Global Economy
US ‘very close’ to soft landing
The United States is very close to achieving a soft landing, the rare feat of tackling inflation without spurring a long recession, the IMF’s chief economist told AFP.
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 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.
Number of households with internet rises by 9 times in a decade
It hit 43.6% in 2023 from 4.8% in 2013, BBS survey finds
Duty benefit to continue for Bangladesh post-LDC: Australia
Australian assistant minister assures Bangladesh
India forex reserves top $600 billion, hit a 15-month high
The amount rises to $609.02 billion
Some Subway India outlets drop tomatoes citing poor quality amid price surge
Two weeks ago, McDonald's restaurants in India dropped tomatoes from their burgers and wraps in many parts of India due to quality issues.
Romanian port can ship more Ukraine grain after collapse of Black Sea deal
Romania's Constanta port, Ukraine's main alternative route for grain since Russia's withdrawal led to the collapse of the Black Sea shipment deal, has capacity to handle extra cargoes until mid-August, the head of the port's business association said.
Dollar steadies
The dollar held mostly steady against the euro and the yen on Thursday, but dropped against the Australian dollar after domestic job data beat expectations, and against the yuan, which received a lift from Chinese monetary authorities.
Nokia profit slides as US clients slash spending
Finnish telecommunications equipment maker Nokia reported a sharp fall in second-quarter profits on Thursday, dragged down by a drop in investment by North American mobile phone operators.
Made In Russia?
The relaunch of a classic Soviet-era car, the Moskvich, by a state-owned company in November was celebrated by Moscow’s mayor as showing the resilience of Russia’s auto industry to Western sanctions.
Oil prices decline on profit-taking
Oil prices edged lower on Wednesday, as investors took profits following earlier gains on tighter US crude supplies and China’s pledge to reinvigorate its economic growth.