Global GDP to fall by 4.4%, not 4.6%, in 2020

Global economic growth will fall by 4.4% in 2020, according to international ratings agency Fitch Ratings, a slight upward revision from the 4.6% decline it projected in a previous report in June.

A slight recovery was seen after the peak period of the pandemic in March and April “but we expect the pace of expansion to moderate soon,” the agency said in a statement late on Monday.

Brian Coulton, a chief economist at the agency, said China’s economy has regained its pre-pandemic level and some European countries have exceeded February levels, but there is still doubt over a V-shaped recovery.

“Unemployment shocks lie ahead in Europe, firms are cutting capital expenditures, and social distancing continues to directly constrain private-sector spending,” he said.

The agency revised its GDP expectation target for the US from -5.6% to -4.6% and from 1.2% to 2.7% for China.

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Global GDP to fall by 4.4%, not 4.6%, in 2020: Fitch

European Stock Markets: European stocks rise after Wall Street sell-off

European share markets moved firmly higher on Monday, shrugging off the heavy falls in the US at the end of last week as investors turned to defensive stocks like healthcare, utility and energy companies.

Sterling fell sharply against the euro, shedding 0.8 per cent to €1.1137, as fears mounted that a trade agreement between the UK and the EU will be scuppered if Boris Johnson’s government goes through with plans to override elements of the withdrawal agreement. The pound fell by a similar degree against the dollar to $1.3157.

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European stocks rise after Wall Street sell-off | Financial Times

The Netherlands: Health insurance costs likely to rise by 62 euros next year

The price of the basic required health insurance package is likely to rise by 62 euros per year to about 1,476 euros annually, political sources told newspaper AD. The total increase was significantly lower than the 144 euro increase which had been predicted by analysts.

The announcement was expected to be made later this month when the Cabinet's proposed budget is revealed on September 15. The increase of about 5.17 euros monthly could still shift up or down by a few dozen cents, the newspaper said. The estimate was agreed upon by the coalition parties, and is based on an insurer having a deductible of 385 euros.

From that baseline price, health insurers then set their own fees. Discounts are often offered for bundled add-on coverage, opting out of coverage at some locations, or by making a full annual payment up front instead of dividing it over the course of the year. Raising the deductible is also an option for reducing the price a consumer pays. Consumers have the option of switching their health insurance at the end of the year.

The price increase had been expected to be larger due to the coronavirus crisis, though former Medical Care Minister Martin van Rijn said that was unlikely. This could still impact the cost of insurance in 2022, the newspaper reported.

Note EU-Digest: This is scandalous, and proves once again that healthcare is a common right for every citizen, just like education, and not a commodity for the greedy profit oriented private sector to control. The Netherlands healthcare system is, unfortunately, starting to resemble the US healthcare system.

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Health insurance costs likely to rise by 62 euros next year: Report | NL Times

The Netherlands: More women on Dutch company boards -by Janene Pieters

The number of women on the management boards at Dutch companies listed on a stock exchange increased from 8.5 percent last year to 12.5 percent this year. The proportion of women on supervisory boards increased from 26.8 percent to 29.5 percent, according to the Female Board Index by Mijntje Lückerath, professor of Corporate Governance at the TIAS School for Business and Society.

This is the second year in a row that the number of female executives and supervisory directors increased. "I see this as a break in the trend," Lückerath, who has been tracking these figures for 13
years, said to NOS. "Last year, Eumedion, the advocate for institutional  investors, made the appointment of women a spearhead. I think it had a lot of effect, companies do now want any hassle abou their appointments. The pressure is already there. It's gradually becoming embarrassing when the top of a company consists entirely of men."

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More women on Dutch company boards | NL Times

US Economy: Tech leads Wall Street sell-off, investors eye slow recovery - "and it will get worse say experts."

The technology-centric Nasdaq led the declines as its heavyweight stocks took a hit including Facebook Inc (FB.O), Apple Inc (AAPL.O), Amazon.com Inc (AMZN.O), Microsoft Inc (MSFT.O) and Google-parent Alphabet Inc (GOOGL.O) which were all down between 4% and 7%.

The five stocks, deemed stay-at-home winners during the coronavirus crisis, also account for roughly a quarter of the S&P 500’s market value and have driven the stock market’s narrow technology-led recovery from the pandemic lows hit in March.

The Philadelphia chip index .SOX and the S&P tech sector .SPLRCT also dropped more than 5% each.

The pullback comes a day after the S&P 500 and the Nasdaq closed at record levels and the Dow came within 1.5% of its February peak, powered by fiscal and monetary support hopes for a swift economic recovery. But some participants said investors had become too optimistic.

Read more at: Tech leads Wall Street sell-off, investors eye slow recovery - Reuters

US Economy - airline industry: United Airlines to cut 16,370 jobs as the pandemic rages

Chicago-based United had over 90,000 employees before the pandemic brought the industry to a near standstill in March and had warned in July that 36,000 jobs were at risk of involuntary furloughs as demand remains weak. 

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United Airlines to cut 16,370 jobs as the pandemic rages - Reuters

Canada:Largest shoreline cleanup on Central B.C. Coast

 The Small Ship Tour Operators Association (SSTOA) will conduct two,marine debris removal expeditions, each up to 21 days, including nine, vessels and more than 100 crew who will inspect and clean up to 1,000 kilometres, weather permitting, of remote shoreline around 100 small islands. The clean-up operations will be performed by various marine-based tourism operators, which may include but is not limited to member companies of the

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Largest shoreline cleanup on Central B.C. Coast | CKPGToday.ca