Global Economy
As poor nations’ default wave peaks, cash shortage could take its place
The punishing post-Covid wave of sovereign defaults has finally crested, with the likes of Ghana, Sri Lanka and Zambia concluding years of painful debt reworks.
India's garment exports surge 17.3% in September amid Bangladesh crisis: report
The growth comes despite global challenges such as inflation and supply chain disruptions, which have impacted other major garment-exporting nations, the report states
IMF, World Bank meetings clouded by wars, slow economic growth, US election
The International Monetary Fund and World Bank annual meetings are scheduled to draw more than 10,000 people from finance ministries, central banks and civil society groups to discuss efforts to boost patchy global growth, deal with debt distress and finance the green energy transition
Oil prices steady after 7% weekly drop
Brent crude futures rose 8 cents, or 0.11 percent, to $73.14 a barrel by 0120 GMT
China's central bank cuts two key rates to boost economy
The cuts come just days after the country posted its slowest quarterly growth in a year and a half, underlining the deep economic woes the country faces.
As poor nations' default wave peaks, cash shortage could take its place
The issue, and what to do about it when western countries are increasingly loath to send money overseas, is a key topic at the IMF World Bank autumn meetings taking place in Washington, D.C. this week.
China’s growth reprieve will be short-lived
China may be on track to hit its “around 5 percent” economic GDP target for this year, but repeating the feat will get harder for policymakers. Third quarter growth logged in at 4.6 percent year-on-year, and that pace will need sustaining if the People’s Republic is to achieve medium-level developed economy status by 2035. Unless planners move their own goalposts, they’ll have to contort themselves a lot more.
Analysis / Inflation is not dead, it’s just resting
Inflation in the United States picked up in the late 1960s in the wake of the Vietnam War and spending on President Lyndon Johnson’s “Great Society” set of social programs
Tk 8.5 crore Indian onions came through Hili in 2 days
59 trucks brought in around 1,800 tonnes of the bulb
S&P downgrades multiple US banks
Funding risks and weaker profitability will likely test the sector's credit strength
German economy may stagnate again in Q3
Germany’s “lacklustre” economy will likely stagnate again in the third quarter, the Bundesbank central bank said Monday, as weak demand from abroad and high interest rates takes their toll on Europe’s industrial powerhouse.
China cuts key interest rate to support economy
China’s central bank on Monday cut a key interest rate in an attempt to counter the post-Covid growth slowdown in the world’s second-largest economy.
Lankan inflation halves to 4.6%
Sri Lanka’s consumer inflation rate more than halved to 4.6 percent year-on-year in July, helped by falling food prices, the statistics department said on Monday.
Rupee ends flat
The Indian rupee ended little changed after trading in a narrow band on Monday, on likely dollar-selling intervention by the central bank which helped the currency navigate the decline in its the Asian peers.
Settle UAE trades in rupee, dirham
India’s central bank is nudging local banks to ask their clients to settle trade between the United Arab Emirates and India using the dirham (AED) or Indian rupee (INR) to reduce US-dollar-based transactions, five sources told Reuters.
Asean countries to begin talks on $2.7 trillion digital economy pact by 2023-end
Asean is intensifying its economic integration to improve cross-border trade and investment flows, including by unlocking a potential US$2 trillion (S$2.7 trillion) in its digital economy by 2030
