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PALM FXMart
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#21
13.07.2018, 07:57

Irish Economy to Reach Highest Growth in 2018

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The economy of Ireland is projected to reach its highest record in 2018 based on the latest outlook of the European Commission. Ireland’s gross domestic product (GDP) is projected to expand by 5.6 percent this year and 4 percent in 2018, supported mainly by domestic demand.

Meanwhile, the estimate of the EU executive shows that eurozone GDP has the potential to increase by 2.1 percent, which is below the 2.3 percent forecast according to its May report.

Since Ireland is a very open economy, the country is potential to have revisions in the international taxation and trade environment. While the activities of multinational corporations could affect the headline GDP growth. In the near term, the commission expects that the domestic economic activity could possibly grow at a strong momentum.

In general, the commission reduced its predictions for the EU economic growth for this year because of trade adjustments due to increasing oil prices and tensions with the United States which drove the EU inflation higher.
There is an optimistic outlook for the whole year despite better trade with the United States. Forecasts were mostly taken prior to the United States raising their stakes through 10 percent tariffs on an extra $200 billion worth of Chinese imports, announced on Tuesday.

The worsening trade war has added uncertainty on the outlook that also affected the Chinese financial markets in the past few weeks.

With sluggish credit expansion and domestic demand ranging from government-funded infrastructure investment to consumer spending, China’s economy seems to be showing signs of struggle and weakening.

The huge export sector may add impact on tariffs with the U.S. giving 25 percent tariffs on $34 billion of Chinese imports on Friday, which then triggered Beijing for rapid retaliatory measures on the same amount of U.S. Chinese exports to China.

Moreover, the uncertainty caused by trade war pushed the corporate borrowing costs higher in reaction to soften the economic effect of a multi-year easing on riskier lending. More cash were accumulated through lesser reserve requirements for lenders three times this year.
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#22
17.07.2018, 03:33

Drop in Inflation Rate of Malaysia

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The Annual inflation rate of Malaysia declined to 1.3 percent in June from 1.8 percent the month earlier due to the withdrawal of a goods and services tax based on the poll by Reuters. 

A survey of ten analysts by Reuters forecast for June ranged from 0.6 percent to 1.9 percent. The central bank of Malaysia kept the interest rates at 3.25 percent at a policy meeting on July 11 despite sluggish inflation and steady growth. 

The new government by Prime Minister Mahathir Mohamad starting May 9 general election abolished the consumption tax of 6 percent on June 1, which was implemented for three years. 

According to economists, the elimination of goods and services tax affect the inflation and pushed it lower in June,  despite the higher cost of transportation and food during the month of fasting in Ramadan and subsequent Eid al-Fitr celebrations.
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#23
17.07.2018, 08:53

South Korea to Unite with Asean and India

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The 1950-53 Korean War ended under the Presidency of South Korean leader Moon Jae-in and successfully settled regional programs for economic, political, security, social and cultural. While the previous presidents including  Kim Dae-Jung, Roh Moo-hyun, Lee Myung-bak and Park Geun-Hye attempted to fix similar issues but failed to do so. 

Whenever the country’s leaders turned their attention to Southeast and South Asia, problems will always come up within the Northeast especially in the Korean Peninsula, which causes immediate distraction and inconsistency.

However, President Moon tried a new method instead of using the same strategy, he positioned South Korea within the ongoing alliance with the Indo-Pacific region. Mr. Moon travels within and outside the country and promised to take a visit on Asean nations on the first two years of his leadership.
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#24
18.07.2018, 07:39

Weak Income Growth In UK Despite High Employment

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Income growth in Britain showed down at its weakest rate in six months despite positive figures in record employment. This further adds concerns whether interest rates will be raised since the global financial crisis. 

Average weekly earnings grew by 2.5 percent on the year between the period of March and May at a lesser rate with 2.6 percent at three months earlier which was the lowest since September last year based on the report by the Office of National Statistics. 

Momentum picks up in the British economy after a sluggish first three months of the year due to heavy snow downfall and the central bank is considering being affected by the speed limit that would begin to raise the inflation rate. 

The BoE Governor Mark Carney mentioned that the economy as a whole, as well as, the pay is rising similar to the forecast in May that paves the way for a rate hike in August. 

Yet, a central bank deputy said that rising figure did not exceed the recent values of .5-3.0 percent range with the purpose of 3 percent growth rate by the end of the year. 

Also, according to him, there have been multiple ‘false dawns’ regarding the growth rate of the income where there could still be a spare storage in the labor market than the initial estimate of the central bank.


There is also another record employment rate and the number of job openings has also reached a record new. Thus, it can be said the labor market is progressing steadfastly based on the reports, as described by the ONS statistician Matt Hughes.
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#25
19.07.2018, 08:12

NZ Economy Driven by Rural-Based Firms

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The provincial economies of New Zealand were able to drive economic growth, reinforcing the price recovery in the dairy products as mentioned by Infometrics chief forecast Gareth Kiernan on Wednesday. The regional spending activity was able to improve faster than the activity in the main centers. While prices for exports commodity remained at high levels.


Moreover, the government’s simulatory fiscal policy also ease down the decline. Prior to the approval of the May Budget, the NZ expenditure options was restrained by the said policy which includes fees-free courses in tertiary education as well as the Families Package.


Forecasts from the Treasury shows surplus growth by $7.3billion in 2022, with an expected increase in government revenue and the administration projected for a further boost in spending while keeping its records written.


On the other hand, the lack of workers (skilled and unskilled) continue to hold back the NZ economic growth. Wage inflation expanded in the previous quarter and was able to trigger price pressure across the board for the next few years.


In the provincial areas, issues about the lack of labor and effects of Mycoplasma bovis are the most critical problem in the main centers, as the world economy would likely weaken because of the trade dispute between the US and China.


Low business reliance indicates that those companies who are domestically-centered were uncertain to hire or invest. Meanwhile, households were careful on their expenses due to higher oil prices and sluggish housing market.
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#26
20.07.2018, 07:38

US Leading Indicators Grew by 0.5% in June

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The Leading Economic Index by the Conference Board was able to expand by a half percent this month, showing a higher than expected figures. The indicator had increased by 0.5 percent in June which beat the forecast of 0.4 percent growth based on the Reuters’ poll. The boost marks the eighth consecutive month of improvement for the index.

Ataman Ozyildirim, Director of Business Cycles and Growth Research at The Conference Board, stated that the US LEI rose due to the continued stable growth in the American economy. He added that the overall strengthening in leading indicators, except the housing permits which decreased again, does not indicate any significant slowdown in the near-term.

The flat reading in the month of May suggested that the economic performance will remain strong but will not move higher as shown in the  Conference Board's report. The measurement evaluates the US economic conditions and the outlook of world economic trends. Furthermore, the Conference Board imposed a composite value based on 10 key metrics which includes the average weekly unemployment claims, producers’ new orders and stock prices.
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#27
23.07.2018, 08:12

Germany Imposed Export Limit Against Turkey

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Germany increased its economic sanctions against Turkey and eased down its travel advisory as Ankara’s two-year state of emergency ended. The report from the newspaper Frankfurter Allgemeine Zeitung confirmed that the export limit worth 1.5 billion-euro ($1.7bn) ensures Turkey cannot be renewed for this year according to the German economy ministry.

The assessment was introduced in July 2017 in order to constraint Turkey due to the arrest of five German activists and a German human rights campaigner which further includes the leader of Amnesty International in Turkey. The opposing blocs in Germany denounce that the limit was too weak since the value of export guarantees boosted from 1.1bn euros in 2016 to 1.46bn euros next year.
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#28
24.07.2018, 07:58

Eurozone’s Steady Growth of Consumer Confidence in July

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Consumer confidence in the eurozone remained the same in July, signifying steadfast growth in the third quarter based on the data published on Monday. 

According to the European Commission, the flash estimate of the eurozone consumer morale was kept unchanged at -0.6 points in July. Meanwhile, the data for June was adjusted lower from the earlier figure of -0.5 to 0.6. 

As for the general consumer sentiment in the European Union, a significant increase in the result to -0.7 with 0.6 points difference from the previous data. 

Yet, economists are still optimistic of growth to continue by the second half of the year amid the weakened status in the second quarter. Forecast of the European Central Bank says growth will be 2.1 percent this year in the whole eurozone.
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#29
25.07.2018, 07:25

India and Uganda to Boost Defense Ties

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India and Uganda made a deal to expand bilateral cooperation in terms of defense and economy after the delegation-level talks between  Ugandan President Yoweri Museveni and Prime Minister Narendra Modi on Tuesday.

India further expanded two lines of credit in agriculture, dairy sectors, energy and infrastructure amounted USD 200 million to Uganda and PM Modi had comprehensive discussions with Museveni about the ways to strengthen bilateral agreements.

According to the Indian leader, the arrangement lies within the great contentment and development of defense effort between the two nations. While Museveni stated that both countries were focused on investment, trade, and tourism. Also, Modi suggested that Indian firms will invest in Uganda’s healthcare industry.
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#30
26.07.2018, 08:02

“No Winner” in Trade Battle, says China

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The BRICS (Brazil, Russia, India, China and South Africa) leaders will have a three-day meeting in Johannesburg, South Africa. According to China, no nation could be declared as the winner in the global trade dispute, as Chinese President Xi Jinping appealed to the developing countries to refuse protectionism. While South African President Cyril Ramaphosa cautioned about the effect of tariff threats by the American President Donald Trump. The BRICS consists of more than 40% of the world population but never work together as a coordinated economic bloc.

Furthermore, Xi stated that the consolidated expansion of developing countries and emerging market is continuous and will balance more the global growth. In the previous week, Trump spoke that he was ready to set upon $500bn worth of tariffs on all imported Chinese goods.

While South Africa is currently suffering from collateral damage due to US tariffs on steel and aluminum which affects 7,000 jobs, said the country’s Trade Minister Rob Davies. And the attempt to impose an exemption from the US administration ended up failing.

There were 22 more countries expected to participate in the summit this week, 19 of them is from Africa. China pledged $14.7bn worth of investments to South Africa, according to the announcement of President Ramaphosa after the opening ceremony.
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