economy is now looking a lot shakier than it was, and Xi doesn't seem ready to rock the boat any further in the new year. The curbs on tech, finance, real estate, education and entertainment hammered stocks and at once point wiped out trillions of dollars worth of value from Chinese companies on global markets. They also triggered huge layoffs among many companies, pressuring the job sector even as it tries to recover from the pandemic. Further regulations on property firms that began last year have piled on the pain for major developers who were already carrying too much debt. Real estate — which accounts for nearly a third of China's GDP — is now in a deepening slump, with big players on the brink of collapse.Add that to a handful of other...
    NEW DELHI (AP) — India’s economy grew by 8.4% in the July-September quarter from the same period a year earlier, the government announced Tuesday, raising hopes of a recovery after the country suffered historic contractions sparked by the coronavirus pandemic. India, Asia’s third-largest economy, suffered one of the biggest setbacks among major economies in the last fiscal year. In the same quarter a year before, the economy contracted by 7.4%, badly hit by rising COVID-19 cases and a stringent nationwide lockdown, with restrictions lasting months that dealt a huge blow to economic activity. After being hit by a devastating surge in virus cases stoked by Delta variant earlier this year, the situation in India has improved in recent months. Daily cases have sunk dramatically to about 10,000 after breaching 400,000 in May and the vaccination pace has picked up, instilling confidence in reopening businesses and industries. Streets and markets across the country are now abuzz with activity. Sectors like agriculture and mining performed well and helped lead the growth seen in the July-September quarter, experts said. The...
    PHNOM PENH, Cambodia (AP) — Cambodian Prime Minister Hun Sen opened a virtual meeting of Asian and European leaders Thursday with a call for sustainable and shared global growth as the world seeks to recover from the COVID-19 pandemic. Thirty European countries and 21 Asian countries, along with multinational organizations representing the European Union and the Association of Southeast Asian Nations, are represented at the two-day Asia-Europe Meeting. The biennial event is being hosted by Cambodia after being postponed from last year due to the pandemic. ASEM’s membership accounts for 65% of the global economy, 60% of the world’s population, 75% of global tourism and and 55% of global trade, according to the organizers. “As we all strive for socio-economic recovery while living with COVID-19, the theme that we have chosen for the ASEM-13, namely “Strengthening Multilateralism for Shared Growth,” is even more valid and relevant than ever,” Hun Sen said in opening remarks to the meeting. “In fact, in the post-COVID-19 crisis world, we need to further reinforce our Asia-Europe partnership to maintain a strong multilateralism that will bring...
    Hong Kong (CNN Business)The holiday shopping season is boosting China's trade at a time when the country needs it most. But that doesn't mean its economic woes are over just yet.Chinese exports surged 27% in October from a year earlier, according to customs statistics released by Chinese authorities on Sunday. That's a shade softer than September's 28% year-on-year growth, but better than analysts were expecting. The strong export figures lifted China's trade surplus to a record $84.5 billion in October. Billionaire Charlie Munger praises China for being smarter than America at handling economic boomsAnalysts suspect China's exports were bolstered by strengthening global demand as the world continues to recover from the coronavirus pandemic, along with retailers stocking up for the holiday shopping season. The widening trade surplus has also helped China boost its foreign exchange reserves, already the largest in the world. The total amount the country keeps in reserve increased to more than $3.2 trillion in October, the first increase since July, according to data from China's State Administration of Foreign Exchange on Sunday.Read MoreThe agency said in a...
    Workers sort coal near a coal mine in Datong, China's northern Shanxi province on November 3, 2021.Noel Celis | AFP | Getty Images BEIJING — China imported nearly twice as much coal in October as it did a year ago, despite signs the country's power shortage is easing, according to customs data released Sunday. Monthly purchases of coal reached 26.9 million tons in October, up 96.2% from a year ago, according to data accessed through Wind Information. However, that was down 18.2% from 32.9 million tons in September.VIDEO2:4102:41OPEC+ is willing to let the oil market run hot for now, ANZ strategist saysCapital ConnectionChinese authorities have rushed to address a coal shortage in the country since late September, after many factories were forced to cut production. By mid-October, the number of Chinese provinces with significant power shortages fell to two, down from 18 at the start of the month, according to the Commonwealth Bank of Australia. On Sunday, China's State Grid said power supply and demand in its areas of operation had returned to normal, but warned of challenges in the...
                      by Harry Wilmerding  European economic growth outpaced the U.S. and China as COVID-19 restrictions eased and vaccination rates increased, but supply chain disruptions and inflating prices will hold back expansion in the near future, The Wall Street Journal reported Friday. Gross domestic product in the eurozone increased at a seasonally adjusted annualized rate of 9.1% in the quarter ending in September, according to the WSJ.  In comparison, the U.S. economy grew at a 2% rate and China grew at just 1%. Economists believe that while eurozone growth is significantly outpacing the U.S., its growth is expected to slow due to worsening supply chain bottlenecks that limit economic expansion into other countries, the WSJ reported. The eurozone depends mainly on international trade compared to the U.S., where services represent a large part of the economy, the WSJ reported. This has caused eurozone production to slow as companies struggle to find manufacturing supplies. The eurozone saw a recent spike in consumption after the region loosened COVID-19 restrictions, citizens returned to restaurants and travel picked up, according to...
    European economic growth outpaced the U.S. and China as COVID-19 restrictions eased and vaccination rates increased, but supply chain disruptions and inflating prices will hold back expansion in the near future, The Wall Street Journal reported Friday. Gross domestic product in the eurozone increased at a seasonally adjusted annualized rate of 9.1% in the quarter ending in September, according to the WSJ.  In comparison, the U.S. economy grew at a 2% rate and China grew at just 1%. Economists believe that while eurozone growth is significantly outpacing the U.S., its growth is expected to slow due to worsening supply chain bottlenecks that limit economic expansion into other countries, the WSJ reported. (RELATED: Jobless Claims Drop To 281,000) OUCH! #Eurozone #Inflation tops expectations as energy crunch bites. Consumer prices rose 4.1% in Oct, highest since 2008, core rate reached 2.1%, highest since 2003. pic.twitter.com/ZLoDtwDd9d — Holger Zschaepitz (@Schuldensuehner) October 29, 2021 The eurozone depends mainly on international trade compared to the U.S., where services represent a large part of the economy, the WSJ reported. This has caused eurozone production...
    Gross domestic product grew at a 2% annual rate in the third quarter of 2021, the Bureau of Economic Analysis announced on Thursday morning. The growth was slower than what forecasters expected and was well below the 6.7% pace of growth that the economy experienced in the second quarter of this year. GDP grew at a 6.3% annual rate during the first quarter. The delta variant of COVID-19, which caused hospitalizations and deaths to climb starting in early July and peaking last month, likely crimped economic growth. While businesses experienced surging demand in the second quarter as more people became vaccinated and restrictions were lifted across the country, the delta surge caused businesses to push back reopening plans, new vaccine and mask mandates to be implemented, and travel plans to be canceled. MAJORITY NOW DISAPPROVES OF BIDEN’S HANDLING OF ECONOMY: POLL Goldman Sachs this month revised down its GDP projection for 2021 slightly from 5.7% to 5.6% after previously cutting it down from 6.2% in September. The most recent jobs report was disappointing....
    LAGOS, Nigeria (AP) — Nigeria has launched a digital currency which the Central Bank of Nigeria says is a “major step forward in the evolution of money” in Africa’s most populous country. President Muhammadu Buhari said at the launch Monday that the digital currency and the blockchain technology it uses can foster economic growth and increase the GDP of Nigeria’s economy, one of Africa’s biggest, by $29 billion over the next 10 years. The use of the Nigerian Central Bank Digital Currency “can help move many more people and businesses from the informal into the formal sector, thereby increasing the tax base of the country,” Buhari said, eight months after the West African nation began a crackdown on cryptocurrencies. The eNaira — whose motto is “Same naira, more possibilities” — is an equivalent of Nigeria’s paper naira currency and is regulated as an official tender by Nigeria’s Central Bank. Experts see the launch as a big step toward a cashless Nigerian society and speedy growth of the digital economy which has been a priority of Nigeria’s apex bank since 2012....
    A new law drafted in China may make it possible for parents to be subject to punishment for the behavior of their unruly and disobedient children. Under the proposed family education promotion law, if children commit "bad or criminal behavior," the parents and legal guardians could face punishment and have to take part in a family education guidance program, CNN reported . Additionally, the law also encourages parents to facilitate more downtime for rest and play in their children's lives. "There are many reasons for adolescents to misbehave, and the lack of or inappropriate family education is the major cause," said Zang Tiewei, the spokeswoman for the Legislative Affairs Commission within the National People's Congress, which is set to review the draft this week. THE OTHER VICTIMS OF CHINA'S ONE-CHILD POLICY The new law from the Chinese government comes amid several recent changes within the past year aimed at encouraging parents to be bolder in their parenting styles. In January, the Chinese Education Ministry revealed the Proposal to Prevent the Feminization of Male Adolescents...
    Hong Kong (CNN)Last week, as China celebrated the 72nd anniversary of Communist Party rule with a week-long public holiday, state-run media cranked up the patriotism to hail the country's economic rise, military achievements, political clout -- and even the height of its men.Several outlets, including nationalist tabloid the Global Times and broadcaster CCTV, ran reports about a study -- published last year in The Lancet medical journal -- that analyzed the evolution of average heights worldwide. Of the countries examined, China saw the largest male height increase -- between 1985 and 2019, the average height of 19-year-old men in China increased by nearly 3.5 inches (9 centimeters).The trend appears consistent with what Chinese researchers have found in their own studies. According to a report released last December by the country's National Health Commission, the average height of Chinese men age 18 to 44 rose by nearly half an inch (1.27 centimeters) between 2014 and 2019. Chinese women grew taller as well, though they didn't top the list for female growth worldwide.The revived media coverage of the Lancet study circulated widely...
    Chris Markowski, the host of ‘Watchdog on Wall Street,’ spoke with the Daily Caller News Foundation’s Samantha Renck about the September jobs report, the $3.5 trillion bill proposed by Democrats and more. WATCH: Check out more from the Daily Caller News Foundation: Rep. Roy: We’re ‘Playing Tiddlywinks’ While ‘Our Country Is Under Assault’ At The Southern Border ‘Basically Inviting The Entire World’: Chip Roy Slams Biden Admin Over Open Border Policies Victor Davis Hanson Explains How The Middle Class Can Gain Back Their Control ‘I Didn’t Know That We’d Still Be At War’: Five Servicemen Who Were Children On 9/11 Share Memories Doctor Beaten By Taliban Recalls Escaping Afghanistan With Family, Discusses Country’s Future Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact [email protected]
    NEW DELHI (AP) — India’s economy grew by 20.1% in the April-June quarter from the same period a year earlier, when it suffered a record contraction, the government announced Tuesday, raising hopes of an economic recovery. It was India’s fastest pace of growth since it began publishing quarterly gross domestic product figures in 1996, and was far higher than the January-March quarter, when the economy grew 1.6%. But economists say the latest growth figures are deceptive because they are calculated from last year’s smaller base. India’s economy, battered by the coronavirus and a monthslong nationwide lockdown, contracted 24.4% in the April-June quarter in 2020, pulling the country into recession. A country enters a technical recession if its economy contracts for two successive quarters. The economic rebound came despite a catastrophic surge in coronavirus infections throughout the country from March to early June. India avoided another nationwide lockdown, but many industrial states reimposed localized restrictions to slow the spread of the virus. Economists say India’s agriculture, manufacturing and construction sectors are likely to have to have led the April-June rebound. India’s...
    New Delhi (CNN Business)India's economy grew at a record pace in the second quarter, even as the country grappled with a devastating wave of Covid-19. But Asia's third largest economy isn't out of the woods yet and remains smaller than at the start of the pandemic. GDP rose 20.1% in the three months to June 30, compared with the same period a year earlier. The big jump reflects a rebound from the deep slump in activity in 2020, when Prime Minister Narendra Modi imposed one of the world's toughest lockdowns on 1.3 billion people, restricting business and travel for months and plunging the country into its first recession in decades."The record year-on-year rise in Indian GDP in Q2 was due entirely to base effects," wrote Shilan Shah, senior India economist at Capital Economics in a research note. This time last year, India posted a 24% fall in GDP.India had just begun to claw its way out of the slump earlier this year when a second wave of the coronavirus — believed by experts to have been sparked by the now-global...
    Share this: New York City, long the country’s largest metropolis, grew more populous over the past decade — adding 629,000 people to bring its population to more than 8.8 million, according to U.S. census data released Thursday, underscoring the demographic shifts that are further concentrating the country’s population in its largest urban areas. Other surging large cities in the Sun Belt also gained ground and, despite the Big Apple’s growth, New York state overall did not keep pace with growth in some other big states because of continuing population declines upstate. Los Angeles remained the nation’s second-largest city with nearly 3.9 million people. Phoenix, now the country’s fifth most populous city, grew the fastest among the largest U.S. cities over the past decade with an 11.2% surge in population compared to the 7.7% increase in New York. Houston and Dallas also grew robustly.
    Hong Kong (CNN Business)China's worst coronavirus outbreak in a year has authorities taking dramatic measures to stamp out new infections. But while locking down cities, canceling flights and suspending trade may bring the virus back under control, those actions risk stalling an already precarious recovery.The country's latest struggles began as the Delta variant of Covid-19 swept through China in late July, quickly spreading to more than half of its 34 provinces and regions and leading to more than a thousand confirmed cases.China has punished dozens of officials for failing to control the Delta outbreakWhile the numbers of cases remain small by comparison with recent surges in infections in the United States and Europe, China has aggressively revived its "zero-Covid" strategy. It has isolated some cities, closed down entertainment venues, canceled flights and rolled out mass testing as it tries to contain the spread — measures not seen at this scale since the beginning of the pandemic last year. Some trade at a major container port near Shanghai was even suspended this week after a worker tested positive for the virus.Those...
    New York City's population has jumped to a whopping 8.8 million after the Big Apple gained more residents over the last decade thank many other major cities combined.  From 2010 to 2020, it welcomed 629,057 new New Yorkers to the five boroughs, more than the total number of people who moved to Los Angeles, Houston, Dallas and Phoenix during the same period. The newest data, compiled during the worst of the COVID-19 crisis last Spring, was release by the US Census Bureau released on Thursday. Officials in the Big Apple had feared a population drop as the pandemic worsened, which could have affected federal aid, while New York City served as an unwanted epicenter.  'Substantial and surprising,' said Steven Romalewski, an expert in city demographics at the CUNY’s Graduate Center.  'It’s really impressive to see this kind of growth against the backdrop of the pandemic — and not only the claims that everyone was making about people leaving the city leaving the droves, but also collecting all the data during the pandemic.' People are seen walking through Times Square...
    The United States is growing more racially diverse as the white population declined over the past decade for the first time in the country's history, a new detailed look at the 2020 Census shows.   The Census Bureau said Thursday that its once-a-decade head count showed 331.4 million people living in the U.S. last year, up just 7.4% since 2010. It was the slowest growth in any decade since the census was started in 1790, except during the Great Depression in the 1930s.   But the racial and ethnic makeup of the country was changing; people were moving more frequently to metropolitan areas, often to the Southern and Western states; and Americans were often leaving smaller communities, further diminishing their populations.   People identifying as white remained the largest population group in the U.S. — 204.3 million — but the share was down 8.6% from 2010.    A county map of the United States and Puerto Rico shows percentage change in population from 2010 to 2020.The next largest group, people who identified as Hispanic or Latino, totaled 62.1 million...
    Medical personnel work on the sixth round of covid-19 test since late July in Nanjing in east China's Jiangsu province on Sunday, August 08, 2021.Feature China | Barcroft Media | Getty Images China has tightened Covid-19 measures to combat an uptick in daily cases — a move that could hold back the country's economic growth and hit its stock markets, said veteran strategist David Roche. Investor sentiment toward Chinese stocks has been dampened by Beijing's regulatory crackdown on sectors including technology and after-school tutoring. "Markets have got into the mode of thinking Covid is very ... bad, but economic recovery (is) taking away lockdowns, removing social restrictions — that's kind of the world recipe at the moment," Roche, president and global strategist at Independent Strategy, told CNBC's "Street Signs Asia" on Tuesday. "Well it's very much not the world recipe in China for good reasons, and therefore markets have to come to terms with the fact that there are economic costs not only within China, but globally as a result of this," he added.I think China is in the process...
    The Covid pandemic is expected to have long-lasting effects on Australia from fewer migrants to less births over the next 40 years. The federal government's fifth Intergenerational Report, unveiled on Sunday night, has predicted population growth out to 2061 would be much slower than recent decades. The closure of Australia's border to foreigners in March 2020 saw the population shrink for the first time since 1916, during World War I. This ended two decades of super-charged population growth, driven by net annual immigration of more than 200,000 a year. The Covid pandemic is expected to have long-lasting effects on Australia from fewer migrants to less births over the next 40 years. Pictured is an empty Bridge Street in central Sydney The federal government's fifth Intergenerational Report, unveiled on Sunday night, has predicted population growth out to 2061 would be much slower than recent decades (pictured, baby Soriah, one of Brisbane's first arrivals for 2021 with mum Selina and father Deng) Australia's population growth 1881: 2.3 million 1918: 5 million 1959: 10 million 1981: 15 million 1991: 17.4 million 2004: 20...
    Shoppers wear protective masks inside the Glendale Galleria shopping mall in Glendale, California, on Thursday, May 6, 2021.Bing Guan | Bloomberg | Getty Images One of the country's largest retail trade groups, the National Retail Federation, boosted the industry's outlook for the year on Wednesday, saying it anticipates "the fastest growth that we've seen in this country since 1984." Retail sales are expected to grow between 10.5% and 13.5% to an estimated total of $4.44 trillion to $4.56 trillion in 2021, as the economy rebounds from the pandemic and customers spend money they have socked away, NRF's Chief Economist Jack Kleinhenz said at a virtual event. That forecast includes store and online sales, but excludes automobile dealers, gas stations and restaurants.  That compares with $4.02 trillion in total retail sales in 2020. The industry group had forecast in February that retail sales would rise between 6.5% and 8.2%, amounting to more than $4.33 trillion in sales for the year. NRF also increased its projection for full-year GDP growth to about 7%, compared with the 4.4% and 5% it expected earlier this year. It said...
    TARRANT COUNTY (CBSDFW.COM) – Fort Worth is the country’s second fastest growing major US city. According to new figures from the Census Bureau, the Tarrant County city added more than 19,000 people to the population between 2019 and 2020 — that’s a more than 2% jump during that one-year period. READ MORE: Homicide Detectives Investigating Fatal Shooting Of 19-Year-Old In South Fort Worth As of July 1, 2020 Fort Worth was home to nearly 928,000 people. READ MORE: Texas Rangers System 1 Of 3 Involved In Minor League Pitchers Suspension For Foreign Substances  Austin also saw strong growth, earning the number #4 spot on the list, while Dallas and Houston barely budged with each city less than 1% population growth. On July 1, 2020, Dallas’ population was more than 1,340,000. MORE NEWS: Texas Workers File Suit After Hospital Requires Them To Get COVID Vaccine When factoring in births, deaths, move-ins and move-outs, Fort Worth picked up 19,229 residents from 2019 to 2020. During that same time, Austin added 16,721 residents.
    New Delhi (CNN Business)India's economy was turning a corner earlier this year as the country started to accelerate out of the recession it suffered in 2020. But a disastrous surge in Covid-19 cases threatens that progress. Asia's third biggest economy recorded a rise in gross domestic product of 1.6% in the January-March quarter, compared with the same period a year earlier, according to official statistics published on Monday. This is faster than the 0.5% growth reported in the previous quarter.The stronger performance wasn't enough to prevent the economy contracting by 7.3% for India's fiscal year as a whole, which ended in March. India slipped into recession for the first time in nearly a quarter of a century last year, following a sweeping, months-long national lockdown that placed severe restrictions on business activity and travel. While those measures helped control the spread of Covid-19, many of the country's poorest and most vulnerable were stranded without income for weeks, leaving deep scars on the economy. Indian media have gone easy on Modi. Thats changing because of the pandemicIndia had hoped its recent...
    By Ben Westcott and Eric Cheung | CNN The Chinese government will allow couples to have three children, according to state-run news agency Xinhua, the latest easing of strict family planning policies as the country tries to avert a demographic crisis. The Chinese Communist Party’s top leadership made the decision at a meeting on Monday, state media said, in a move designed to combat the country’s aging population. State media did not say when the new policy would be implemented. It comes just three weeks after Beijing published its 2020 census, which showed China’s population was growing at its slowest rate in decades. According to China’s National Bureau of Statistics, the population rose by just 5.38% over the past decade — the slowest growth rate since at least the 1960s. China’s one-child policy was introduced in 1979 and for more than 35 years limited couples to a single offspring, as the country tried to address overpopulation and alleviate poverty. China’s economy has boomed in recent years and its demographic needs have changed. Today, the government is relying on a large,...
    CHINA'S infamous child policy has existed for decades as a means to control the population. Here we explain what the policy is and how it’s changed since its inception. 4China's child policy has existed since the 1980sCredit: AFP What is China's child policy? China’s child policy is a population planning policy that is initiated by central Government. When it was first introduced in 1950, it was a “recommendation,” but soon evolved into the one child policy that was phased in between 1978 and 1980. It was only formally phased out again in 2015 when the government changed their policy to allow families to have two children. The policy was further relaxed in 2021. Why was the family planning policy implemented in China? The policy was implemented in China in order to reduce the growth rate of the country’s enormous population which by the late 1970s was approaching one billion The government viewed this growth as being too rapid, so they introduced a one child policy that they believed would stem the birth rate. Methods of enforcement included making various...
    China's latest census hinted that the country might face a demographic crisis down the road, as it contends with an aging work force and falling birth rates. Costfoto/Barcroft Media via Getty Images China's population growth rate in the last decade was its slowest since the 1950s. According to the country's latest census, couples are delaying having children due to rising costs. The country reversed its one-child policy in 2016 and replaced it with a two-child limit. Visit Insider's homepage for more stories. In its once-in-a-decade population census, China reported its slowest population growth rate since the 1950s.  The numbers were released on Monday in the country's latest census report— revealing that the average annual growth rate of the Chinese population over the last ten years had declined to 0.53%,  down from 0.57% between 2000 and 2010. The country's statisticians attributed this dip in the population to a flagging birth rate, as couples delay having a family and more women choose not to have children. While the country's total population remains at a solid 1.41 billion people, Reuters...
    Hong Kong (CNN Business)China is growing fast — but the workforce powering its economic rise is shrinking.Census data released Tuesday showed that China's total population rose by 5.8% over the past decade — the slowest pace of growth since at least the 1960s. It also showed the country's labor force is getting smaller. The number of people aged between 15 and 59 dropped below 900 million — down some 7 percentage points from a decade earlier.That could spell bad news for the world's second-largest economy, as it draws ever closer to overtaking the United States. China has recorded its slowest population growth in decades, new census revealsLin Yifu, a government adviser and former World Bank chief economist, predicted at a government forum in March that could happen as early as 2030 — if it maintains an annual growth rate of between 5% and 6% over the next decade. An accelerated drop in the labor force could make that tough.Read MoreChina's labor force could shrink by about 5% over the next decade, according to calculations by Yue Su, an economist...
    China’s population growth slowed over the last decade, new government data shows, as the country faces a shrinking workforce. Over the past 10 years, China’s population increased by 72 million to 1.411 billion, the National Bureau of Statistics announced after a once-a-decade census. School children wearing masks cross a busy traffic intersection in Beijing.AP But annual growth averaged 0.53 percent, a decrease of .04 percent from the previous decade. The working population in China — people aged 15 to 59 — is declining after reaching a peak of 925 million in 2011. A medical staff member takes care of a newborn babies in the paediatric ward of a hospital in Fuyang, China.AFP via Getty Images According to new figures, the country’s workforce population is now three-quarters of the amount of its 2011 high. “We are more concerned about the fast decline in the working-age population,” said Lu Jiehua, a professor of population studies at Peking University. A woman wearing a face mask pushes an elderly man on a wheelchair in Beijing.AP “If the population gets too old, it will be...
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