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Today In Payments: Default Fears Mount As China’s Banks Encourage Loans; Goldman, Morgan Stanley Predict Economic Devastation

PYMNTS

In today’s top news, state-owned financial institutions in China are offering incentives to boost consumer lending, and economists at Goldman Sachs and Morgan Stanley predict the coronavirus will be economically devastating. Beijing is looking at personal lending as a way out of the economic crisis brought on by the coronavirus.

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Washington Attempts to Bully India into Cutting Ties with Russia

CFO News Room

Russia has said it will not sell to any countries that participate in the price cap scheme, and Jaishankar has repeatedly stated that India cannot afford to buy oil at high prices – at least not without undermining its economic growth, which is forecast to be 6.1 percent in 2023, the fastest-growing major economy in the world.

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Investors Cool on Internet-of-Things Startups, a Tech Conduit for Retailers

CFO News Room

The number of funding deals for startups developing Internet-of-Things technology, or IoT—as the software-connected systems are called—dropped to a six-year low of 300 deals in the second quarter, according to analytics firm PitchBook Data Inc. . Newsletter Sign-up. WSJ | CIO Journal. Kroger CIO Yael Cosset. Photo: The Kroger Company.

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5G Network Rollout Delayed In China, Flights Canceled Due To Coronavirus

PYMNTS

The coronavirus has far-reaching impacts that extend beyond health, with a wide range of economic effects in sectors ranging from transportation to telecom and retail. AT&T Cybersecurity also won’t participate, which brings the total number of firms that have withdrawn to 14. The number includes seven from the U.S.,

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Union Budget can lead to more jobs, better healthcare: Saugata Gupta, CEO, Marico

CFO News Room

In addition to kickstarting the economy after two years of Covid-induced limbo, it also addresses some of the lingering doubts about India’s readiness and economic resilience in the face of future outbreaks. The initiatives announced under the PM Gati Shakti scheme have renewed the focus on public investment to modernise infrastructure.

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Union Budget 2022-23: Govt maintains focus on sector

CFO News Room

With over 35% y-o-y increase in capex and a proposed infrastructure spend of over Rs 10 lakh crore in Budget 2022-23, the Union government has reinforced its commitment to using infrastructure as a force multiplier for sustained economic growth.

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Payment behaviours likely to deteriorate in 2023 

Future CFO

DSO as an accounting metric measures the average number of days a businesses receives payment for goods and services purchased on credit, while DIO is a working capital management ratio that measures the average number of days a company holds inventory before it’s turned into sales. In 2023, more of the same. Liquidity matters.