India's exports hit $350b in this fiscal year
NEW DELHI, May 29 : India's exports could rise as much as a fifth in the current fiscal year ending March 2019 to reach about $350 billion, a leading trade body said on Tuesday. The Federation of Indian Export Organisations (FIEO) also hopes India will actively engage with the United States to protect local industry's interest, said Ganesh Gupta, president, FIEO. A move by the central bank to ban trade credit instruments such as letters of undertaking and letters of comfort after a $2-billion fraud at a state-run bank has raised the cost of funds for exporters by 1.0 per cent to 3.0 per cent, Gupta added. — Reuters
Eurozone loan growth to firms, households halts
FRANKFURT AM MAIN, May 29: Growth in lending to eurozone firms and households paused in April, official data showed Tuesday, complicating the picture for the European Central Bank as it weighs ending its economic stimulus. Adjusted for some purely financial transactions, growth in borrowing to firms was flat month-on-month, at 3.3 per cent, ECB data showed. Meanwhile lending to households expanded by 2.9 per cent, also the same pace as in March. Overall, credit to the private sector in the 19-nation single currency area grew at 3.1 per cent last month, slightly higher than March. — AFP
HK demand raises Swiss watch shipments
ZURICH, May 29: Exports of Swiss watches ticked ahead nearly 14 per cent in April, trade figures showed Tuesday, aided by strong demand from prime market Hong Kong."After a relatively calm March, growth moved ahead strongly in April," the Federation of the Swiss Watch Industry said, noting exports for the first four months of the year rose 11 per cent on the same period of 2017 to 6.7 billion Swiss francs (5.8 billion euros, $6.75 billion). March growth had been tepid at 4.8 per cent, down on January's 12.6 and February's 12.9. April's recovery of 13.8 percent saw exports hit 1.76 billion francs, driven by a healthy 43.4 per cent rise in sales - a six-year high - to Hong Kong, a lucrative Asian market hub. — AFP
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