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
India’s economy to hold top spot for GDP
India’s economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate, according to a Reuters poll of economists who also said the employment situation will improve only slightly.
China’s pitch to foreign investors falls flat
China is struggling to revive foreign investment in its financially battered cities and provinces as foreign firms remain wary of political risks and new incentives fall far short of sweeteners once used to attract overseas money.
Oil prices rise
Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus measures underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from US and European central banks.
‘Bangladesh’s financial sector's reforms going into right direction’
IFC country manager says at AmCham luncheon meeting
Oil rally takes a breather ahead of Fed, ECB rate hikes
Oil prices eased on Monday as traders awaited more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.
Fed may hike interest rates to 22-year high
After pausing in June, the US Federal Reserve is widely expected to hike interest rates again on Wednesday, adopting its most restrictive monetary stance for 22 years despite recent signs of slowing inflation.
Threads struggles for traction
After a wildly successful first few days, Threads popularity has waned in the weeks since Meta launched its challenge to Twitter, which lives on despite its problems.
China to introduce more policies to spur consumption
China will formulate and introduce more effective policies for restoring and expanding consumption as soon as possible, said the country’s top economic planner recently.
Russia raises rate sharper than expected
Russia’s central bank hiked its key interest rate by a greater-than-expected 100 basis points to 8.5 per cent on Friday, raising the cost of borrowing as the weak rouble added to inflation pressure from a tight labour market and strong consumer demand.
Bangladesh, Japan to sign economic partnership agreement soon
Tipu Munshi says after meeting with his Japanese minister