News Worms
News Worms


Dark clouds hang over construction industry despite unexpected growth

Dark clouds hang over construction industry despite unexpected growth

An employee sets a table inside a restaurant at the Crown Plaza hotel, run by the InterContinental Hotels Group (IHG), in New Delhi, January 31, 2014.

Mumbai: While the activity in the manufacturing sector slackened in October, the services sector registered growth for the second consecutive month due to a surge in new work orders.The Nikkei India services PMI rose to 51.7 in October from 50.7 in September. Any figure above 50 denotes an expansion in the sector.

During those months, confusion over product pricing following the implementation of the new Goods and Services Tax pushed manufacturing and services sectors into contraction.

New business received by service providers rose further in October, but the growth rate was weaker than in September. "The recovery from the implementation of the GST in July was sustained in the private sector in October, mainly radiating from service providers, as growth in manufacturing was relatively subdued", said Aashna Dodhia, economist at IHS Markit.

"Business activity across services, manufacturing and construction grew at its fastest rate for six months, representing an encouragingly solid start to the fourth quarter", he continued.

"The Czech National Bank (CNB) is highly likely to hike its policy rate by 25 basis points at Thursday's meeting, following a 20-basis-point hike in August and the removal of the Swiss-type euro/crown floor in April", Anders Svendsen, Nordea chief analyst said in a note.

The research showed order books and "resilient" demand from clients boosted the sector, alongside a "positive development in terms of operating expenses" as cost inflation eased to its lowest since September previous year. The economy is expected to expand 6.7 percent this fiscal year, its weakest pace in four years, a recent Reuters poll showed.

follow

editors' picks

November 04, 2017
Mourinho reaches out of court settlement with Spanish tax authorities
But after the hearing Friday he admitted that he had paid the required fee charged by prosecutors to bring an end to the distracting case.

November 04, 2017
Starbucks to launch credit card, sell Tazo
And the company committed to returning US$15 billion to investors over the next three years through dividends and stock buybacks. The company fell short of analysts' predictions, reporting revenues of $5.7 billion compared to $5.8 billion projected.

November 04, 2017
Trump's Twitter account accidentally deactivated for 11 minutes
But quite a few Twitter users admitted they would never forget the "minutes of peace" they had while Trump was offline. Twitter said that a disgruntled employee removed the president's account as they left on their last day.

November 04, 2017
Province to fight softwood lumber duties
The U.S. agency said Canadian producers have exported softwood lumber to the U.S.at 3.2 to 8.89 per cent less than fair value. Commerce Department said imports of softwood lumber from Canada in 2016 were valued at an estimated $5.66 billion U.S.

November 04, 2017
Why doesn't Arizona participate in Daylight Saving Time?
Studies have shown that during the first week of daylight saving time there is a spike in the number of reported heart attacks. Some also argue that increased recreational activity during daylight saving results in greater gasoline consumption.

November 04, 2017
SIA gets fancy with new A380 suites
Singapore Airlines has ordered five of these A380 planes, on top of 14 planes of the type already in operation. British Airways, with 469 seats, will be the only carrier with a lower A380 seat count after the revamp.

November 03, 2017
Whole Foods hiring 6000 new employees, offering 'on-the-spot' jobs today
CFO Brian Olsavsky said that the company plans to add locations in California, Washington, D.C., and Austin, Texas. Interviewees who land a Whole Foods job will receive 20 percent off all Whole Foods purchases.

November 03, 2017
Gaming firm Razer unveils powerful smartphone loaded with premium features
This means the device should easily handle hard tasks such as playing graphics-intensive video games and editing photos on the go. There's no release date for Australia or New Zealand yet, but as soon as we get word on its availability we'll let you know.

November 03, 2017
Japanese Firm Gives Six Extra Days Leave to Compensate for Cigarette Breaks
There are other ways to incentivize employees to quit smoking, according to The Midwest Business Group on Health . That may change as the government tries to crack down on public smoking ahead of the 2020 Tokyo Olympics.

November 03, 2017
Abraham, Loftus-Cheek & Gomez make England squad
Nathaniel Clyne, Adam Lallana, Ross Barkley, Danny Welbeck, Nathaniel Chalobah and Tom Heaton have all been omitted due to injury. Gareth Southgate has included the trio in his squad for matches against Germany and Brazil later this month.