Japan’s Q1 GDP shrinks less than initial estimate but still faces steep recession

first_imgThe revised data confirmed Japan had slipped into recession for the first time in 4-1/2 years, after a 7.2 percent contraction in October-December, pressured by last year’s sales tax hike and the US-China trade war. Recessions are defined as two straight quarters of contraction.On quarter-on-quarter basis, the economy contracted 0.6 percent in the first quarter compared with an initial reading of a 0.9 percent decline.Business spending showed gains after the finance ministry’s survey earlier this month, which was used to calculate the revised gross domestic product, drew fewer respondents than usual. Spending is expected to falter in coming months.Capital spending rose 1.9 percent from the previous quarter, reversing from a preliminary 0.5 percent fall. Private consumption, which accounts for more than half of Japan’s economy, fell 0.8 percent compared with the preliminary 0.7 percent decline, as solid demand for daily necessities was offset by declines in spending on services.Net exports – or exports minus imports – subtracted 0.2 percentage point from revised GDP growth, as the coronavirus slammed global demand.Analysts are forecasting the economy will suffer an annualised contraction of more than 20 percent in April-June as Prime Minister Shinzo Abe announced a state of emergency and requested citizens to stay home and businesses to close to prevent the virus spreading.Although the emergency was lifted in late May, the economy is expected to recover only moderately in coming months due to the pandemic’s sweeping impact globally and at home.The Bank of Japan is likely to maintain this month its projection that the economy will gradually recover from the damage in the latter half of this year, sources said.The BOJ eased monetary policy for two straight months in April, joining government efforts to cushion the blow from the pandemic. The government has compiled two stimulus packages worth a combined $2.2 trillion.Topics : Japan’s economy shrank less than initially estimated in the first quarter but the broad impact from the coronavirus crisis is still expected to send the country deeper into recession.A series of recent April data including exports, factory output and jobs figures suggested Japan is facing its worst postwar slump in the current quarter as the outbreak forced people to stay at home and businesses to close globally.The world’s third-largest economy shrank an annualised 2.2 percent in January-March, revised data showed on Monday, less than the 3.4 percent contraction indicated in a preliminary reading and compared with a median market forecast of a 2.1 percent drop.last_img read more

Mumbai Indians, Rising Pune Supergiant battle today in IPL final

first_imgTHE curtains will come down today on IPL 2017 as Rising Pune Supergiant (RPS) and Mumbai Indians (MI) battle in the final.Aiming to win their third title, the formidable Mumbai Indians (MI) will face an imposing challenge from the Rising Pune Supergiant (RPS) in what promises to be a riveting ‘Grand Finale’ of the 10th Indian Premier League (IPL) on Sunday (May 21).Billed as a “Maharashtra Derby”, the summit clash is set to be a bit more than an inter-city battle with huge reputations of big stars at stake.Even on paper, there is not much to choose, especially with Pune beating MI thrice this season including a comprehensive victory in Qualifier 1. But final is a new day and MI can always be fourth time lucky.Two-time champions Mumbai will be playing their fourth final and should have been termed as clear favourites had it not been for a certain Mahendra Singh Dhoni, who will be playing a record 7th IPL final.Some of the MI stars, like skipper Rohit Sharma, Kieron Pollard, Harbhajan Singh and Ambati Rayudu, have a fair idea of how to win a mega final as they have been a part of the victorious 2013 and 2015 sides.MI’s strength has been their bench with like for like replacements. When Jos Buttler left, they had Lendl Simmons to fill up for him.Similarly, Mitchell McClenaghan (19 wickets) can cool his heels with Mitchell Johnson tormenting the batsmen. Nitish Rana (333 runs) has been one of the finds but when Ambati Rayudu came back from injury, he was equally effective.Harbhajan Singh has been economical as ever but the team management had faith in leg-spinner Karn Sharma who crushed the KKR batting during the second Qualifier.In Malinga and Bumrah – they have the best death bowlers in the business. Pollard hits big and is a livewire on the field. Pandya brothers – Krunal and Hardik – provide the all-round balance and above all there is Rohit, who can singlehandedly turn the match on its head.But when it comes to “MSD”, the cash-rich league has been his playground since its inception in 2008. He has played six finals between 2008 and 2015 for the Chennai Super Kings, winning the 2010 and ’11 editions. The former India captain knows more than a thing or two about IPL finals.Pune skipper Steve Smith will be banking on Dhoni’s experience with an aim to emulate Shane Warne, Adam Gilchrist, David Warner – the Aussies who have lifted the silverware.In terms of performance, Dhoni hasn’t exactly set the stage on fire but his contribution in two of the victories have had a telling impact.The tricky chase against Sunrisers Hyderabad during a league game was one match in which Supergiant witnessed the ‘Master Finisher’ come to the fore. It was a match Pune needed to win in order to get some momentum going. Last and final game for Pune And then the five sixes off the last two overs during the Qualifier 1 at Wankhede – a match that was till then in MI’s grip. It’s highly likely that Dhoni will be seen in his favourite ‘Canary Yellow’ jersey from next season as Supergiant won’t be getting an extension as per current rules.But the legend must not have forgotten how he was unceremoniously removed from captaincy and a memorable knock in the final will only be an icing on the cake.After a forgettable last season, Pune, under Smith, have found their combination this time round. Ben Stokes has been one of those rare players, who has justified the big bucks (Rs 14.5 crore) spent on him by Sanjeev Goenka.Before leaving for Madrid (where England is having a pre Champions Trophy camp), Stokes’ 316 runs and 12 wickets had a huge role to play in ensuring a smooth passage to the play-offs.The century against Gujarat Lions, while battling cramps, and brilliant overs at the death made it easier for Smith. The emergence of Rahul Tripathi (388 runs) – son of an Army Major – who had for sometime quit cricket while staying in Kashmir, has been one of the most endearing IPL stories of this year.Not to forget the reticent Washington Sundar, who held his own bowling in Powerplays, to some of the best T20 exponents. Skipper Smith (421) also had a good start before some quiet matches towards the business end. Manoj Tiwary (317) has also played his part to perfection. The best part about their campaign has been turning their weak-links into a strong point.Once Imran Tahir (18 wickets) left for national duty, no one would have thought that Jaydev Unadkat (22 wickets) would make this platform his own with support from the unheralded Washington and Shardul Thakur.Mumbai Indians: 1 Parthiv Patel (wk), 2 Lendl Simmons, 3 Rohit Sharma (capt), 4 Ambati Rayudu, 5 Kieron Pollard, 6 Krunal Pandya, 7 Hardik Pandya, 8 Karn Sharma, 9 Mitchell Johnson/Mitchell McClenaghan, 10 Lasith Malinga, 11 Jasprit BumrahRising Pune Supergiant: 1 Ajinkya Rahane, 2 Rahul Tripathi, 3 Steven Smith (capt), 4 Manoj Tiwary, 5 MS Dhoni (wk), 6 Dan Christian, 7 Washington Sundar, 8 Shardul Thakur, 9 Lockie Ferguson, 10 Jaydev Unadkat, 11 Adam Zampalast_img read more

Syracuse will honor former administrative assistant with patch starting Dec. 31

first_imgAdvertisementThis is placeholder textThe team will wear the patch for the first time this Sunday when the Orange opens Atlantic Coast Conference play against Virginia Tech in the Carrier Dome.Seubert, who was born in Buffalo and moved to Syracuse as a child, was Jim Boeheim’s lead administrative assistant for 13 years. She sat at the desk directly outside Boeheim’s office. Seubert’s obituary called the Syracuse men’s basketball team Seubert’s “second family.”“She played an intricate role in most of the operational duties in the basketball office and was especially adept at multi-tasking,” SU Athletics’ release said. “In addition to her work specific to the basketball program, Seubert was also involved with the Jim Boeheim Basketball Camp.” Comments Facebook Twitter Google+ Published on December 29, 2017 at 4:26 pm Contact Sam: [email protected] | @Sam4TRcenter_img Syracuse will wear a patch on all its game uniforms for the rest of the season honoring former administrative assistant Kelly Seubert.Seubert, 53, died on August 18 after a battle with cancer. The patch is a capital letter “K” and a heart, and it is positioned on the front of uniform above “Orange” on the white jersey and “Syracuse” on the team’s orange jersey. The coaching staff will wear a pin similar to the patch.last_img read more