Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Economy

8 Jun 2022

Japan's Q1 GDP reduced less than the expected amid COVID-19 Resurgence

The Index Today

Revised gross domestic product (GDP) data released by the Cabinet Office on Wednesday showed that the Japan's economy shrank at 0.5% in January-March. Which was a smaller drop than the expected reading of a 1.0% fall released last month.

Japan's economy reduced slightly less than initially reported in the first quarter, as private consumption remained resilient in the face of resurgent COVID-19 infections and companies rebuilt their stock, offsetting a drop in business spending, Reuters reported.

On a quarter-on-quarter basis, GDP lost 0.1%, beating median market expectations for a 0.3% drop.

Takumi Tsunoda, senior economist at Shinkin Central Bank Research Institute said, “an increase in inventories also supported growth, in a sign that automakers and other manufacturers were looking for ways to cope with supply chain pressures.”

"Growth is likely to come in positively, but that isn't likely to lead to a wide sense of recovery," Tsunoda added while warning of the negative impact in the second quarter from China's strict coronavirus lockdowns.

"Japan's economy relies heavily on Asian supply chains, so China's lockdowns will have a relatively big impact."

©Photo: Reuters

Clay pottery with table linens