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
Bida, BUILD sign MoU on facilitating investment
The Bangladesh Investment Development Authority (Bida) and Business Initiative Leading Development (BUILD) have teamed up to facilitate investment by creating an enabling environment for attracting funds and sharing technical assistance.
Yellen says sanctions may risk hegemony of US dollar
Economic sanctions imposed on Russia and other countries by the United States put the dollar’s dominance at risk as targeted nations seek out an alternative, Treasury Secretary Janet Yellen said Sunday.
Big UK firms shrug off banking turmoil
Finance executives at top British firms have reported the sharpest rise in optimism since late 2020 and the recent upheaval in the global banking sector has not dented the mood, a quarterly survey by Deloitte showed on Monday.
Gazprombank deepens ties with Indian banks
Russia’s Gazprombank has expanded its links with banks in India to expedite trade between the two countries in national currencies, a key executive told Reuters on Monday, as Russia this year has become the biggest supplier of oil to India.
India, Russia in talks on free trade deal
India and Russia are discussing a free trade agreement, ministers said on Monday, a move that would further deepen bilateral commercial ties that have flourished since war broke out in Ukraine.
ADB to give $230m for flood victims’ rehabilitation
The Asian Development Bank (ADB) will give Bangladesh $230 million in loans to help the rehabilitation and reconstruction efforts in the country’s north-eastern part affected by devastating floods in May and June last year.
Malaysia plans to set up 2nd 5G network next year
Malaysia plans to introduce a second 5G network from next year, four sources told Reuters, in the latest policy shake-up aimed at dismantling monopolies and promoting competition by Prime Minister Anwar Ibrahim’s six-month-old administration.
IMF sees high rates, oil price worries in Middle East
Banks in the Middle East and Central Asia have very limited exposure to last month’s banking turmoil in the United States and Europe, but financial pressures are adding to strains caused by high interest rates, volatile oil prices and years of double-digit inflation, a top IMF official said on Saturday.
DR Congo offers contract farming to Bangladeshis
The Democratic Republic of the Congo (DRC), a country in central Africa, has enabled a lot of opportunities for Bangladeshi businesses and foundations in contract farming.
IMF sees high rates, oil prices and inflation worries in Middle East
Financial pressures are adding to strains caused by high interest rates, volatile oil prices and years of double-digit inflation.