BEIJING (Reuters) - China s services sector expansion slowed in May, a private sector survey showed on Thursday, with weaker overseas demand and increased costs putting pressure on businesses. The Caixin/Markit services Purchasing Managers Index (PMI) fell to 55.1 in May, down from 56.3 in April but still well in expansionary territory. The 50-mark separates growth from contraction on a monthly basis. The survey attributed part of the slowing expansion to a fall in overseas demand as COVID cases abroad hurt business activity. A gauge of export orders slipped into contraction. The Caixin PMI contrasts with an official survey released earlier this week, which showed activity in China s services sector expanded at a faster pace in May.
Read more about Factory activity racing across globe but supply squeeze dims outlook on Business Standard. European manufacturers ramped up activity at the fastest monthly pace in PMI survey history but a spike in COVID-19 infections in some countries continued to disrupt supply chains
Read more about India s fuel demand plunges in May amid Covid-19 lockdowns, show data on Business Standard. Daily petrol sales in May fell by about 19% from April while diesel consumption, which is linked to industrial activity and accounts for over two-fifths of India s fuel demand, fell by 19.9%
Buy now pay later credit platform Capital Float on Tuesday said financing through its platform has crossed over Rs 2,000 crore by March 2021.
Capital Float said it has ended FY21 on a high note, crossing 20 lakh (2 million) lifetime customers a four times increase from March 2020, it said. It has now financed over Rs 2,000 crore worth of consumer purchases through its Buy-Now-Pay-Later (BNPL) model till-date, making it the fastest growing BNPL platform in India, it said in a release. Additionally, Capital Float s Walnut app surpassed the 500,000 active customers mark and has seen considerable traction for consumer credit, personal financial management and insurance.