Coronavirus: Japan's economy shrinking at fastest rate

The Japanese economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic.

The world’s third largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter, or 27.8% on an annualised basis.

Japan was already struggling with low economic growth before the crisis.

The figures released on Monday are a stark reminder of the severe financial impact faced by countries around the world.

Japan slipped into recession earlier this year following two successive quarters of economic contraction.

Its latest data for the April to June quarter was the biggest decline since comparable figures became available in 1980 and was slightly bigger than analysts had expected.

One of the main factors behind the slump was a severe decrease in domestic consumption, which accounts for more than half of Japan's economy. Exports have also fallen sharply as global trade is hit by the pandemic.

The latest data is the third successive quarter of declines for the Japanese economy, representing its worst performance since 1955.

The downturn puts further pressure on a Japanese economy that was already struggling with the effects of a sales tax hike to 10% last year, along with typhoon Hagibis.

After the slump, hopes of a bounce

Japan is the latest in a string of Asian economies to report drastically lower second quarter GDP data.

That shouldn't be a surprise: no one escaped the reach of the pandemic, and even if there weren't strict lockdowns put in place, people generally stayed indoors and didn't spend money.

That has a knock-on effect on corporate earnings, as consumers buy less and so companies earn less.

It's a vicious cycle that in turn leads to a lack of confidence about hiring prospects - which means there's also nervousness about job prospects. All of that is showing up in the numbers today.

Still, now is the time to look to the future and to the possibility of a rebound.

Japan is likely to do better than other economies according to some analysts. Capital Economics says even though the world's third largest economy is in the midst of a second wave of infections, its health care systems aren't overwhelmed, and new cases have started to decline. The research house says it expects to see third quarter GDP bounce back - and continue through to next year.

 

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New Zealand: Jacinda Ardern postpones election amid coronavirus spike

The prime minister of New Zealand, Jacinda Ardern, has postponed the country's general election by a month amid a spike in coronavirus cases.

The vote was due to take place on 19 September but will now be held on 17 October instead.

Ms Ardern said on Monday that the new date would allow parties "to plan around the range of circumstances we will be campaigning under".

Earlier this week, the country's largest city went back into lockdown.

"This decision gives all parties time over the next nine weeks to campaign and the Electoral Commission enough time to ensure an election can go ahead," Ms Ardern said, adding that she had "absolutely no intention" of allowing any further delays to the vote.

The opposition National Party has argued the election should be delayed as restrictions on campaigning mean Ms Ardern had an unfair advantage.

Nine new coronavirus cases were confirmed on Monday, bringing the number of active cases linked to the Auckland cluster to 58.

The outbreak was initially traced back to members of one family, although Ms Ardern later said that subsequent contact-tracing had found an earlier case involving a shop worker who became sick on 31 July.

A health official who knew the family told the New Zealand Herald that the family were "shell-shocked" and "a little embarrassed that it had happened to them".

The announcement that new cases had been discovered shocked the country, which had recorded no locally transmitted cases for more than three months.

There are four "alert levels" in New Zealand, and Auckland has been on Level 3 since the new measures were announced. The rest of the country is on Level 2.

Before the new cluster was identified, the government had lifted almost all of its lockdown restrictions, which were first imposed in March.

New Zealand has reported more than 1,600 infections and 22 deaths since the pandemic began, according to figures from Johns Hopkins University.

An early lockdown, tough border restrictions, effective health messaging and an aggressive test-and-trace programme had all been credited with virtually eliminating the virus in the country.

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Coronavirus: Japan's economy shrinking at fastest rate

The Japanese economy has shrunk at its fastest rate on record as it battles the coronavirus pandemic.

The world’s third largest economy saw gross domestic product fall 7.8% in April-June from the previous quarter, or 27.8% on an annualised basis.

Japan was already struggling with low economic growth before the crisis.

The figures released on Monday are a stark reminder of the severe financial impact faced by countries around the world.

Japan slipped into recession earlier this year following two successive quarters of economic contraction.

Its latest data for the April to June quarter was the biggest decline since comparable figures became available in 1980 and was slightly bigger than analysts had expected.

One of the main factors behind the slump was a severe decrease in domestic consumption, which accounts for more than half of Japan's economy. Exports have also fallen sharply as global trade is hit by the pandemic.

The latest data is the third successive quarter of declines for the Japanese economy, representing its worst performance since 1955.

The downturn puts further pressure on a Japanese economy that was already struggling with the effects of a sales tax hike to 10% last year, along with typhoon Hagibis.

After the slump, hopes of a bounce

Japan is the latest in a string of Asian economies to report drastically lower second quarter GDP data.

That shouldn't be a surprise: no one escaped the reach of the pandemic, and even if there weren't strict lockdowns put in place, people generally stayed indoors and didn't spend money.

That has a knock-on effect on corporate earnings, as consumers buy less and so companies earn less.

It's a vicious cycle that in turn leads to a lack of confidence about hiring prospects - which means there's also nervousness about job prospects. All of that is showing up in the numbers today.

Still, now is the time to look to the future and to the possibility of a rebound.

Japan is likely to do better than other economies according to some analysts. Capital Economics says even though the world's third largest economy is in the midst of a second wave of infections, its health care systems aren't overwhelmed, and new cases have started to decline. The research house says it expects to see third quarter GDP bounce back - and continue through to next year.

 

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New Zealand: Jacinda Ardern postpones election amid coronavirus spike

The prime minister of New Zealand, Jacinda Ardern, has postponed the country's general election by a month amid a spike in coronavirus cases.

The vote was due to take place on 19 September but will now be held on 17 October instead.

Ms Ardern said on Monday that the new date would allow parties "to plan around the range of circumstances we will be campaigning under".

Earlier this week, the country's largest city went back into lockdown.

"This decision gives all parties time over the next nine weeks to campaign and the Electoral Commission enough time to ensure an election can go ahead," Ms Ardern said, adding that she had "absolutely no intention" of allowing any further delays to the vote.

The opposition National Party has argued the election should be delayed as restrictions on campaigning mean Ms Ardern had an unfair advantage.

Nine new coronavirus cases were confirmed on Monday, bringing the number of active cases linked to the Auckland cluster to 58.

The outbreak was initially traced back to members of one family, although Ms Ardern later said that subsequent contact-tracing had found an earlier case involving a shop worker who became sick on 31 July.

A health official who knew the family told the New Zealand Herald that the family were "shell-shocked" and "a little embarrassed that it had happened to them".

The announcement that new cases had been discovered shocked the country, which had recorded no locally transmitted cases for more than three months.

There are four "alert levels" in New Zealand, and Auckland has been on Level 3 since the new measures were announced. The rest of the country is on Level 2.

Before the new cluster was identified, the government had lifted almost all of its lockdown restrictions, which were first imposed in March.

New Zealand has reported more than 1,600 infections and 22 deaths since the pandemic began, according to figures from Johns Hopkins University.

An early lockdown, tough border restrictions, effective health messaging and an aggressive test-and-trace programme had all been credited with virtually eliminating the virus in the country.

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‘Neutral, non-political administrator to be appointed in Karachi’

Mayor Karachi Waseem Akhtar has claimed that a ‘neutral and non-political’ administrator will be appointed in the metropolis over the recommendations of the advisory committee.

Waseem Akhtar provided the details of the recent meeting with the major political parties including Pakistan Tehreek-e-Insaf (PTI), Muttahida Qaumi Movement Pakistan (MQM-P) and Pakistan People’s Party (PPP).

“I have completed my work related to the amendments in the local government laws as Karachi mayor. I will submit my recommendations to the minister for local government Nasir Shah next week.”

“Next administration of Karachi will be appointed in light of the recommendations made by the advisory committee which will be supported by the federal and provincial governments. All matters will be taken ahead in a legalised manner.”

“In the meeting, the chairman of the National Disaster Management Authority (NDMA) gave a briefing over the cleanliness of the main nullahs of the metropolis and removing the encroachments. The prime minister has given the responsibility to NDMA and Frontier Works Organization (FWO). The Centre and provincial government will provide funds to NDMA and FWO for the completion of tasks.”

“A committee has not been constituted so far, however, some names were given for an advisory committee. More meetings will be held in future and consultations will be continued.”

“The municipal laws of 2013 were fully failed and it cannot be implemented anymore. It is necessary to implement Article 140-A, otherwise, we cannot get a permanent solution. Our constitution allows the creation of at least 20 provinces in the country and it will establish a balance and help to resolve issues of the masses.”

Akhtar claimed that the new administrator will be ‘neutral’ and have no political affiliation which would be appointed by the consultation of all three political parties. He added that no name has been finalised for the position of Karachi’s administrator in the meeting.

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‘Neutral, non-political administrator to be appointed in Karachi’

Mayor Karachi Waseem Akhtar has claimed that a ‘neutral and non-political’ administrator will be appointed in the metropolis over the recommendations of the advisory committee.

Waseem Akhtar provided the details of the recent meeting with the major political parties including Pakistan Tehreek-e-Insaf (PTI), Muttahida Qaumi Movement Pakistan (MQM-P) and Pakistan People’s Party (PPP).

“I have completed my work related to the amendments in the local government laws as Karachi mayor. I will submit my recommendations to the minister for local government Nasir Shah next week.”

“Next administration of Karachi will be appointed in light of the recommendations made by the advisory committee which will be supported by the federal and provincial governments. All matters will be taken ahead in a legalised manner.”

“In the meeting, the chairman of the National Disaster Management Authority (NDMA) gave a briefing over the cleanliness of the main nullahs of the metropolis and removing the encroachments. The prime minister has given the responsibility to NDMA and Frontier Works Organization (FWO). The Centre and provincial government will provide funds to NDMA and FWO for the completion of tasks.”

“A committee has not been constituted so far, however, some names were given for an advisory committee. More meetings will be held in future and consultations will be continued.”

“The municipal laws of 2013 were fully failed and it cannot be implemented anymore. It is necessary to implement Article 140-A, otherwise, we cannot get a permanent solution. Our constitution allows the creation of at least 20 provinces in the country and it will establish a balance and help to resolve issues of the masses.”

Akhtar claimed that the new administrator will be ‘neutral’ and have no political affiliation which would be appointed by the consultation of all three political parties. He added that no name has been finalised for the position of Karachi’s administrator in the meeting.

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PPP, PTI, MQM-P met to resolve Karachi's issues

The three major political parties of Karachi, the PPP, the PTI and the MQM-P met on Saturday to discuss the city's issues in two separate meetings that were held in Islamabad and Karachi.

Sources informed that it was decided in the meetings to form an advisory committee and a liaison committee to solve the metropolis' problems. 

Chief Minister Sindh Syed Murad Ali Shah, Saeed Ghani and Nasir Shah represented the provincial government in the meeting.

Meanwhile Governor Sindh Imran Ismail, federal ministers Asad Umar and Ali Zaidi as well as Karachi Mayor Waseem Akhtar were in attendance as well. 

Sources further said that the National Disaster Management Authority's Chairman Lt Gen Muhammad Afzal was in the meeting as well. 

Discussions revolved around the role of the NDMA in the development of Karachi.

It was decided that members of the Centre and Sindh government would form an advisory committee to resolve the city's issues. 

MQM’s Aamir Khan in a tweet said that Karachi's problems cannot be solved without giving full authority to its locals.

“The problem of Karachi cannot be solved until the local people have full authority. This will only be possible when new provinces are established across the country including Karachi,” he said.

Karachi is a part of Sindh and will remain so: Raza Rabbani

PPP leader Raza Rabbani said Sunday that Karachi is a part of Sindh and will continue to remain so, adding that the PTI had previously issued a statement as well on separating the city from the province.

Speaking at a press conference after the party's Central Executive Committee meeting, the former Senate chairman said that these statements from the PTI leadership were not new.

"Ever since the PPP government has been formed and the PTI came to power, such statements have been issued," he said, adding that the PTI has previously issued statements as well on imposing governor rule in Sindh.

"There is nothing new about this," he stressed.

Rabbani, without naming anyone in particular, said that "some people want to place Karachi under the Centre and seize its revenue".

Criticising NAB, the PPP leader said that the Supreme Court of Pakistan's judgment in the Khawaja brothers case had exposed the anti-graft body. He said that the Human Rights Watch had also exposed NAB.

Clarifying that the party had not changed its stance on the 18th Amendment, Rabbani said that the party will "not compromise" on it.

'Sindh govt to welcome any party or person that wants to develop Karachi'

Separately, Sindh Info Minister Nasir Hussain Shah welcomed the meeting between PTI, PPP and MQM as a step in the right direction for the betterment of Karachiites.

“The collaboration between PPP, PTI and MQM to work for the betterment of Karachi will prove to be an important milestone,” Shah said.

He added that Sindh, especially Karachi was developed tremendously under the leadership of Bilawal Bhutto Zardari. “Sindh government will welcome every person or political party that wants to play a part in developing Karachi,” Shah added.

Referring to the recent monsoon spell which wreaked havoc in the metropolis, the provincial minister said the Sindh government had welcomed the Centre and the NDMA in its efforts to clear Karachi's nullahs.

“Steps taken by the chief minister Sindh for Karachi cannot be forgotten,” he added.

The meeting between the three political parties to resolve Karachi's issues came after the Supreme Court of Pakistan lashed out at the Sindh government for lack of cleanliness in Karachi, stating in its remarks that the provincial authorities had "completely failed".

A hearing into the nullahs encroachment case was held Tuesday at the Karachi registry of the apex court. where the chief justice said that the Sindh government had "turned entire Karachi into a goth".

"The entire city is filled with filth and sewerage water," said the chief justice angrily. "Mosquitoes, flies and germs are everywhere. People are walking on stones [to cross sewerage water]," he added.

"Rulers are the only ones who are enjoying themselves," the chief justice had said angrily. "This is turning into a province of total anarchy."

"Who will rectify the province? Do we ask the federal government to rectify the province," Justice Gulzar asked. "Who will provide the people with their basic rights?"

Justice Faisal Arab had lamented that people have to move the court to avail basic facilities such as water and power. "I belong to this province as well but look at the situation here," he had said.

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