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Economic Regions BRICS

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  • But with China now in a slump and the value of its currency the most recent casualty, Otis and other manufacturing companies staking much on Asia's biggest economy now face a moment of reckoning. After saying for years that increased urbanization would propel growth in China, parent company United Technologies Corp., based in Hartford, cut its expected revenue...

  • *China in focus after weak manufacturing data. MADRID, Aug 21- Markets will be watching for China's next move as signs of a slowdown in the world's second-largest economy stack up, raising expectations it will act to stoke growth. A looming snap election in Greece and a closely watched conference hosted by the Federal Reserve in the United States are also likely to...

  • IMF official says "premature" to speak of Chinese crisis Saturday, 22 Aug 2015 | 10:19 AM ET

    RIMINI, Italy, Aug 22- China's economic slowdown and a sharp fall in its stock market herald not a crisis but a "necessary" adjustment for the world's second biggest economy, a senior International Monetary Fund official said on Saturday. Fresh evidence of easing growth in China hammered global stock markets on Friday, driving Wall Street to its steepest one-day...

  • Success stories until recently, emerging economies are seen as casualties now— of slower growth in China, plunging prices for commodities like oil and iron ore, the prospect of higher U.S. interest rates and homegrown threats. The damage has spilled across oceans, with the turmoil jolting investors in New York, Tokyo and Europe. Investors there worry that China...

  • *China factory activity sinks to 6-1/ 2- year low. China's vast factory sector shrank at its fastest rate in almost 6-1/ 2- years in August, a private survey showed, pushing investors who fear China's sagging economy will translate into slower global growth to take refuge in gold and bonds. "Uncertainty about China growth is now the main swing factor in markets," said...

  • *China factory activity sinks to 6-1/ 2- year low. BEIJING, Aug 21- Worries of a deepening China economic slowdown intensified on Friday after a private survey showed the factory sector shrank at its fastest rate in almost 6-1/ 2- years in August, hammering global stocks and commodity prices. "Uncertainty about China growth is now the main swing factor in markets,"...

  • Key Chinese manufacturing index falls to 77-month low Friday, 21 Aug 2015 | 12:36 AM ET

    BEIJING— China's manufacturing contracted by an unexpectedly large margin this month, a survey showed Friday, adding to signs of economic weakness. The preliminary version of the Caixin purchasing managers' index, formerly sponsored by HSBC Corp., fell to a 77- month low of 47.1 in August from July's 47.8 on a 100- point scale. China's economic growth held steady...

  • TOKYO, Aug 21- Japan's Nikkei share average dropped more than 2 percent to six-week lows on Friday morning after Wall Street tumbled as investors unloaded risky assets, hit by concerns that a slowdown in China could affect the global economy. "Due to uncertainly about where China's economy is going, what Beijing will do and how much the impact it will have on the...

  • BEIJING, Aug 21- A mini debt crisis in northern China is exposing cracks in a financial pillar of the country's economic revival plan: the $430 billion loan-guarantee industry. They exist to facilitate finance for smaller businesses- China's job-creators- but a crisis unfolding in northern Hebei province shows that their ability to meet those guarantees is in...

  • Kazakhstan currency plunges after free-float decision Thursday, 20 Aug 2015 | 6:55 AM ET

    MOSCOW— Kazakhstan currency plunged by over 20 percent against the dollar on Thursday after the government decided to move to a free float to cope with big swings in global currencies and commodity prices. The collapse follows a slump in the price of oil, Kazakhstan's main export, and drops in the value of the currencies of the country's main trading partners,...

  • Indian government steps up rate cut pressure on RBI Thursday, 20 Aug 2015 | 5:18 AM ET

    NEW DELHI/ MUMBAI, Aug 20- Indian Finance Minister Arun Jaitley is stepping up pressure on the central bank to cut rates as the economy struggles and price rises slow, with some bureaucrats working behind the scenes to argue for an immediate cut of as much as 50 basis points. After another weak quarter of corporate earnings and July inflation that undershot the...

  • UPDATE 2-Kazakhstan floats tenge, currency tumbles Thursday, 20 Aug 2015 | 3:15 AM ET

    ALMATY, Aug 20- Kazakhstan's under-pressure tenge lost more than a quarter of its value on Thursday after the oil producing central Asian nation, hit by a sharp fall in world crude prices, introduced a freely floating exchange rate for the currency. Acting against a backdrop of devaluation and depreciation in the currencies of some of its major trading partners...

  • DIARY- Emerging Markets Economic Events to Sept 2 Wednesday, 19 Aug 2015 | 8:02 PM ET

    JAKARTA, Indonesia- Federal Reserve Bank of San Francisco releases text of speech of President John Williams before the Bank Indonesia-BIS Research Conference in Jakarta- 0645 GMT. SEOUL, South Korea- Federal Reserve Bank of Minneapolis President Narayana Kocherlakota speaks before the "Macroeconomic Policy and Price Measurement Issues in a Low Inflation...

  • WASHINGTON, Aug 19- The International Monetary Fund said on Wednesday it will freeze its benchmark currency basket until October 2016, giving markets more time to adjust to the possible addition of China's yuan as part of a review of global reserve currencies. Beijing, keen for its currency to have equal billing with the euro, yen, pound and dollar, has been pushing...

  • IMF: China must wait to join exclusive currency club Wednesday, 19 Aug 2015 | 1:28 PM ET

    WASHINGTON— China must wait until at least next year to join an exclusive club of the world's top currencies, the International Monetary Fund said Wednesday. China, world's second-biggest economy, had wanted the IMF to include its currency, the yuan, in the basket along with the U.S. dollar, euro, British pound and Japanese yen starting Jan. 1. China sets a daily target...

  • WASHINGTON, Aug 19- The International Monetary Fund said on Wednesday it will freeze its benchmark currency basket until October 2016, giving markets more time to adjust to the possible addition of China's yuan as part of a review of global reserve currencies. Beijing, keen for its currency to have equal billing with the euro, yen, pound and dollar, has been pushing...

  • MOSCOW, Aug 19- Four private banks with friendly ties with the Kremlin are emerging as big winners from Russia's economic crisis, helping out dollar-starved companies at a time when large state lenders are hampered by Western sanctions. The four, FC Otkritie, Promsvyazbank, Credit Bank of Moscow and B&N Bank, were relatively minor players only a few years ago.

  • China's stock volatility rattles investors Wednesday, 19 Aug 2015 | 6:45 AM ET

    BEIJING— China's volatile stock market is taking shareholders on a white-knuckle ride, threatening to drive out the small investors Beijing hopes will help pay for reforms of state industry. "Maybe sharp volatility is becoming the new normal," said Zhang Yang, a market strategist for Sinolink Securities. On Wednesday, the Shanghai index closed up 8 percent from...

  • LONDON, Aug 19- Fears about China's economy kept emerging markets under heavy pressure on Wednesday, while the dollar eased as traders waited on minutes from last month's Federal Reserve meeting for any hints on U.S. rate hike plans. On another rollercoaster day in Asia, Chinese shares plunged again before ending higher, Vietnam devalued its currency and...

  • *Commerce Ministry sees possible further falls in exports. SHANGHAI/ BEIJING, Aug 19- Chinese stock markets took a wild ride on Wednesday, tumbling and soaring in a session that made little sense other than to highlight that investors have almost no faith in a month-long government effort to stabilise them. The Shanghai and Shenzhen markets fell 3 percent in...