Global Economy
Indonesia bets on SE Asia's first battery plant to become EV hub
Hyundai said the new factory was a commitment to helping the archipelago become a supercharged Southeast Asian EV maker
China's second-generation factory owners go digital to combat challenges
Qiu has set up a marketing business that directly connects factories with foreign audiences, through videos posted on Instagram and TikTok, which in China can only be accessed using a VPN.
US consumer mood brightens, among Republicans in particular
US consumer sentiment climbed to a six-month high in October as declining interest rates helped improve buying conditions for big-ticket items like cars, but the uptick was most pronounced among Republicans who grew more confident in their party regaining the White House in the Nov. 5 presidential election.
Analysis / Debt rule tweak can help UK avoid moron premium
Reeves has already pledged to fund day-to-day spending with taxes but has been vague about her borrowing plans.
Alibaba to pay $433.5 million to settle shareholder lawsuit over monopoly claims
Alibaba denied wrongdoing, saying it entered the settlement to avoid the cost and disruption of further litigation
Moody's cuts France outlook, opening door to credit downgrade
Moody's said the fiscal deterioration it has seen is "beyond our expectations and stands in contrast with governments in similarly rated countries that are tending to consolidate their public finances."
Russia hikes interest rates to 20-year high
The increase takes rates above an emergency level introduced in February 2022 -- just after Moscow ordered troops into Ukraine -- to their highest since 2003, with the regulator battling to stem the economic fallout of the conflict
Bangladesh may not regain US GSP soon
Bangladesh is unlikely to regain benefits offered under the generalised system of preferences (GSP) from the United States if the programme is revived in the near future because of several issues related to labour rights in the country, Finance Adviser Salehuddin Ahmed said yesterday.
Sterling hits 11-month high vs dollar
The British pound was steady against the dollar on Thursday having hit an 11-month high overnight after the Federal Reserve raised rates but signalled an end to its tightening cycle is in sight.
India, Russia suspend negotiations to settle trade in rupees
India and Russia have suspended efforts to settle bilateral trade in rupees, after months of negotiations failed to convince Moscow to keep rupees in its coffers, two Indian government officials and a source with direct knowledge of the matter said.
Fed raises interest rates
The Federal Reserve moved its management of the post-pandemic economic recovery into a new phase on Wednesday with what may be the last in a historic series of interest rate hikes and heightened attention to credit and other economic risks.
India’s services activity hits near 13-year high
India’s services activity expanded at the fastest pace in nearly 13 years in April, driven by robust demand, according to a private survey which also showed price pressures increased at their fastest rate in recent months.
Euro zone factory downturn deepens
Euro zone factory activity contracted further last month, albeit not by as much as initially thought, while the cost of raw materials fell at the fastest pace in nearly three years, a survey showed on Tuesday.
US manufacturing contracts again
US manufacturing activity shrank again in April as companies continued to match slowing demand by cutting new orders, according to survey data released Monday.
India cuts windfall tax on crude
India has cut the windfall tax on petroleum crude to 4,100 rupees ($50.14) per tonne from 6,400 rupees per tonne, effective from Tuesday, according to a government notification.
Eurozone inflation sees surprise rise
Annual inflation in the eurozone rose to seven per cent in April, the EU’s statistics agency said Tuesday, the first increase after five consecutive months of declines.
IMF raises Asia’s economic forecast on China recovery
The International Monetary Fund (IMF) raised Asia’s economic forecast on Tuesday as China’s recovery underpinned growth, but warned of risks from persistent inflation and global market volatility driven by Western banking-sector woes.
IMF suggests uniform exchange rate of dollar in Bangladesh
A team of staff of the IMF is now visiting Bangladesh