Wed, Sep 02, 2020 page10

• World Business Quick Take

  • Agencies
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  GERMANY

  Forecast revised upward

  The government expects the economic devastation caused by the COVID-19 pandemic to be less severe than originally feared, but it now sees a weaker rebound next year, sources said yesterday. The government revised upward its economic forecast for this year to a decline of 5.8 percent from a previously expected slump of 6.3 percent, two people with knowledge of the data said. That would still be the biggest plunge since the end of World War II. The government revised downward its growth forecast for next year to an expansion of 4.4 percent from its previous estimate of 5.2 percent, the people said.

  GAMBLING

  Macau revenue slumps

  The territory’s casinos last month suffered further pain as gaming revenue dropped more than 90 percent for the fifth straight month, with executives awaiting a recovery after China’s gradual relaxation of travel and visa curbs. Gross gaming revenue was 1.33 billion patacas (US$167 million), down 95 percent from a year earlier, Gaming Inspection & Coordination Bureau data showed. That was in line with the median analyst estimate for a 93 percent decline.

  INDIA

  Economy contracts 23.9%

  The economy contracted by 23.9 percent in the second quarter, its worst performance in at least 24 years, the government announced on Monday, as the COVID-19 pandemic ravaged what was once the world’s fastest-growing major economy. The contraction followed tepid 3.1 percent growth in the first quarter, which was the worst performance in at least eight years, the National Statistical Office said. The nation has reported 3,691,166 cases of COVID-19 and 65,288 deaths.

  TEXTILES

  Bangladesh exports rebound

  Bangladesh’s crucial textile industry last month posted a sharp rebound from the COVID-19 pandemic, with exports surging nearly 50 percent as factories swung into full gear to meet orders from global retailers, officials said yesterday. Shipments of ready-made clothes totaled US$3.3 billion, up from US$2.3 billion a year earlier, the Bangladesh Garment Manufacturers and Exporters Association said. The garment industry is the cornerstone of the Bangladeshi economy, the world’s second-largest exporter after China.

  TRADE

  Joint initiative planned

  The trade ministers of Japan, India and Australia yesterday agreed to work toward achieving supply chain resilience in the Indo-Pacific region, following reports that the three nations are looking to work together to counter China’s dominance. The ministers instructed their officials to promptly hammer out details for an initiative later this year to strengthen supply chains, a joint statement said. They also called on other nations in the region with shared views to participate in the initiative.

  PHARMACEUTICALS

  Bayer buys Care/of stake

  Bayer AG has agreed to buy online vitamin and health supplement company Care/of as the German drugmaker aims to expand its nutrition business. Bayer is acquiring 70 percent of the business in a transaction that values the company at US$225 million, a person familiar with the matter said. Bayer would have an option to buy the rest by 2022, the person said. The deal is an “important milestone” for both Bayer and Care/of, said Bayer spokesman Dan Childs, who declined to comment on the terms of the deal.
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