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.
ADB cuts inflation forecast for developing Asia
The Asian Development Bank cut its inflation forecast for developing Asia on Wednesday, as food and fuel prices eased, supply chain disruptions waned and interest rate hikes started to bite.
India should cash in on ‘China plus one’ strategy
India has an opportunity to cash in on global companies’ efforts to build factories outside China, the new World Bank president said on Wednesday, as firms seek to diversify their supply chains.
Chambers worried over Russia’s exit
The leaders of six major trade bodies in Bangladesh have expressed concerns over disruptions to the global supply chain of wheat following Russia’s exit from the Black Sea Grain Initiative on July 17.
Business leaders worried over Russia's exit from grain deal
Six major trade bodies in Bangladesh expressed their concern
Global stocks drop as China growth worries offset Fed rate hopes
Most Asian markets sank Tuesday as further weakness in China’s economy fuelled worries about the effects on global growth, overshadowing optimism that the United States is winning its battle against inflation and could avoid a recession.
Britain to start talks with Turkey on free trade deal
Britain said on Tuesday it intends to start talks with Turkey over refreshing their bilateral free trade deal, with a view to including services and the digital sector in any future agreement.
Will China ever get rich?
China is entering an era of much slower economic growth, raising a daunting prospect: it may never get rich.
Oil inches higher
Oil prices edged higher on Tuesday as investors weighed a possible tightening of US crude supplies against weaker-than-expected Chinese economic growth.
Dollar slips towards 15-month low
The dollar drifted near a 15-month low against its major peers on Tuesday, as investors awaited fresh catalysts to gauge for downside in the wake of last week’s cooler-than-expected US inflation.