The number of Americans applying for jobless benefits last week declined, home-purchase contracts were up in July and the Commerce Department revised upward the second-quarter growth figure to 4.2%. All were hopeful signs for the immediate future, with particular encouragement seen in the gross domestic product adjustment reflecting higher exports and business spending.
India is now applying new norms in approving outbound capital investments, a Finance Ministry official said. The move, which comes in support of the recently plunging rupee, lowers the limit to 100% of a corporation's net worth from the previous 400% for automatic approval for business acquisitions overseas.
Losses on bond investments contributed heavily to a 73.3% fiscal first-quarter plunge in earnings for securities firms in South Korea from the previous quarter, according to the Financial Supervisory Service. About a third of the firms posted losses for the quarter, the FSS said.
In a ruling with high significance for global financial and debt markets, a U.S. appeals court ruled that Argentina must make good on US$1.47 billion of defaulted bonds held by hedge funds. However, the court agreed to delay enforcement as Argentina seeks an appeal to the U.S. Supreme Court.
Abenomics is already bearing fruit, Bank of Japan Governor Haruhiko Kuroda told his global counterparts at the annual conference in Jackson Hole, Wyo. Separately, Bank of England Deputy Governor Charlie Bean said his institution's intention at this stage is not to add stimulus but rather make existing policy more effective.