Overseas Headlines – August 17, 2020

United States:

New York Manufacturing Expands Less Than Forecast as Orders Drop

“Manufacturing in New York State expanded in August at a slower pace than projected as more factories reported declining orders, indicating the coronavirus continues to limit momentum in the recovery. The Federal Reserve Bank of New York’s general business conditions index dropped to 3.7 from a reading of 17.2 a month earlier that was the strongest since November 2018, a report out Monday showed. The median projection in a Bloomberg survey of economists called for the overall gauge to ease to 15.”



Europe Clamps Down on Nightlife to Regain Grip on Pandemic

“Spain and Italy ordered discos to shut and Greece restricted hours for bars and restaurants amid concerns that Europe’s summer partying is reigniting the spread of the coronavirus. Caught between fostering an economic recovery and the risk posed by a widespread outbreak, European officials are wary about returning vacationers spreading Covid-19 at workplaces and schools and forcing more stringent measures.”



China’s Loss May Be India’s Gain in Shifting Supply Chains

“India’s latest set of incentives to entice businesses moving away from China seem to be working, with companies from Samsung Electronics Co. to Apple Inc.’s assembly partners showing interest in investing in the South Asian nation. Prime Minister Narendra Modi’s government in March announced incentives that make niche firms — electronics manufacturers — eligible for a payment of 4%-6% of their incremental sales over the next five years. The result: about two dozen companies pledged $1.5 billion of investments to set up mobile-phone factories in the country.”




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