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.
How El Nino threatens emerging market economies
Countries around the world are battling heatwaves and floods fuelled by El Nino, a naturally occurring climate phenomenon that has a 90 per cert probability of persisting in the second half of 2023, according to the World Meteorological Organization.
China’s importance to German exporters on the wane
China is losing importance as a market for German exporters, with data showing a steady decline in its share of total exports, a trend set to continue as Berlin and Beijing rethink their economic ties.
Robust rains accelerate rice planting in India
Indian farmers have planted 28.3 million hectares (69.9 million acres) with summer-sown rice, according to the farm ministry's latest data, up 3.28 percent from the same period last year, as robust monsoon rains encouraged the expansion of acreage.
How El Nino threatens emerging market economies
Countries around the world are battling heatwaves and floods fuelled by El Nino, a naturally occurring climate phenomenon that has a 90 per cert probability of persisting in the second half of 2023, according to the World Meteorological Organization.
Oil slips on US ratings downgrade
Oil slid further on Thursday after dropping sharply from more than three-month highs in the previous session as a US government credit downgrade weighed on sentiment, while concerns around supply tightness provided support.
Dollar scales 4-week peak
The dollar scaled a four-week peak against major peers on Thursday after upbeat labour market data a day earlier, while sterling edged lower ahead of an expected rate hike from the Bank of England.
India’s services growth at 13-year high
India’s dominant services sector expanded at its fastest pace in 13 years last month as demand increased significantly despite elevated inflationary pressures, a business survey showed on Thursday.
US sees price cap on Russian oil working
The United States remains confident that the Group of Seven’s price cap on Russian oil is working to squeeze Moscow’s revenues and stabilize energy markets despite a recent upturn in prices, a senior US Treasury official said on Thursday.
Yellen says US credit downgrade unwarranted
A US credit downgrade by Fitch was “entirely unwarranted,” Treasury Secretary Janet Yellen said Wednesday, pushing back against the second-ever decrease by a major ratings agency following repeated debt limit standoffs in Washington.