Global Economy
HSBC merges commercial, investment banking units
HSBC Holdings said on Tuesday it would combine some of its commercial and investment banking operations in a major overhaul under new CEO Georges Elhedery, which will see it cut costs while trying to improve returns.
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.
Two measures of global corporate health flash red
Two measures of corporate and economic health were flashing red on Friday as shipping group Maersk reported a fall in global demand for sea containers and advertising giant WPP said clients in the US tech sector were slashing their marketing spend.
China’s economic losses from disasters surge
China’s direct economic losses from natural disasters surged to 41.18 billion yuan ($5.74 billion) in July, more than in January to June combined, driven by severe weather as two powerful typhoons hit the country in one month.
Surging US crude exports pushing down Asian prices
Surging US crude exports in 2023 are pushing down oil prices in Europe and Asia, proving a key source of supply as producers cut output and sanctions on Russian crude disrupt trade flows.
Pakistan’s economic woes leave textile industry in tatters
Factory worker Lubna Babar was made redundant at the beginning of the year, a victim of a crisis in the Pakistan textile industry that has seen it lose ground to more nimble Asian competitors.
More rate hikes may be needed to lower inflation
A US central bank official said Saturday that more interest rate hikes “will likely be needed” to bring inflation down further, shortly after policymakers lifted rates to the highest level since 2001.
JPMorgan raises US economic growth estimate, no longer expects 2023 recession
JPMorgan's chief economist said on Friday the bank is no longer forecasting a US recession this year and has raised its economic growth estimate as the economy expands at a "healthy pace."
Russia says JPMorgan stops processing its grain payments
US bank JPMorgan (JPM.N) this week stopped processing payments for the Russian Agricultural Bank, Russia said on Friday, as it demanded action, not promises, from Washington to help Russian grain and fertilizer reach global markets.
China relaxes visa, other rules to boost economy
China will allow some foreigners to obtain visas on arrival and rural residents to settle more easily in cities as part of a series of measures aimed at boosting its flagging economy.
India may cut or scrap wheat import tax
India is considering cutting or even abolishing a 40 percent import tax on wheat and lowering a limit on the amount of wheat stocks millers and traders can hold, a government official said on Friday, as part of efforts to boost supplies.
Maersk sees weaker demand for shipping
Maersk, the world’s second-largest container shipping firm, said Friday it expects shipping volumes to fall this year as companies continue to reduce inventories.