Global Economy
Ifad Autos exporting AC bus to Bhutan
Ifad Autos has become the first local automobile company to export airconditioned (AC) buses assembled in Bangladesh.
AIIB head criticises advanced nations for trade barriers
Asian Infrastructure Investment Bank (AIIB) President Jin Liqun on Saturday criticized advanced economies for creating trade barriers including for renewable energy goods, saying there was “no longer free trade” in the 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
Yellen downplays US recession fears
US Treasury Secretary Janet Yellen expects the world’s biggest economy will continue to grow, despite heightened recession concerns following recent turmoil in the banking sector.
World food prices down by a fifth on 2022: UN
World food prices are still high but have fallen by a fifth compared to a year ago when prices soared to a monthly record high after Russia invaded agricultural powerhouse Ukraine, UN data showed on Friday.
Russian oil gets backdoor entry into Europe via India
Record high imports of crude oil from Russia in fiscal 2022-23 helped India’s refiners boost exports of diesel and jet fuel to Europe as the continent shunned Russian products, preliminary ship-tracking data from Kpler and Vortexa showed.
German factory output up more than expected
German industrial production rose more than expected in February thanks to a strong bounce in the car industry as the sector begins to shake off supply issues, official data showed Thursday.
Russian economic prospects ‘foggy’ as sanctions cut deep
The resilience of Russia’s economy has over the past year surprised many observers as Moscow adjusts to unprecedented Western sanctions over its assault on Ukraine.
Saudi Arabia raises crude prices for Asia
Saudi Arabia, the world’s top oil exporter, has raised the prices of its flagship crude for Asian buyers for the third straight month.
China services activity jumps on new orders
China’s services activity in March revved up at the quickest pace in 2-1/2 years on robust new orders and job creation and a consumption-led post-Covid recovery, a private-sector survey showed on Thursday.
Oil heads for 3rd weekly gain
Oil remained on track for weekly gains on Thurday, with further production cuts targeted by Opec+ and a drop in US oil inventories overshadowing fears over global economic growth.
Global economy set for weakest growth since 1990, IMF chief warns
The International Monetary Fund expects global economic growth to dip below 3% in 2023 and to remain at around 3% for the next five years, Managing Director Kristalina Georgieva said on Thursday, flagging increased downside risks
Dollar mired near two-month low
The dollar wallowed near two-month lows on Wednesday after weak data supported the view that the Federal Reserve may not need to raise rates much further, while the New Zealand dollar hit two-month highs after a larger-than expected rate hike.