China's industrial output hits 17-year low
Beijing, Aug 14: China's economy showed further signs of strain in July with output at its factories falling to its lowest level in 17 years, while investment and retail sales slowed, official data showed Wednesday.
The figures are the latest to highlight how the world's second-largest economy is being battered by an escalating trade war with the United States and slowing global demand.
Industrial output increased 4.8 per cent on-year in July, down from 6.3 per cent in June and marking the weakest pace since 2002. It was also well below the 6.0 per cent forecast by economists in a Bloomberg News survey.
"Given the complicated and grave external environment and the mounting downward pressure on the economy at home, the foundation for sustainable and healthy growth of the economy still needs to be consolidated," said Liu Aihua, a spokeswoman for the National Statistics Bureau, which released the data.
The data also showed China's billion-strong army of consumers were showing signs of becoming more frugal.
Retail sales, which have long been a bright spot for the economy, slowed to a 7.6 per cent rise last month, sharply down from 9.8 per cent in June.
The news highlights the battle China's leaders have in trying to navigate the country's economy from exports and government investment to one driven by domestic consumption.
Fixed-asset investment increased 5.7 per cent in January-July, slowing from 5.8 per cent in January-June.
Growth in gross domestic product slowed to 6.2 per cent in the second quarter of the year -- the weakest pace in almost three decades.
The economic malaise makes it more difficult for President Xi Jinping to fight back forcefully against Washington -- which is using tariffs as leverage to try to force Beijing into opening up its markets.
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Hearing for HD Revanna's anticipatory bail adjourned to 2:45 PM today
Bengaluru: The Special Court of People's Representatives has deferred the hearing of the anticipatory bail application filed by former Minister HD Revanna in connection with a woman's kidnapping case.
Advocate BN Jagadish, representing the SIT (Special Investigation Team), requested time to present arguments and file objections against Revanna's anticipatory bail. An accused has already been apprehended in relation to the kidnapping case, and the SIT aims to gather pertinent evidence from this individual. Consequently, they sought an extension to prepare their objection.
However, Murthy Naik, Revanna's advocate, opposed the request for additional time, citing a notice issued under IPC Section 41. He further argued that Revanna must attend the hearing by 5:30 PM today and seeked attention towards the absence of specific allegations directly implicating Revanna in the kidnapping within the FIR.
Following deliberation, the court instructed the SIT to submit their objection and postponed the hearing until 2:45 PM.
