Viliyana Filipova
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The German government adopted the federal budget for next year - Economo

The German government adopted the federal budget for next year - Economo

German Chancellor Angela Merkel’s cabinet has adopted next year’s federal budget, which envisions new claims of 96.2 billion EUR to support the economy.As part of the plan, which must be approved by parliament, the constitutional restrictions on federal claims will be lifted next year. For 2020, the ceiling was suspended and the new debt reached a record 218 billion EUR.In March, Germany abandoned its long-standing balanced budget policy in order to provide a large-scale stimulus package to help the economy due to the coronavirus crisis. Angela Merkel and Finance Minister Olaf Scholz have...

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Viliyana Filipova
Sep 23
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The services sector stopped the growth of business activity in the Eurozone - Economo

The services sector stopped the growth of business activity in the Eurozone - Economo

This month, the growth of business activity in the euro area almost stopped mainly due to the contraction of activity in the services sector. This comes amid a new rise in coronavirus cases in many countries in the region, which has prompted governments to impose new blockades and restrictions.For its part, the industry has seen its strongest expansion in two years, but even that cannot offset the problems with services.IHS Markit’s overall PMI order manager index for the euro area reached 50.1 points in September, compared with 51.9 points in August. Thus, the meter remains only a step...

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Viliyana Filipova
Sep 23
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US government debt grew at a rate of 58.9% in the second quarter - Economo

US government debt grew at a rate of 58.9% in the second quarter - Economo

US government and business debt rose in the second quarter, even as personal net worth rose and consumer credit fell to record levels.A Federal Reserve report released on Monday showed that the total balance of households in the United States rose to almost 119 trillion USD for the period from April to June, an increase of 6.8% compared to the first quarter.Thanks in large part to the unprecedented fiscal and monetary stimulus, the S&P 500 grew 20% during the quarter.While financial assets grew, debt, at least at the household level, did not change.In fact, consumer credit fell by a record...

economo.co.uk
Viliyana Filipova
Sep 22
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Crowdfunding as a life belt for journalists - Economo

Crowdfunding as a life belt for journalists - Economo

Two months ago, they resigned loudly in protest of Victor Orban’s seizure of power. Thanks to the success of an online fundraising campaign, journalists from the main information site in Hungary are preparing for a risky return.More than 50 members of the former Index.hu team wants to launch a new site “in the coming weeks”, Telex.hu, after collecting more than 30,000 donations from readers, the total value of which is a secret.“Many Hungarians have realized that their freedoms and democracy are in danger”, said Veronika Munk, 40, who led the new project.The woman worked for Index.hu for 18...

economo.co.uk
Viliyana Filipova
Sep 21
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China kept its key interest rates unchanged for the fifth month in a row - Economo

China kept its key interest rates unchanged for the fifth month in a row - Economo

China kept corporate interest rates and loans to households unchanged for the fifth consecutive month on Monday in line with expectations. The interest rate on one-year loans (LPR) remained at 3.85%, while that on five-year loans remained at 4.65%.Most new and outstanding loans are based on a one-year LPR, while a five-year interest rate affects mortgage pricing.This decision was made after the Board of Governors of the People’s Bank of China had previously kept the costs of its medium-term loans (MLF) unchanged for the fifth consecutive month.The MLF, one of the People’s Bank of China’s...

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Viliyana Filipova
Sep 21
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How the 1970s changed the American economy? - Economo

How the 1970s changed the American economy? - Economo

The US economy underwent a radical change in the early 1970s. The reason for it is still completely unclear. But it can be assumed that changes in energy technology have something in common – with important lessons for our economic future.A new website called “WTF Happened In 1971?” is attracting more and more attention. The site is incredibly simple – a huge series of graphs showing how economic data changed dramatically in the early ’70s. For example, real wages rose steadily in the 1960s but fell sharply after 1973.Part of this was probably due to the fact that productivity growth, one...

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Viliyana Filipova
Sep 20
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The Fed will conduct the second stress test of the US banks this year - Economo

The Fed will conduct the second stress test of the US banks this year - Economo

The US Federal Reserve is preparing a second stress test for major US banks this year. The Fed said Thursday that a new test is needed because of the continuing uncertainty caused by the pandemic. The results should be published by the end of 2020.The tests would simulate two hypothetical recessions of varying severity. The Fed also intends to announce by the end of September whether it will continue to ban banks from repurchasing shares and paying dividends from the fourth quarter.As a result of the 2008/09 financial crisis, the Fed tests every year how major US banks can cope with the...

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Viliyana Filipova
Sep 18
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World Bank: Coronavirus pandemic threatens health and education - Economo

World Bank: Coronavirus pandemic threatens health and education - Economo

The Covid-19 pandemic threatens the progress made so far in health and education in the region of Europe and Central Asia due to restrictions on the protection of public health, including the closure of schools. This is stated in the latest update of the World Bank’s Human Capital Index (HCI).The findings of a study by the International Financial Institution in March show that before Covid-19, governments made long-term investments in health and education services for young people to ensure the quality of life as adults.Of the 48 countries in Europe and Central Asia included in HCI 2020, 33...

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Viliyana Filipova
Sep 18
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Lack of a trade agreement with the EU will cost Britain more than the coronavirus - Economo

Lack of a trade agreement with the EU will cost Britain more than the coronavirus - Economo

The blow to Britain from the failure of negotiations on a trade deal with the European Union (EU) will be more expensive than dealing with the coronavirus, warn economists from Goldman Sachs. The investment bank said the consequences of the lack of a deal were likely to be “two to three times greater” than “the worst pandemic in post-war history”.Last week, the British government withdrew from previous commitments to the EU, increasing the likelihood that the two countries would fail to reach a trade agreement by the end of the year. Such a lack of a deal will lead to higher costs for...

economo.co.uk
Viliyana Filipova
Sep 16
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Investors are worried about the growing number of coronavirus cases - Economo

Investors are worried about the growing number of coronavirus cases - Economo

The growing number of people infected with the coronavirus and its possible effect on the economy has recently weighed heavily on the stock markets again. German DAX 30 lost nearly 5% last week. That is why investors will have to be prepared for stock market fluctuations in the coming days.Because in addition to the pandemic, there are various other risks, such as the US presidential election and the negotiations with Britain after its withdrawal from the European Union: “They can repeatedly lead to market downturns”, said DZ Bank analysts. However, most investment professionals do not...

economo.co.uk
Viliyana Filipova
Sep 28
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