
Mumbai to Boost Reputation as Financial Hub With $25 Billion Facelift
Reimagining the city's public infrastructure, including roads, bridges and its sprawling sewage system is ambitious. Zoning and construction laws are famously complex here, Nic Querolo and Saikat Das write. Today on CityLab:
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Investors react to Trump's new reciprocal tariffs announcement
SINGAPORE (Reuters) -President Donald Trump signed an executive order on Thursday imposing reciprocal tariffs ranging from 10% to 41% on U.S. imports from dozens of countries and foreign locations. Rates were set at 25% for India's U.S.-bound exports, 20% for Taiwan's and 30% for South Africa's. Trump also signed an executive order on Thursday increasing tariffs on Canadian goods to 35% from 25%, the White House said. QUOTES: TONY SYCAMORE, MARKET ANALYST, IG, SYDNEY: "At this point, the reaction in markets has been modest, and I think part of the reason for that is the recent trade deals with the EU, Japan, and South Korea have certainly helped to cushion the impact, as has Mexico being granted a 90-day reprieve. And Trump said that trade talks with China are doing reasonably well there. "So on top of all of that, you have the TACO trade type situation whereby, after being obviously caught on the wrong foot in April, the market now, I think, has probably taken the view that these trade tariff levels can be renegotiated, can be walked lower over the course of time." BRIAN JACOBSEN, CHIEF ECONOMIST, ANNEX WEALTH MANAGEMENT, MENOMONEE FALLS, WISCONSIN (emailed comment): "Just because we now have clarity on the tariffs, that doesn't mean we have certainty about their effects. "There are those who think that tariff-induced consumer price inflation will slowly build as businesses work down inventories and test how strong their pricing power is. Others think the tariff-induced inflation will peak earlier, showing up mostly in crimped profit margins and resulting in slower growth. "However, what tariffs take with one hand, maybe tax incentives to invest and more open foreign markets can give with the other hand."
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Japan's factory activity slips back into decline in July, PMI shows
TOKYO (Reuters) -Japan's manufacturing activity shrank in July after briefly stabilising in the previous month as weak demand pulled production back into contraction, a private sector survey showed on Friday. The S&P Global Japan manufacturing purchasing managers' index (PMI) fell to 48.9 in July from 50.1 in June, dropping below the 50.0 threshold that separates growth from contraction. The PMI was little changed from the flash reading of 48.8. Most of the survey data was collected before the announcement of a Japan-U.S. trade agreement last week, which lowers tariffs imposed on Japan to 15% from a previously threatened 25%. As the trade deal with Washington kicks in, "it will be important to see if this will translate into greater client confidence and improved sales in the months ahead," said Annabel Fiddes, economics associate director at S&P Global Market Intelligence, which compiles the survey. The key sub-index of output fell back into contraction and at the sharpest pace since March. Companies widely reported reducing production due to lower volumes of new business, according to the survey. New orders shrank again in July, though at a slightly slower pace than in June. Despite falling production and orders, manufacturers continued to increase staffing in July, though the pace of job creation slowed to a three-month low. On the price front, input cost inflation eased to its lowest in four-and-a-half years, while output prices rose at the fastest rate in a year as firms passed on higher costs to customers. Business confidence improved to a six-month high in July, with firms expecting improved demand conditions and reduced trade-related uncertainty to support growth over the next year. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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South Korea factory activity shrinks for 6th month on tariff concerns, PMI shows
SEOUL (Reuters) -South Korea's factory activity contracted for the sixth straight month in July, as uncertainty over U.S. tariffs weighed on output and orders, a business survey showed on Friday. The Purchasing Managers Index (PMI) for manufacturers in Asia's fourth-largest economy, released by S&P Global, fell to 48.0 in July, from 48.7 in June. The index has stayed below the 50-mark, which separates expansion from contraction, since February. "July PMI data signalled that the South Korean manufacturing sector experienced a stronger deterioration in operating conditions," said Usamah Bhatti, economist at S&P Global Market Intelligence. "Both production volumes and new orders fell at a steeper rate than that in June, with anecdotal evidence indicating that weakness in the domestic economy was compounded by the impacts of U.S. tariff policy." The survey was conducted from July 10 to July 23, before South Korea reached on Wednesday a trade deal with the U.S. lowering tariffs to 15% from a threatened 25%. In July, output and new orders fell at steeper rates than the month before, although the decline in new export orders contracted at the mildest rate in four months, sub-indexes showed. Anecdotal evidence pointed to declining export order volumes in the U.S. and Japan in particular, according to the survey. South Korean manufacturers turned pessimistic about the outlook for the year ahead for the first time in three months, citing concerns over the timing of a domestic economic recovery and ongoing uncertainty surrounding U.S. tariff policy.