Way out of recession. Factory performers stabilize while Consumer Spending shows that recovery remains on track. Year profits plummet. Cash earnings falling 52 . It includes provisions for customer compensation. Ahead. Omaui lets check in on the markets. A big week indeed. We do have asian stock futures gaining for october with friday a significant day. The start of another trading week, we do have a bunch of asian pmis do today alongside more data from china. And the offshore yuan will be below 670 after a fivemonth game. Focus with as a and alibaba. Waiting on a big milestone this week. The hong kong dollar on friday following the most since june after its close. Amid this frenzy q÷d it has been fraught with twists. None of it seems to have altered the course set month ago as joe biden continin handful of states. Pennsylvania is a huge one but everyone has been talking about ohio and the upper midwest. As well as georgia and North Carolina that have traditionally been republican. It
And expats back in and the trusted face of americas a virus crisis is in quarantine as infections hit the power base of the u. S. Politics. This is a very very scary virus you know that the people are going to go back to work and theyre getting worried about their eggs. Have you with us and welcome to the program saudi arabia has announced tough new austerity measures aimed at shoring up state finances which have been battered by low oil prices and the coronavirus pandemic from july the 1st it will raise a value added tax from 5 to 15 percent it will cut up to 26000000000. 00 from government infrastructure upgrades including crown Prince Mohammed bin still mans vision 2030 project and from the beginning of next month is the spending a cost of living allowance for workers. Is director of the institute for gulf affairs he says the announcement of the new measures was expected. Government qana mean saudi arabia has been under a lot of stress that thats why the government would drew 230000
Tourist attraction in china is back in business even as new coronavirus cases are reported in with her. Back into the program lets bring you this breaking news coming out of iran that in a rainy and naval ship has been mistakenly hit by a missile fired by another ship in its own fleet state television says that at least one person has been killed and several others have been injured in the incident it happened when the support fassel got too close to a target during naval exercises in the jasc region of southern iran on the gulf of oman. In other news saudi arabia has announced tough new austerity measures aimed at shoring up state finances which have been battered by Lower Oil Prices and the coronavirus pandemic from july the 1st it will raise value added tax from 5 to 15 percent it will cut up to 26000000000. 00 from government infrastructure upgrades sink looting crown prince mohammeds solve mans vision 2030 project from the beginning of next month is suspending a cost of living all
A director for the institute for gulf affairs he says the announcement of the new measures was expected. Government column in saudi arabia has been under a lot of stress that that is why the government would draw 23000000000. 00 from the reserves in march this is the largest withdrawal from from the reserves ever in the history of the country so and then moodys obviously dont grade it saudi just a few weeks ago so were looking at continuous bad in 0. Problems facing the economy and hurdles and hits not only corona has blocked or stopped ramadan you have but one and a half 1000000 people coming to america and medina during ramadan but also had been cancelled in addition obviously to the oil prices being decimated by saudi arabia itself and its policy i dont think the project will ever start that a little long completed because they cannot make realities have changed massively the oil prices about going to go back to where they were a year ago for a long time and that means that there ar
Imposes strict measures in light of the plant and. We begin in iran where there are fears that dozens of people could be dead after a naval ship was mistakenly hit by a missile during an exercise is confirmed the accident killed one sailor state t. V. Says several others were injured it happened when a support vessel got too close to a target during Iranian Naval exercises in the jasc region of southern iran lets speak straightaway to zain but ravi whose life for us in tehran and the details very sketchy at this point in time what more information if you managed to gather. Thats exactly right and it was a lot we knew it was a lot and dont know get into it now cation of this incident was in the gulf of oman just at the mouth of the point in the area where it opens into the important strategic strait of hormuz this has been a flashpoint for incidents in the past so its a very sensitive area and a lot of the information coming out from this incident from that location its coming out very