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
Fed poised to hike rates as markets anticipate inflation endgame
The Federal Reserve is expected to raise interest rates by a quarter of a percentage point on Wednesday, marking the 11th hike in the US. central bank's past 12 policy meetings and possibly a last move in its aggressive battle to tame inflation.
India to face apple crunch as heavy rain hits production
India’s apple production is expected to nearly halve this year after heavy rains and flash floods wiped out about $122 million worth of fruit in the main producing Himalayan region, officials and farmer unions said.
Saudi oil exports down 40%
Saudi oil exports fell almost 40 per cent in May from the same period a year ago, latest government data released on Tuesday showed, weighing on overall total exports, amid an extension of voluntary production cuts and lower oil prices.
Oil prices rise
Oil prices rose to fresh three-month highs on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment.
China state banks selling USD to prop up yuan
China’s major state-owned banks were seen selling US dollars to buy yuan in both onshore and offshore spot markets in early Asian trade on Tuesday, three people with direct knowledge of the matter said, moves aimed at supporting the Chinese currency.
IMF raises 2023 global economic growth forecast
The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook.
Burimari land port again misses revenue target
It collected Tk 94.6 crore in revenue in FY23, which was 28.23% down from target
India to face apple crunch as heavy rain hits production
India's apple production is expected to nearly halve this year after heavy rains and flash floods wiped out about $122 million worth of fruit in the main producing Himalayan region, officials and farmer unions said.
Euro zone business downturn reignites recession fears
Euro zone business activity shrank much more than expected in July as demand in the bloc’s dominant services industry declined while factory output fell at the fastest pace since Covid-19 first took hold, a survey showed.
India rate cut bets pushed to mid-2024
The recent rise in inflation has prompted Indian investors to push back rate cut expectations by at least a quarter to the middle of 2024, with a sustained rise in prices likely to prompt a further repricing, traders and analysts said on Monday.