San Fransisco-based biotech accelerator IndieBio is determined to help biotech startups the way other accelerators have done for IT startups. The firm believes that biotech is a highly important sector to boost the quality of humanity and economy, and is convincing other investors to have the same vision.
Tags: Economy
South Africa Aims to Boost Tourism as The Growing Sector Contributes Significantly to the African Economy
South Africa Tourism Minister Derek Hanekom said in the Meeting Africa 2016 forum that the boost in tourism could benefit the local economy. Tourism has been increasing phenomenally in recent years as the government aims to invest more in the sector.
China's Economic Slowdown Is Deliberate and Healthy, According to the IMF
The newly-elected managing director of the IMF, Christine Lagarde, spoke at the Global Women’s Forum 2016 regarding the global economy, especially in the wake of the China economic slowdown. Despite the prolonged slowdown, the IMF foresee that China’s lower growth was deliberate and healthy.
New policies unveiled to push China's economy
China has unveiled a series of new initiatives to push its economy growth rate. The government is keen on meeting the increasing demand in small and medium-sized homes. Another set of new rules for accelerating reforms at state-owned enterprises will be announced soon.
Syrian Refugees in Turkey Contributed to the Country's Economic Growth According to Government Officials
Turkish government officials acknowledged that the influx of Syrian refugees to the country has contributed in boosting the economy. Turkey’s economic growth has seen an unexpected growth in the third quarter, even as some economic aspects suffered and strained from the flow of migrants.
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Japan's exports were badly hit by the steep drop in steel prices and other commodities. The world's third largest economy's exports fell 12.9 percent on the year in January to Yen 5.35 trillion ($47.12 billion), while the imports also fell 18 percent.
Puerto Rico has run into deep economic crisis, with its fiscal agent, the Government Development Bank, running out of reserves to cover even essential services. The government is tilting towards holding on to its debt repayments to sustain the island as a going concern, but their plea to creditors and the Congress to bail them out of the crisis is met with resistance on both fronts.
Japan’s auto workers unions had agreed on slimmer pay raise of 3,000 yen, only half the amount they demanded last year. That would hinder Prime Minister Abe’s determination to put an end to the country’s economy stagnation by boosting domestic growth and reviving exports.
A research conducted by JP Morgan analysts revealed that global investment banks would suffer a fall in profits this year. The fall could differ between regions, but average earnings are estimated to be down by 20 percent and revenues by 21 percent. Challenging economic environment is believed to negatively affect the global investment markets.
The changes are part of the government's economic stimulus package, expected to boost the country's economic growth and create job openings. Indonesia's new regulations on investment would loosen current restrictions on foreign investments in various sectors, including e-commerce, retail and healthcare.
The report estimated India's economic growth to be at 7.3 percent in 2016, and the growth would increase even more in 2017. India is already one of the world's fastest-growing economy last year, benefiting from the sharp decline of oil, metals, and food price.
The major factors such as oil price fall, economy growth concerns and uncertainty in stock markets are keeping more pressure on mortgage rates in the US market. The average US rate on long-term mortgage dropped for three weeks in a row to 3.81 percent. The average rate on 15-year mortgages dropped to 3.10 percent from 3.19 percent.
The Bank of Canada is expected to cut interest rates on Wednesday and not many are favoring the move. Many are worried that the rate cut will damage the already weakened Canadian dollar, among other worries.
China's slowdown has caused negative effects in businesses and countries around the world that financially depend on a large chunk of business with the Asian country. China must transition into a consumer drive economy in order to grow in the future, but the steps necessary to do so are complicating their international partnerships.
