World economy
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.
Bahrain’s Investcorp looks to raise up to $548 m in yuan fund
14 Nov 2023
Encouraged by its successful share sale through an IPO, Investcorp Capital, an alternative asset manager based in Bahrain, is reported to be looking to raise 2 billion to 4 billion yuan
Greek government sells 20% stake in National Bank
13 Nov 2023
The Greek government on Tuesday announced the sale of a 20 per cent stake in National Bank of Greece (NBG).
World Bank warns Middle East conflict could trigger global commodity and oil price surge
31 Oct 2023
The World Bank has sounded the alarm, cautioning that the ongoing conflict between Israel and HAMAS in the Middle East has the potential to significantly
India, US, Brazil join to spearhead Global Biofuels Alliance
10 Sep 2023
In yet another big deal for India, which is the current president of the G20, the summit in New Delhi announced the formation of a Global Biofuels Alliance.
Brazil's president proposes common currency for BRICS nations
24 Aug 2023
The President of Brazil, Luiz Inacio Lula da Silva, popularly known as Lula, proposed the idea of establishing a common currency among the BRICS nations.
JPMorgan Chase acquires majority stake in failed First Republic Bank
06 May 2023
JPMorgan Chase has offered to protect all $92 billion of deposits - insured and uninsured - bringing its financial strength, capabilities and capital to the US banking system and First Republic