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.
Oil up on record demand forecast, 7th straight weekly gain
Oil prices edged higher on Friday after the International Energy Agency forecast record global demand and tightening supplies, propelling prices to the seventh straight week of gains, the longest such streak since 2022.
IEA raises world oil demand forecast
The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is “scaling record highs”.
India may roll out welfare measures for gig workers
India plans to roll out welfare measures for “gig” workers employed through platforms like Amazon, Uber and India’s Zomato as Prime Minister Narendra Modi’s government prepares for elections, government and trade union officials said.
UK economy grows in Q2
Britain’s economy expanded slightly over the second quarter thanks to strong output in June and despite inflation remaining high, official data showed Friday.
Huawei shows rebound despite sanctions
Chinese telecoms titan Huawei on Friday announced a pick-up in sales in January-June, the first increase since 2020, as the sanctions-battered firm works to diversify its business operations.
India rice export ban puts market on edge for copycat curbs
India’s rice export ban has the world market bracing for similar actions by rival suppliers to avoid potential domestic shortages as sellers try to fill the 10 million metric ton gap left by New Delhi, stoking concerns over already high global food inflation.
‘Best of Bangladesh’ show in Netherlands in Sep
The two-day expo will highlight Bangladesh economy’s progress, potential
Russia halts currency buys as rouble tumbles
The Russian central bank said it would no longer purchase foreign currency on the domestic market from Thursday, as it sought to prop up the ruble, at its lowest level against the dollar since March 2022.
Biden orders ban on certain US tech investments in China
President Joe Biden on Wednesday signed an executive order that will prohibit some new US investment in China in sensitive technologies like computer chips and require government notification in other tech sectors.
Oil prices rise to multi-month highs
Oil prices rose to a multi-month peak Wednesday in the wake of Opec supply cuts while global stocks were mixed following disappointing China data.