Global Economy
US remains engine of global growth in latest IMF forecasts
IMF raised its 2024 and 2025 economic growth forecasts for the US - the only developed economy to see its outlook marked up for both years
IMF lowers China 2024 growth forecast, warns property woes 'could worsen'
China's leaders are targeting annual growth of five percent this year -- a goal challenged by weak consumption and a prolonged and debilitating debt crisis in the colossal property sector
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
Chinese carmaker faces Indian tax probe
Chinese automaker BYD faces an ongoing Indian investigation over allegations that it paid too little tax on imported parts for cars it assembles and sells in the country, two sources with direct knowledge of the matter said.
Fitch downgrades US credit rating
Fitch downgraded the United States’ top-notch credit rating by a step on Tuesday, citing a growing federal debt burden and an “erosion of governance” that has manifested in debt limit standoffs.
Rupee drops
The Indian rupee declined on Wednesday on risk aversion fuelled by the US credit rating downgrade, putting the currency at risk of slipping below a key level.
Mahbubul Alam, new FBCCI president
Names of new senior vice present and six vice presidents were also announced today
Fitch cuts US credit rating to AA+; Treasury calls it 'arbitrary'
Rating agency Fitch on Tuesday downgraded the US government's top credit rating, a move that drew an angry response from the White House and surprised investors, coming despite the resolution of the debt ceiling crisis two months ago.
Central Europe's arms makers scramble for workers as Ukraine boosts business
From building apartments for new employees to offering retired workers free canteen meals to share their expertise, Central Europe's arms manufacturers are scrambling for new ways to cope with the biggest boom since the end of the Cold War.
Dollar wobbles after US credit rating downgrade
The dollar struggled to make headway on Wednesday after a cut on the US government's top credit rating by Fitch raised questions about the country's fiscal outlook, though it drew some support from a relatively resilient run of economic data.
Apple, Microsoft remain world’s top 2 companies by market cap
Tech giants Apple and Microsoft remained the top two global companies by market capitalisation at the end of July after riding this year’s rally in technology shares.
China imposes export curbs on critical metals
Chinese controls on exports of two metals critical to making semiconductors came into force on Tuesday, a day after Beijing imposed curbs on the foreign sales of some drones.