Global Economy
India lifts export tax on parboiled rice
The removal comes amid bumper harvest projections and surplus stock
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
Saudi Arabia may raise crude prices
Saudi Arabia, the world’s biggest oil exporter, may raise its price for Arab Light crude for sale to Asian refiners for a third month as its voluntary output cuts may be extended, further tightening the supply of high-sulphur, or sour, crude.
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.
India’s 2023 gold demand may fall
India’s gold demand in 2023 could fall 10 percent from a year ago to their lowest in three years, as record high prices are dampening retail purchases, the World Gold Council (WGC) said on Tuesday.
Foxconn EV venture targets India, Thailand for new small car
Foxconn's (2317.TW) venture attempting to build a standardised electric vehicle platform is targeting India or Thailand for the production of a small battery-powered car under development, the unit's chief executive said.
Asia's factory activity shrinks as China's slump, global slowdown weigh
Asia's factory activity shrank in July, private surveys showed on Tuesday, a sign slowing global growth and weakness in China's economy were taking a toll on the region's fragile recovery.
India raises windfall tax on petroleum crude
The Indian government has hiked windfall tax on petroleum crude to 4,250 Indian rupees ($51.68) per tonne from 1,600 Indian rupees with effect from August 1.
EU, Philippines agree to relaunch free trade talks
The European Union and the Philippines will restart negotiations on a free-trade agreement as they seek to accelerate “a new era of cooperation”, European Commission President Ursula von der Leyen said Monday.
Inter-ministerial meeting today to discuss RCEP duty benefit
Bangladesh is preparing to join the Regional Comprehensive Economic Partnership (RCEP) in a bid to retain duty benefits after making the United Nations status graduation from a least developed country (LDC) to a developing one in 2026.
Inter-ministerial meeting today to discuss RCEP duty benefit
Bangladesh is preparing to join the Regional Comprehensive Economic Partnership (RCEP) in a bid to retain duty benefits after making the United Nations status graduation from a least developed country (LDC) to a developing one in 2026.