In the same vein, the benchmark production was also cut to 1.7 million barrels per day, bpd, from the 2.1 million bpd initially proposed in the year 2020 budget. These are part of measures to meet the fiscal year budget expectations. However, cut in excessive and heavy recurrent expenditures is suggested for significant and positive impact. The country may need to observe austerity measures in all arms of government. Significant cuts need to be made to our national overheads and non-essential statutory spending. … [Read more...] about Nigeria: Democracy, economy and crude-oil
Non oil gdp growth
Indian economy is expected to record a negative 4.5 per cent growth rate in the current financial year, according to the FICCI's Economic Outlook Survey.The minimum and maximum growth estimate stood at (-) 6.4 per cent and 1.5 per cent, respectively, for FY21, it said. The quarterly median forecasts indicated 14.2 per cent contraction in the gross domestic product (GDP) in the first quarter of FY21, it added.The signs of an impending slowdown have been sharply accentuated by the Covid-19 pandemic-induced lockdown. The Covid-19 pandemic has severely hit global as well as domestic growth.The current round of survey, conducted in June, drew responses from leading economists representing industry, banking and financial services sectors.Economic activity-wise annual forecast indicated a median growth of 2.7 per cent for agriculture and allied activities for FY21. Agriculture seems to be the only sector with a silver lining.There's an apparent upside as far as performance of monsoon was … [Read more...] about FICCI survey predicts 4.5% contraction in India’s FY21 GDP
If you look at the historical records, Indonesia is still leading in CPOs products, paper and paper products. We also have energy in some parts of advanced machineries, pharmaceutical, fish processed products, textiles and foot wears, including also pipeline products for Nigeria oil industries and chemical products for plastics and so on. … [Read more...] about Indonesia, viable option for Nigeria’s rapid economic growth – Envoy
ET Intelligence Group Asian Paints acquired a modular kitchen business in 2013, then a bathroom fittings business in the next year. With Covid striking, the company forayed into hand and surface sanitisers in May and has now announced the launch of floor and toilet cleaners. Is India's largest decorative paints company innovating through its foray into growth-oriented consumer businesses, or allocating disproportionate resources into unrelated segments at the expense of what is considered core? The recent business forays are largely B2C – requiring retail distribution that is different from the company’s traditional paints distribution. While the first two new businesses are service-oriented, the latest ones are branded products in a new category. Even after six years of acquiring and ramping them up, the home improvement business - comprising of the Sleek kitchen and Ess Ess bathroom businesses - contribute just over 2% to the total revenues and are loss-making. … [Read more...] about ET Analysis: Is Asian Paints innovating or piling on non-core businesses?
Take Australia, a country that acted swiftly at the first signs of the crisis and has a death toll barely into three figures. With a record like that, it might be thought that consumers in New South Wales and Queensland would be relaxed about the lockdown imposed on Melbourne last week after an increase in the number of cases. Yet restaurant bookings in states other than Victoria have suffered even though the number of newly confirmed Covid-19 cases has remained low. The message to consumers in Sydney and Brisbane is that if it can happen in Melbourne it can happen here, so why take a chance. … [Read more...] about Until Covid-19 uncertainty melts away there’s little chance of full economic recovery