Global Economy
US unveils funding for chip industry firm in battleground Michigan
The latest $325 million in proposed funds under the CHIPS and Science Act -- a package of incentives to boost research and US semiconductor production -- goes towards polysilicon manufacturer Hemlock Semiconductor
Britain seeking EU trade reset: minister
Trade minister Douglas Alexander said Britain's 2016 vote to leave the EU caused "significant disruption" to its trade policy and the country needed to recalibrate its global trade outlook
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.
Vietnam targets US electric car market
Vietnamese electric vehicle maker VinFast has made its debut on the Nasdaq, and its shares soared to push its stock market valuation past Ford and General Motors on its opening day of trading.
Sri Lanka lifts import ban on buses, trucks
Crisis-hit Sri Lanka partially lifted a ban on vehicle imports on Tuesday by allowing buses and trucks back into the island after more than three years.
US retail sales bounce with online spending boost
US consumer spending rose more than anticipated in July, according to government data released Tuesday, boosted by online spending in a show of resilience even as the economy cools.
Indian economy to grow by average 6.7% to 2031: S&P
S&P Global has projected the Indian economy to grow by an average annual rate of 6.7 percent to March 2031, driven by manufacturing and services exports and consumer demand, despite short-term challenges from rate hikes and a global slowdown.
India makes oil payment to UAE in rupee
India and the United Arab Emirates have started settling bilateral trade in their local currencies with India’s top refiner making payment in rupees for purchase of a million barrels of oil from the Middle Eastern nation, the Indian government said on Monday.
Sri Lanka scraps $3.85b foreign-funded oil refinery
Cash-strapped Sri Lanka announced on Tuesday it was scrapping a $3.85 billion deal to build an oil refinery that was set to become the island’s largest foreign investment.
Russia tests digital rouble to bypass sanctions
Russia began testing its new digital rouble with consumers on Tuesday, in the hope blockchain technology will help it evade sanctions and tighten control over its citizens.
China's economic woes mount as trust firm misses payments, home prices fall
Missed payments on investment products by a leading Chinese trust firm and a fall in home prices have added to worries that China's deepening property sector crisis is rapidly stifling what little momentum the economy has left.
Asian markets fall on China woes, US rate concerns
Asian markets were well in the red, with Tokyo, Hong Kong, Seoul and Sydney all down more than 1.0 percent. Shanghai, Taipei, Singapore, Bangkok and Jakarta also retreated