Global Economy
Analysis / Biden's precise industrial policy may soon mutate
Two years into the US government’s attempt to lure manufacturing of semiconductors and renewable energy back home, the president’s top national security aide, Jake Sullivan, offered a defense of his boss’s major economic choices.
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
Sri Lanka’s inflation dips as IMF bailout kicks in
Cash-strapped Sri Lanka’s inflation eased to 35.3 per cent, the lowest in a year, the statistics office said Friday as the country pressed ahead with austerity measures under an IMF bailout.
Intel, Samsung hammered as chips demand plummets
The crucial semiconductor industry, that powers everything from personal computers, smartphones to fighter jets, suffered a dismal first quarter as demand plummeted for chips.
Gold heads for 2nd monthly rise
Gold bounced back on Friday on a dip in yields and renewed concerns over the US banking turmoil, putting the safe haven on course for its second monthly rise even as steady US inflation reinforced bets for an interest rate hike next week.
Germany dodges recession
Germany narrowly dodged a recession in the first quarter but growth stagnated contrary to expectations for a slight rebound, preliminary data showed Friday, as the energy crisis weighed on Europe’s top economy.
ExxonMobil, Chevron report higher profits despite oil price dip
US oil giants ExxonMobil and Chevron reported another quarter of heady profits Friday as both companies continued to direct large cash payments to shareholders.
Taiwan slips into recession
Taiwan’s export-dependent economy contracted more than expected in the first quarter and slipped into recession as exports were hit by slowing global tech demand and broader economic woes, but should hit a 2 per cent growth target this year.
Pakistan hikes drug prices by 20%
Inflation-hit Pakistan on Friday approved a rise of up to 20 per cent in retail prices of general medicines and 14 per cent for essential ones, prompting immediate criticism from drug manufacturers who said the increases were too small.
UAE and Cambodia agree terms for bilateral trade deal
The United Arab Emirates (UAE) and Cambodia have agreed on the terms of a bilateral trade deal, as the Gulf state looks to strengthen trade and commerce ties, particularly in Asia, in strategic economic sectors.
Samsung Electronics logs worst quarterly earnings in 14 years
Samsung Electronics on Thursday reported its worst quarterly profits in 14 years, blaming slowing consumer spending on electronics and a global microchip glut that hit its core memory business.
Pakistan all set to get discounted Russian oil: PM
Pakistan’s Prime Minister Shehbaz Sharif said yesterday that everything was set for his country to receive a shipment of discounted Russian oil.