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.
South Korean company to invest $9.39m in Bepza EZ
South Korean company Giant BD Footwear Ltd will invest $9.39 million to set up a shoe and shoe accessories manufacturing plant in Bepza Economic Zone (Bepza EZ).
Oil firms to multi-month highs, eyes on US inflation data
Oil recouped early marginal losses on Thursday, climbing to multi-month peaks as the market weighed supply tightness concerns with fuel demand worries ahead of key US inflation data.
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 hits new highs
Oil hit new peaks on Wednesday with Brent crude touching the highest since April as tighter supply owing to Saudi and Russian output cuts offset concerns over slow demand from China and a report showing rising U.S. crude inventories.
China tips into deflation
China’s consumer sector fell into deflation and factory-gate prices extended declines in July, as the world’s second-largest economy struggled to revive demand and pressure mounted on Beijing to release more direct policy stimulus.
Rouble hits over 16-month low
The rouble hit a more than 16-month low on Wednesday, hampered by strong foreign currency demand and limited supply, with Russia’s shrinking trade surplus and widening budget deficit also hurting sentiment.
World’s largest cruise ship to set sail
With cruise bookings seeing a resurgence after the Covid pandemic caused luxury liners to mothball, a Finnish shipyard is putting the final touches on what will be the world’s largest cruise ship.
China tips into deflation as efforts to stoke recovery falter
China's consumer sector fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand and pressure mounted for Beijing to release more direct policy stimulus.
Oil prices slip as bearish China data fuels demand concerns
Oil prices eased in Asian morning trade on Wednesday as concerns over slow demand from top crude importer China grew after bearish trade and inflation data, outweighing fears over tighter supply arising from output cuts by Saudi Arabia and Russia.
German inflation eases in July
German inflation eased in July, the federal statistics office said on Tuesday, confirming preliminary data.