World economy

East Coast dockworkers’ strike halts half of US port operations

02 Oct 2024

Dockworkers across 36 ports in the US East Coast and the Gulf of Mexico struck work on Tuesday over dispute with employers over wages and other issues

Shigeru Ishiba to replace Fumio Kishida as Japan’s prime minister

30 Sep 2024

Japan’s ruling Liberal Democratic Party on Friday elected Shigeru Ishiba, former defence minister, as the new prime minister of Japan, replacing Fumio Kishida.

Greece to raise around $1 billion through sale of 12% stake in National Bank

25 Sep 2024

The Greek government is expected to raise around 900 million euros ($1 billion) through sale of a 12 per cent stake in the National Bank of Greece (NBG), the country’s second-largest lender by market value.

US to ban smart car tech from China and Russia

24 Sep 2024

The US Department of Commerce has proposed a ban on smart vehicles that use Chinese or Russian technology that may put national security at risk

US Fed cuts interest rate by 50 bps to balance risks to economy

19 Sep 2024

The US Federal Reserve on Thursday announced a 50 percentage point reduction in its key interest rate in a bid to ensure that the economic goals, including employment and inflation rate roughly are in balance.

Fed chairman Jerome Powell hints at a likely US recession in 2025

02 Sep 2024

The US economy is showing signs of recession despite the healthy 3 per cent growth of GDP in the second quarter of the current year.

Laos now in China’s grip as BRI accounts for nearly half of its GDP

08 Jul 2024

Laos is within grab for China, which accounts for over half of the tiny Asian country’s accumulated external debt of $10.5 billion and no means of repaying the debt.

Global investment flows down more than 10% in 2023 UNCTAD

21 Jun 2024

Global investment flows declined by 10 per cent in 2023, even as global foreign direct investment (FDI) decreased by 2 per cent to $1.3 trillion

Spain's BBVA expanding digital banking business to Germany

20 Jun 2024

BBVA, Spain's second largest bank after Santander, which successfully rolled out its digital banking services in Italy, is planning to extend its digital services to Germany as well.

Spanish banks BBVA and Sabadell weigh $12.93 bn all-stock merger

07 May 2024

Spanish bank Sabadell on Monday said it is considering a proposal by larger peer BBVA for a Euro 12 billion ($12.93 billion) all-stock merger that would create the largest banking company in Spain.

And now, BRICS eyes creation of a central bank for currency issue

06 May 2024

China, with backing from Russia and South Africa, is planning an onslaught on the mighty dollar by introducing a new currency, to be issued by a proposed BRICS central bank that would combine the strengths of the respective currencies of the five countries in the economic forum.

US Fed keeps rates steady to tame inflation

03 May 2024

The Federal Open Market Committee (FOMC) of the US Federal Reserve at its meeting on Thursday decided to maintain the Federal funds rate at 5.25 to 5.50 per cent, for a sixth consecutive time, saying there is no scope for a rate cut until inflation rate moves towards the 2 per cent level.

TSMC to get $6.6 bn direct federal funding for Arizona chip project

11 Apr 2024

Close on the heels of US government offer of financial assistance to Intel for expansion and modernisation of its production lines in California, Taiwan Semiconductor Manufacturing Company (TSMC) also said it will receive up to $6.6 billion in direct funding from the US federal government for setting up a state-of-the-art semiconductor plant in Phoenix, its third unit in Arizona.

Dollar rises as Fed gives hope of rate cuts starting June

25 Mar 2024

The US dollar rallied against all G-10 currencies except the yen, on the back of rate hikes by several central banks while a relatively strong US economy and hoped of Fed lowering interest rates this year itself boosted carry trade.

Bank of Japan exits zero rate policy, sets interest rate at 0.1%

19 Mar 2024

The Bank of Japan (BoJ) on Thursday announced a departure from its zero rate policy, keeping the short-term target rate in the 0-0.1 per cent

UK weighs changes in law to prevent takeover of the Telegraph by UAE-backed group

12 Mar 2024

The British government is reported to be weighing legislative remedies to the possible takeover of the Telegraph Media Group by UAE-backed investor RedBird IMI, amidst political and professional opposition to the change of guard.

Russia, China plan to counter dollar dominance with BRICS payment system

07 Mar 2024

Russia and China have proposed the setting up of an independent BRICS payment system using digital and blockchain technologies, in a move to end the dominance of US dollar in global payments.

Japanese economy shrinks to fourth spot, slipping behind Germany

16 Feb 2024

Japan’s economy unexpectedly fell from its ranking as the world’s third largest economy, slipping behind Germany to rank as the fourth largest following a recession that stared in the second quarter of 2023

Hong Kong court orders liquidation of fallen Chinese real estate giant Evergrande

29 Jan 2024

A Hong Kong court has ordered the liquidation of Chinese property developer Evergrande, the country’s second largest by sales, raising the prospect of burying a $300 debt pile of the embattled group.

ECB keeps policy interest rates unchanged; points to slowing inflation

27 Jan 2024

The European Central Bank (ECB) on Thursday decided to leave its policy interest rates untouched, following its assessment of a declining trend in inflation rate.

Canada announces major reduction in international student offtake

23 Jan 2024

Canada’s immigration minister Marc Miller on Monday announced plans for a reduction in international student admissions to Canadian educational institutions for the next two years.

Earthquake of 7.6 magnitude strikes Japan, but tsunami threat passes off

02 Jan 2024

A massive earthquake with a magnitude of 7.6 hit the Ishikawa prefecture in central Japan, triggering around 1 metre high tsunami waves in parts of Japan’s west coast along the Sea of Japan.

EU Council to lift air and sea travel curbs on Romanians, Bulgarians

31 Dec 2023

Member countries of the European Union (EU) have unanimously agreed to lift all air and maritime border controls with Bulgaria and Romania, commencing 31 March 2024.

RBC gets govt nod for $10 bn acquisition of HSBC Canada

23 Dec 2023

The Canadian government on Thursday granted approval for Royal Bank of Canada’s C$13.50 billion ($10.20 billion) acquisition of the Canadian assets of HSBC (HSBC Canada)

US Fed keeps policy rate unchanged at 5.25-5.50%

15 Dec 2023

The US Federal Reserve has decided to keep policy interest rate unchanged for a third time in succession, saying that any further tightening of financial and credit conditions will weigh on economic activity, hiring, and inflation.