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Tag: Economy
More than $1 billion is spent by Wall Street banks on severance costs amid sharp job cuts-thumnail

More than $1 billion is spent by Wall Street banks on severance costs amid sharp job cuts

During the first half of 2023, the largest US banks spent more than $1 billion on severance payments, highlighting the high cost of winding down Wall Street’s excessive expansion during the coronavirus pandemic.

Business

Jul 20, 2023

French Government to Reduce Spending by €4.2 Billion in 2024-thumnail

French Government to Reduce Spending by €4.2 Billion in 2024

The French administration is devising a plan to slash its expenditures by €4.2 billion ($4.71 billion) in 2024, as per the initial budget projections presented to the parliament. This marks the first reduction in spending compared to the preceding year in nearly ten years. Budget Minister Gabriel Attal disclosed that this decrease would result in a 3.5% year-on-year decline when adjusted for inflation.

Business

Jul 17, 2023

India and Indonesia plan to trade local currencies and link up for fast payments-thumnail

India and Indonesia plan to trade local currencies and link up for fast payments

In order to promote cross-border financial transfers, India and Indonesia intend to settle bilateral transactions s in local currencies and connect their quick payment systems, according to a top Indian government official.

Business

Jul 17, 2023

U.S. and India working on a platform to speed up energy transition: Janet Yellen-thumnail

U.S. and India working on a platform to speed up energy transition: Janet Yellen

According to U.S. Treasury Secretary Janet Yellen, the two countries are collaborating to create an investment platform to cut the cost of capital and boost private investment in order to accelerate India’s energy transition.

Business

Jul 17, 2023

With a quicker rate of 4.12% in June, India’s wholesale inflation decreased-thumnail

With a quicker rate of 4.12% in June, India’s wholesale inflation decreased

According to statistics released by the Commerce Ministry on Friday, India’s wholesale inflation decreased for the third consecutive month in June, falling to 4.12% on an annual basis from a contraction of 3.48% in May. It was 16.23 percent in June of the previous year.

Business

Jul 14, 2023

Labour’s Danny Beales Prioritizes Economic Concerns in Battle for Uxbridge and South Ruislip-thumnail

Labour’s Danny Beales Prioritizes Economic Concerns in Battle for Uxbridge and South Ruislip

In the race to fill the parliamentary seat of Uxbridge and South Ruislip, the opposition Labour Party candidate, Danny Beales, is making the concerns of the constituency’s voters his primary focus. Rather than engaging in direct attacks on former Prime Minister Boris Johnson, Beales is concentrating on issues that he believes are troubling the electorate, such as high inflation, weak economic growth, car charges, rising taxes, and mortgage costs. While the looming general election within the next 18 months presents an opportunity for Beales to secure the seat, it also serves as a partial referendum on the leadership of Prime Minister Rishi Sunak.

Economy

Jul 14, 2023

To lower local prices, India may ban exports of 80% of its rice-thumnail

To lower local prices, India may ban exports of 80% of its rice

India is thinking about perhaps banning the export of a kind of rice. If adopted, this suggested strategy may further increase the already skyrocketing costs of this essential food staple throughout the world, especially when the unsettling El Nio weather phenomena reappears. The majority of the world’s rice exports come from India.

Business

Jul 13, 2023

China’s Exports Decline at Fastest Pace in Three Years, Prompting Calls for Stimulus Measures-thumnail

China’s Exports Decline at Fastest Pace in Three Years, Prompting Calls for Stimulus Measures

China’s exports sector experienced a significant contraction last month, recording its sharpest decline since the onset of the COVID-19 pandemic three years ago. The country’s ailing global economy and persistently weak global demand have placed mounting pressure on Chinese policymakers to implement fresh stimulus measures. The momentum of China’s post-pandemic recovery has slowed, leading analysts to downgrade their economic projections for the rest of the year, particularly as factory output faces challenges in the face of sluggish global demand.

Business

Jul 13, 2023

Taiwan’s Exports Experience Steep Decline, Prolonged Weakness in US and China Demand-thumnail

Taiwan’s Exports Experience Steep Decline, Prolonged Weakness in US and China Demand

Taiwan’s export-driven economy faced a significant setback in June, as Taiwan’s exports recorded the sharpest decline in almost 14 years. Persistent weakness in demand from major markets, including the United

Business

Jul 7, 2023

China’s Export Restrictions Trigger Trade War Concerns-thumnail

China’s Export Restrictions Trigger Trade War Concerns

China’s recent move to impose export restrictions on certain metals commonly used in semiconductors, electric vehicles, and high-tech industries has escalated tensions with the United States and raised the potential for disruptions in global supply chains.

Business

Jul 4, 2023

Sluggish Demand and Weak Economic Recovery Impact Asia’s Factory Activity-thumnail

Sluggish Demand and Weak Economic Recovery Impact Asia’s Factory Activity

Asia’s Factory Activity experienced a slump in June, according to business surveys released on Monday. The outlook for the region’s exporters was clouded as demand in China and advanced nations remained sluggish, leading to a contraction in manufacturing activity in Japan and South Korea, while China saw marginal expansion. These surveys highlight the toll that China’s weaker-than-expected rebound from COVID-19 lockdowns is taking on Asia’s economy.

Business

Jul 3, 2023

India’s Current Fiscal Year GDP Prediction Is Increased By Fitch To 6.3% From 6%-thumnail

India’s Current Fiscal Year GDP Prediction Is Increased By Fitch To 6.3% From 6%

The growth projection is in comparison to the 7.2% GDP growth in FY23. The economy had expanded by 9.1% in the preceding fiscal year (FY22). On June 22, Fitch Ratings increased its prediction for India’s economic growth to 6.3% for the current fiscal year 2023–2024 from its earlier projection of 6%.

Economy

Jun 22, 2023


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