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
Obscure traders ship half of Russia’s oil exports to India, China
A Liberian-flagged oil tanker set sail in May from Russia’s Ust-Luga port carrying crude on behalf of a little-known trading company based in Hong Kong. Before the ship had even reached its destination in India, the cargo changed hands.
Fed lifts rates to highest since 2001
The US Federal Reserve raised its benchmark lending rate on Wednesday to the highest level since 2001 to tackle above-target inflation, and signaled it could hike again later this year amid improving economic prospects.
Bangladesh loses $361 million tax a year for corporate tax abuse
A report by the Tax Justice Network (TJN) reveals
Ctg port slips three notches, now 67th busiest port in the world
The 2023 edition of the Lloyd's List One Hundred Ports was published last week
As Russian oil crosses G7's price cap, US eyes soft enforcement
The Biden administration is poised to increase outreach to western trading houses, insurers and tanker owners to remind them to abide by the Group of Seven's price cap on Russian oil as the crude trades over that level, sources and experts said.
Samsung to extend production cuts after $7 bln chip loss in H1
Samsung Electronics on Thursday said the worst is over for the global memory chip market but announced plans to extend production cuts because a demand recovery is largely constrained to high-end chips used in artificial intelligence.
China’s consumer sentiment down
Consumer companies and economists have said sentiment in China is slower than expected, but that’s not stopping them from buying more condoms, Durex maker Reckitt said on Wednesday.
Dollar slips
The dollar edged lower on Wednesday but hovered close to a two-week high ahead of an expected US Federal Reserve interest rate rise later in the day, with investors focused on Fed Chair Jerome Powell’s upcoming comments.
European banks flag bad loan risks
Europe’s major banks, including Deutsche Bank and Lloyds Banking Group, on Wednesday pointed to the rising risk of bad loans as the global economy struggles with slow growth and high inflation.
India open to Chinese investment
India is open to Chinese investment despite border clashes between the two countries, the Deputy Minister for Information Technology Rajeev Chandrasekhar told the Financial Times in a report published on Wednesday.