The economic freedom index

(File image) Narendra Modi bows down in respect at the steps of the Parliament house upon his arrival to attend the BJP parliamentary party meeting in New Delhi on May 20, 2014. Modi fought back tears in an emotional first address to his party in India's Parliament house. REUTERS/Adnan Abidi (INDIA - Tags: POLITICS ELECTIONS) - GM1EA5K1GOD01 Eight years ago, on May 26, 2014, Narendra Modi was sworn-in as India’s Prime Minister after the Bharatiya Janata Party (BJP) won a landslide victory in the general elections. A few days prior to this, Modi, as Prime Minister-designate, went to Parliament and entered the Central Hall for the first time. In a now popular photograph, Modi is seen bowing and touching the stairs with his forehead leading to the Parliament building as a mark of respect to the “ temple of democracy ”. Modi’s ascension was an apt example of the power of a democracy. For his journey from Vadnagar, in current day Gujarat, to 7, Lok Kalyan Marg, in New Delhi, is proof … [Read more...] about Modi Govt @ 8 | Indian democracy needs a recast to boost economic reforms

The trend of Malaysia’s economic recovery is in a better direction, according to the chief statistician. (Photo by Low Yen Yeing/The Edge) - A + A KUALA LUMPUR (June 23): Malaysia’s economic recovery is in a better direction as the performance of the Leading Index (LI) for April 2022 eased to a better negative of 0.5% from a negative 1.4% in March 2022, said the Department of Statistics Malaysia (DOSM). The LI is a predictive tool used to anticipate economic upturns and downturns in an average of four to six months ahead. In a statement, the DOSM said the decrease in the LI was influenced mainly by a drop in the number of housing units approved caused by a decline in applications from developers during the said month. Based on a month-on-month comparison, LI slipped to a negative 0.5%, dragged by the number of housing units approved (-1.4%), the number of new companies registered (-0.5%), and the Bursa Malaysia Industrial Index (-0.3%). "Despite the … [Read more...] about DOSM: Leading Index signifies better economic recovery ahead

BERLIN (Reuters) - Germany triggered the "alarm stage" of its emergency gas plan on Thursday in response to falling Russian supplies but stopped short of allowing utilities to pass on soaring energy costs to customers in Europe's largest economy. The measure is the latest escalation in a standoff between Europe and Moscow since the Russian invasion of Ukraine that has exposed the bloc's dependence on Russian gas supplies and sparked a frantic search for alternative energy sources. The decision, announced by the economy minister, marks a stark shift especially for Germany, which has cultivated strong energy ties with Moscow stretching back to the Cold War. Lower gas flows sparked warnings this week that Germany could fall into recession if Russia supplies halted altogether. S&P Global's flash Purchasing Managers' Index (PMI) on Thursday showed the economy losing momentum in the second quarter. "We must not fool ourselves: The cut in gas supplies is an economic attack on … [Read more...] about Germany triggers gas alarm stage, accuses Russia of ‘economic attack’

MIGRANT workers in the city-state no longer need special permission to leave their dormitories after two years of coronavirus curbs, though campaigners have criticised the decision to maintain some “discriminatory” restrictions. Around 300,000 migrant workers, many of them from South Asia, live in dorms in the prosperous city-state, where they are typically packed into shared rooms and sleep on bunk beds. The vast complexes were hit by Covid-19 and locked down at the start of the pandemic, casting a rare spotlight on what rights activists said were the poor living conditions of the low-paid workers. For most people in Singapore, strict movement curbs were only in place for a short period, but migrant workers remained largely confined to their dorms except to go to work or run errands. Authorities have gradually eased restrictions, allowing them to visit specially built “recreation centres”, and rolled out a scheme allowing them to apply for special “exit passes” to visit … [Read more...] about More freedom for migrants

On a weekly basis, the KLCI dropped 20.04 points from 1,456.74 at the end of the previous week. (Photo by Low Yen Yeing/The Edge) - A + A KUALA LUMPUR (June 25): Bursa Malaysia is expected to stage an “oversold bounce” next week after the steep correction seen for the past three months, moving in the 1,450-1,480 range, a dealer said. Going forward, Inter-Pacific Asset Management Sdn Bhd executive director and fund manager Datuk Dr Nazri Khan Adam Khan said the benchmark FBM KLCI is expected to rebound higher on bargain-hunting activities as traders come back into play to grab both higher and lower liners. "I will call this an oversold bounce because the index has been oversold for the last three months, in which we were down for 10 out of 12 weeks. That is considered as extremely oversold. "Despite that, the broader market outperformed other regional markets, which means our correction is lower as our economic data is still resilient. Consumer spending is … [Read more...] about Bursa expected to stage ‘oversold bounce’ in coming week

European markets resumed losses as a sharp slowdown in euro-area economic expansion fueled renewed concern that a recession is looming. The Stoxx Europe 600 Index dropped 0.5% to 403.78 at 2.18pm in London after briefly erasing declines around midday - A + A (June 23): European markets resumed losses as a sharp slowdown in euro-area economic expansion fueled renewed concern that a The Stoxx Europe 600 Index dropped 0.5% to 403.78 at 2.18pm in London after briefly erasing declines around midday. Real estate and bank shares fell the most, while consumer products and utilities gained. The Stoxx 600 is now 18% below its January record high. Shares resumed losses after data showed that applications for unemployment insurance in the US last week plateaued near a five-month high. Equity strategists are optimistic that at least some of the losses in European shares will be clawed back. The main benchmark in the region will end the year at 467, implying 14% upside … [Read more...] about European stocks decline as recession fears keep traders worried

Bank stocks are on the cusp of a bear market , and further declines may be ahead as the result of a slowing economy and an inverted yield curve . One popular barometer of bank stock prices, the SPDR S&P Bank ETF ( KBE ), opened trading down by 21% from its 2018 high, technically a bear market. And another key index, the KBW Nasdaq Bank Index (BKX) , wasn't far behind, down 18%. Financial stocks represented 13.3% of the capitalization-weighted S&P 500 Index (SPX) as of the end of February, per MarketWatch , and thus exert a significant impact on the market as a whole. "The underperformance of the banking sector has really started to accelerate since the Fed went dovish . Banks make money by making loans, so if the Fed is seeing a weaker economy possibly, then loan growth is going to be tough," as Michael Binger, president of Gradient Investments, told CNBC . Banks May Face More Steep Declines Ahead (Declines From 2018 Highs) KBW Nasdaq Bank … [Read more...] about Why Bank Stocks On Brink of Bear Market May Plunge Further

- A + A NEW YORK/BENGALURU (June 24): Wall Street's main indexes climbed more than 2% on Friday, as signs of slowing economic growth and a recent weakening of commodity prices tempered expectations over how high the Federal Reserve will raise interest rates to rein in inflation. Global financial markets have been roiled this month on worries that rapid rate hikes by major central banks could cause a recession, with the benchmark S&P 500 confirming a bear market last week as it recorded a 20% drop from its January closing peak. The three main indexes looked set to notch their first weekly gain of the month, boosted by megacap growth stocks and defensive sectors such as healthcare and utilities seen as safer bets during times of economic uncertainty. "The reality is there's some optimism that the weakening economy, the stronger potential for a recession down the road could actually impede the Fed's aggressive hiking schedule," said Ryan Detrick, chief market … [Read more...] about Wall St rallies as traders dial back rate-hike bets

- A + A SHANGHAI (June 24): Chinese stocks closed up at their highest level since early March on Friday (June 24), gaining for a fourth straight week, as the country stepped up effort to stimulate a Covid-19-hit economy with the infusion of fresh capital into the banking system to keep liquidity stable. The blue-chip CSI 300 Index rose 1.2% to 4,394.77, while the Shanghai Composite Index gained 0.9% to 3,349.75 points. The Hang Seng Index rose 2.1% to 21,719.06, while the China Enterprises Index gained 2.2% to 7,629.06 points. For the week, the CSI 300 Index rose nearly 2%, while the Hang Seng Index added 3.1%. The People's Bank of China injected 60 billion yuan (US$8.96 billion or about RM39.45 billion) worth of seven-day reverse repos as demand for cash for the end of the first half of the year started to pick up. Global equity markets rose as commodities including copper and oil dropped, offering a salve for inflation fears. Refinitiv data showed strong … [Read more...] about China stocks log fourth weekly gain after central bank injected cash

- A + A NEW YORK/BENGALURU (June 25): Wall Street's main indices soared on Friday (June 24) in a broad rally as signs of slowing economic growth and a recent pullback in commodity prices tempered expectations for the US Federal Reserve's (Fed) rate-hike plans. The S&P 500 rose over 3% for its biggest one-day percentage rise since May 2020. All 11 of the benchmark index's sectors ended at least 1.5% higher. Stocks rebounded this week as financial markets have been roiled over worries that rapid rate hikes by the Fed to rein in 40-year-high inflation could cause a recession. Still, investors have been gauging when the market might hit its bottom after the benchmark S&P 500 earlier this month recorded a 20% drop from its January closing peak, confirming the common definition of a bear market. "In some of the moves, the sellers just get exhausted so you don’t have as much capital moving out," said Shawn Cruz, the head trading strategist at TD Ameritrade. … [Read more...] about Wall Street mints big gains to end strong week