Global Economy
US fines Apple and Goldman Sachs over Apple Card
Apple failed to send tens of thousands of customer disputes about credit card transactions to Goldman Sachs, and when it did the bank did not follow federal requirements for investigating claims, the bureau said
Boeing workers reject contract, extend strike: union
64 percent of the members of the International Association of Machinists and Aerospace Workers District 751 rejected the contract, the union said on X
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
Xiaomi bets bigger on India retail stores
China’s Xiaomi will focus on boosting its India sales from retail outlets after years of big bets on e-commerce, its India president said, as the company seeks to revive smartphone sales after falling behind South Korea’s Samsung.
India ties up with UAE to settle trade in rupee
India has signed an agreement with the United Arab Emirates that will allow it to settle trade in rupees instead of dollars, boosting India’s efforts to cut transaction costs by eliminating dollar conversions.
Tumbling US dollar a boon to risk assets
Cooling US inflation is accelerating a decline in the dollar, and risk assets around the world stand to benefit.
Artificially high growth predicted for China in Q2
China’s economic growth is expected to have surged in the second quarter, an AFP survey has forecast, but analysts say Monday’s figures will be misleadingly inflated given the low base of comparison with pandemic-wracked 2022.
US banks caution on economy
Results of large US banks released Friday underscored the boon from higher interest rates, as executives described the world’s biggest economy as “resilient” but facing risks.
Oil prices fall on profit-taking
Oil prices fell more than a dollar a barrel on Friday as the dollar strengthened and oil traders booked profits from a strong rally, with crude benchmarks recording their third-straight weekly gain.
Ukraine logs $8.97b trade deficit in Jan-May
Ukraine’s trade deficit grew to $8.97 billion in the first five months of the year compared with a deficit of about $1 billion posted in the same period a year ago, the statistics service said on Friday.
Surprise growth helps Singapore avoid recession
Singapore’s economy grew more than expected in the second quarter, data showed Friday, helping it avoid a recession, but analysts warned the trade-dependent city faced headwinds owing to weak overseas demand.
Russia plans to cut oil export
Russian oil exports from western ports are set to fall by some 100,000-200,000 barrels per day next month from July levels, a sign Moscow is making good on its pledge for fresh supply cuts in tandem with Opec leader Saudi Arabia, two sources said on Friday, citing export plans.
'Bangladesh to seek US duty benefit again in next Ticfa meet'
Senior Commerce Secretary Tapan Kanti Ghosh says