UK economic growth slows in August despite ‘eat out to help out’
Britain’s recovery from the coronavirus pandemic continued at a slower pace in August as the government’s eat out to help out scheme fuelled a rise in consumer spending.
The Office for National Statistics (ONS) said gross domestic product rose by 2.1% in August compared with the previous month, missing expectations among City economists for a monthly growth rate of 4.4%.
Continuing a fightback from the deepest recession in history as Britons raised their spending in cafes, restaurants and pubs, the latest snapshot comes as concerns mount over the strength of the UK’s economic fightback as the second wave in coronavirus infections spreads and the government imposes tough new restrictions on business and social life.
After staging a rapid recovery in recent months, GDP is now 21.7% higher than its lowest ebb during lockdown in April. However, it remains 9.2% below pre-pandemic levels and could take years to recover while the virus and efforts to contain its spread continue to drag down activity.
More to follow…
Philippines to Begin Registering Millions for National ID Cards
The Philippines will start next week a 27.8 billion-peso ($575 million) project to give national identification cards to millions to boost financial inclusion, even with the region’s worst coronavirus outbreak.
The government targets to register 9 million heads of low-income families before year-end, with the goal of giving national IDs to all Filipinos by 2022, Economic Planning Secretary Karl Chua said at a virtual briefing on Friday. Data gatherers wearing masks and face shields will be deployed to 32 provinces with low risk of infections starting Oct. 12.
The government expects the national ID project to help achieve the central bank’s goal for 70% of adults to have bank accounts by 2023, up from29% last year. Other Asian nations likeIndia have also embarked on similar efforts to drive the use of banking services and aid in the delivery of social services.
— With assistance by Ian C Sayson
Singapore Introduces Night Clinics for Migrant Workers
Singapore’s Ministry of Manpower has introduced night clinics at three regional medical centers to facilitate better access to medical services for migrant workers, the government said in a statement.
- Employers and dormitory operators can make bookings through an agent in charge of the dormitory’s region and transport to night clinics will be arranged for the workers.
- The Assurance, Care and Engagement Group will monitor the response to the clinics and assess if they should be continued or expanded.
- NOTE:Singapore Scales Up Virus Screening Centers for Migrant Workers
Euronext says Borsa Italiana takeover will boost its earnings
PARIS, Oct 9 (Reuters) – Pan-European stock market operator Euronext said on Friday its planned takeover of Borsa Italiana would boost its earnings, and was expected to be immediately accretive to its adjusted earnings per share (EPS) before synergies.
“Thanks to this transaction, Euronext will significantly diversify its revenue mix and its geographical footprint by welcoming the market infrastructure of Italy, a G7 country and the third largest economy in Europe,” Euronext CEO Stéphane Boujnah said.
U.S. Stimulus, Weak U.K. Growth, SNB Crunch Time: Eco Day
Welcome to Friday, Europe. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:
- The White Houseshifted tack signaling it’s again leaning toward a large-scale stimulus bill, as Fed officialskept up pressure for Washington to renew fiscal support for the virus-ravaged economy
- The U.K. economygrew at less than half the pace anticipated in August even as the government stepped up efforts revive the beleaguered hospitality industry
- Millions of Britons at risk of losing their jobs because of thecoronavirus pandemic face one of the most dramatic losses of income in the developed world, increasing pressure on the government not to scale back emergency welfare next year
Live Updates: 2020 presidential race heats up, Trump suggests he might hold weekend rallies
President Trump joins ‘Hannity’ in an exclusive interview
President joins Sean Hannity to discuss his health, the latest on the presidential debates and more.
The 2020 presidential race is heating up following the first vice presidential debate between Vice President Mike Pence and Democratic challenger Sen. Kamala Harris, D-Calif., at the University of Utah in Salt Lake City on Wednesday.
President Trump told Fox News' Sean Hannity during an interview Thursday that his campaign is trying to make last-minute arrangements for holding weekend rallies in Florida and Pennsylvania after White House physician Dr. Sean Conley cleared him for public engagements earlier in the day.
The 2020 election is less than four weeks away.
Follow below for more updates on the 2020 presidential race. Mobile users click here.