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
MoUs signed with Japan for bilateral trade, investment
Daylong Dhaka summit begins on Bangladesh-Japan economic relations
Dead EV batteries turn to gold with US incentives
A little-publicized clause in the US Inflation Reduction Act has companies scrambling to recycle electric vehicle batteries in North America, putting the region at the forefront of a global race to undermine China's dominance of the field.
Elon Musk says Twitter to change logo, adieu to 'all the birds'
Elon Musk said he was looking to change Twitter's logo, tweeting: "And soon we shall bid adieu to the twitter brand and, gradually, all the birds.
'Businesses should adopt green tech to fight climate change'
FBCCI president says at FBCCI Members Night 2023
India’s forex reserves rise to near 15- month high
India’s foreign exchange reserves rose for a third straight week to total $609.02 billion as of July 14, the highest in nearly 15 months, data from the central bank showed on Friday.
UK consumers defy high inflation, shop more in June
British retail sales grew faster than expected in June despite continued high inflation, thanks to unusually hot weather and a rebound in food sales after King Charles’ coronation disrupted spending in May, official figures showed on Friday.
Japan inflation accelerates to 3.3% in June
Japan’s consumer prices rose 3.3 per cent year-on-year in June, with the pace of inflation accelerating from the 3.2 per cent recorded in May, government data showed Friday.
Oil rallies on tightening supply
Oil prices rose nearly 2 per cent on Friday to record a fourth consecutive weekly gain, buoyed by growing evidence of supply shortages in the coming months and rising tensions between Russia and Ukraine that could further hit supplies.
India rejects BYD's $1 billion factory proposal, Economic Times reports
Reuters reported this month that BYD had submitted a $1 billion investment proposal to build electric cars and batteries in India in partnership with a local company.