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India finance minister announces steps to boost consumer demand

October 12, 2020

NEW DELHI, Oct 12 (Reuters) – India’s finance minister on Monday announced steps to stimulate consumer demand including advance payment of a part of the wages of federal government employees for spending during the festival season, part of efforts to bolster the pandemic-hit economy.

The government will also allow its employees to spend travel allowances that are an income-tax-exempt part of their salaries on goods and services, Nirmala Sitharaman told a news briefing.

“This is expected to create a consumer demand of about 280 billion rupees ($3.83 billion),” she said.

Prime Minister Narendra Modi’s government, which imposed a tough lockdown to stem the spread of the coronavirus in March, is pushing ahead with a full opening to try to boost the economy ahead of the usually high-spending festival season.

($1 = 73.1541 Indian rupees)

(Reporting by Aftab Ahmed and Manoj Kumar; Editing by Catherine Evans)

((manoj.kumar@thomsonreuters.com; +91 11 4954 8029;

India announces economic stimulus to boost demand by $10 billion

October 12, 2020

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By Aftab Ahmed and Manoj Kumar

NEW DELHI (Reuters) – India on Monday announced steps to stimulate consumer demand, including advance payment of a part of the wages of federal government employees during the festival season and more capital spending as it tries to bolster the pandemic-hit economy.

The government will allow its employees to spend tax-exempt travel allowances on goods and services, Nirmala Sitharaman, India’s finance minister told a news briefing.

She said the government will also shore up investment by spending extra 250 billion rupees ($3.41 billion)on roads, ports and defence projects, and offering 120 billion rupees in interest-free 50-year loans to state governments for spending on infrastructure before March 31,2021.

“All these measures are likely to create an additional demand of 730 billion rupees ($9.96 billion),” Sitharaman said, adding the proposals would stimulate demand in a “fiscally prudent way.”

Prime Minister Narendra Modi’s government, which imposed a

Veterinary Diagnostics Devices Market | Rising Demand for Pet Insurance to Boost the Market Growth

October 10, 2020

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LONDON–(BUSINESS WIRE)–Oct 9, 2020–

The global veterinary diagnostics devices market size is poised to grow by USD 815.28 million during 2020-2024, progressing at a CAGR of almost 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201009005389/en/

Technavio has announced its latest market research report titled Global Veterinary Diagnostic Devices Market 2020-2024 (Graphic: Business Wire)

The rising demand for pet insurance with growing animal health expenditure is one of the significant veterinary diagnostics market drivers. The rising costs of animal healthcare have increased the need for pet insurance policies.

Trump steel tariffs raised prices, shriveled up demand, led to job losses, some Michigan workers say

October 9, 2020

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President Donald Trump promised a new dawn for the struggling U.S. steel industry in 2016, and the lure of new jobs in Midwestern states including Michigan helped him eke out a surprise election win.

Four years later, Great Lakes Works — once among the state’s largest steel plants — has shut down steelmaking operations and put 1,250 workers out of a job. A year before the June layoffs, plant owner United States Steel Corp called off a plan to invest $600 million in upgrades amid deteriorating market conditions.

Trump’s strategy centered on shielding U.S. steel mills from foreign competition with a 25 percent tariff imposed in March 2018. He also promised to boost steel demand through major investments in roads, bridges and other infrastructure.

But higher steel prices resulting from the tariffs dented demand from the Michigan-based U.S. auto industry and other steel consumers. And the Trump administration has never

Extreme Networks Stock Up as JMP Sees Resurgent Demand

October 9, 2020

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Extreme Networks shares jumped Friday after JMP analyst Erik Suppiger offered enthusiastic commentary for the cloud-driven-networking company.

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Extreme shares recently traded at $4.91, up 19%. They’d climbed 7% year to date through Thursday.

Suppiger has an outperform rating and a $6 share-price target for the San Jose, Calif., company.

Extreme produced “strong execution” and better operating leverage in the fiscal 2021 first quarter, he wrote in a commentary cited by Bloomberg.

“We are encouraged with the company’s relative improvement, as we believe it suggests that demand sustained its recovery across the sector after a severe shortfall in” the fiscal 2020 third quarter, he said.

Suppiger says Extreme can reach its target of double-digit revenue growth for the fiscal 2021 third quarter.

He sees a high-single-digit drop for first-quarter revenue. That’s a “significant improvement” from the mid-teens slide in the second half of fiscal 2020, Suppiger noted.

In other

OPEC Doesn’t See Peak Oil Demand — Yet

October 8, 2020

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OPEC expects the number of cars on the roads in India to jump by more... — OPEC expects the number of cars on the roads in India to jump by more than five times by 2045 and, along with a similar increase in China, be one of the major drivers of rising oil demand

XAVIER GALIANA

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The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC cartel sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries.

In its latest forecasts, released Thursday, OPEC sees surprisingly little long-term impact despite the coronavirus pandemic plunging the global economy and oil demand into a tailspin.

While the pace of economic recovery will dictate how fast oil consumption rebounds, even OPEC’s scenario of a slow healing sees an eventual return to increased demand.

“At the global level, oil demand is

Opec rejects projection that global demand for oil has peaked

October 8, 2020

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The world’s most powerful oil-producing nations have denied that oil demand may have already reached its peak and have claimed that the world will continue to consume more fossil fuels for almost 20 years.

a close up of a sign: Photograph: Dado Ruvić/Reuters

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Photograph: Dado Ruvić/Reuters

A new report from the Opec oil cartel, which represents the interests of countries including Saudi Arabia and Iran, has predicted that the world’s appetite for oil will continue to rise before reaching a plateau in the late 2030s.

The research arm of the Vienna-based cartel said oil use would rise from just below 100m barrels a day last year to 109m barrels in 2045 after recovering from the severe slump in demand during the coronavirus pandemic.

“Oil will be needed for years to come, and even if demand plateaus in the long-term, it will remain a key fixture in the energy mix,” the group’s report said.

Opec

OPEC, in Major Shift, Says Oil Demand to Plateau in Late 2030s | Investing News

October 8, 2020

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LONDON (Reuters) – World oil demand will plateau in the late 2030s and could by then have begun to decline, OPEC said on Thursday, in a major shift for the producer group that reflects the lasting impact of the coronavirus crisis on the economy and consumer habits.

The prediction from the Organization of the Petroleum Exporting Countries, made in its 2020 World Oil Outlook, comes amid a growing number of other forecasts that the pandemic may prove the tipping point for peak oil demand.

Oil use will rise to 107.2 million barrels per day (bpd) in 2030 from 90.7 million bpd in 2020, OPEC said, 1.1 million bpd below its 2030 forecast last year and over 10 million bpd below its 2007 prediction of 2030 demand.

“Global oil demand will grow at relatively healthy rates during the first part of the forecast period before demand plateaus during the second half,”

NelsonHall Expands Global Analyst Team as Demand for Insurance, Healthcare & Pharma Market Insight Grows

October 8, 2020

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BOSTON, LONDON and PARIS, Oct. 8, 2020 /PRNewswire/ — NelsonHall, the leading global analyst firm dedicated to helping organizations understand the ‘art of the possible’ in digital operations transformation, is delighted to appoint two new analysts in response to growing demand for business process services insight in the insurance, healthcare & life sciences, and pharmaceuticals sectors. These industries are becoming increasingly important in the current climate, and are undergoing major operational change, which is driving the need for deeper and more focused guidance on how organizations can transform their operations to thrive now and into the future.

Alisa Samoylova, based in London, has a background in scientific research and biotechnology, and also in procurement. After her initial assignment looking at procurement transformation, Alisa will focus on the pharma sector, starting with a major study of vendor capability from an operational perspective.

Ashley Singleton, based in

Australia’s Ampol may shut Lytton oil refinery on slackening demand

October 8, 2020

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Adds details on review, industry performance

Oct 8 (Reuters) – Ampol Ltd ALD.AX said on Thursday it will consider closing its Lytton oil refinery in Queensland as part of a review into the facility which has been hard hit by coronavirus-led slump in demand for oil products.

Road and aviation fuels have been among the worst hit, pressuring refiners who had only recently returned to profitability after years of booking losses.

Ampol restarted the Lytton refinery in September after a four-month shut-down, but said on Thursday its year-to-date earnings loss had swelled to A$141 million ($101 million).

Under the review, it would consider closing or permanently transitioning the refinery to an import model, as well continuing existing operations and other alternate models of oepration. It would look at the necessary investments for each option.

The move by Ampol, formerly known as Caltex Australia, comes despite an offer from the

OPEC expects the number of cars on the roads in India to jump by more than five times by 2045 and, along with a similar increase in China, be one of the major drivers of rising oil demand