Page 23 - Economy

Billions in corporate debt: Wave of bankruptcies threatens global economy

Rising tide of distress is, of course, to certain degree by design. Caught by surprise as inflation surged, monetary policymakers have been aggressively draining cash from the world's financial system

Erdogan visits Gulf Arab states, seeks funds for floundering economy

Turkish President Recep Tayyip Erdogan travelled to Saudi Arabia on Monday in a three-stop tour of Persian Gulf states to seek trade and investment opportunities for Turkiye's floundering economy. Erdogan arrived in Jeddah accompanied by an entourage of some 200 businesspeople, according to the Foreign Economic Relations Board of Turkiye. He met Crown Prince Mohammed bin Salman at Al Salam Palace, shaking hands and attending a welcoming ceremony where he expressed his happiness with this visit, the state-run Saudi Press Agency reported early Tuesday. Business forums have been arranged in Saudi Arabia, Qatar and the United Arab Emirates during Erdogan's three-day trip. We are hoping to improve our relations and cooperation in many fields. We will focus on joint investment and commercial initiatives to be realized in the upcoming period, Erdogan told reporters in Istanbul before leaving. The visit comes as Turks are hit with sales and fuel tax hikes that Finance Minister Mehmet Simse

Developed economies under stress, there is demand slowdown: Goyal

The developed economies are under stress, and there is a demand slowdown in the world market, Commerce and Industry Minister Piyush Goyal on Monday said amid a dip in the country's exports. India's exports contracted by 22 per cent, the steepest decline in the last three years, to USD 32.97 billion in June on account of global demand slowdown, especially in the Western markets like the US and Europe. "Over the last two years, we have had record exports. Unfortunately, the world seems to be moving towards a recession. Developed economies of Europe and America are under stress, very often overstocked, seen softening of commodities and commodity pricing and demand. Similarly, discretionary spending is very lukewarm," he said at an event. The minister said that gems and jewellery, textiles, and leather goods, which are India's strength areas are currently under stress. "In this situation, it is incumbent on all of us to work as a team and make the India story, the compulsive story of t

Mixed picture: IMF sees 'resilience', slowing momentum in global economy

G20 countries also need to tighten fiscal policy to ensure debt sustainability, create fiscal space and to help support disinflation by reducing aggregate demand, the Fund said.

Want to buy popcorn with movie tickets? Here's how you can pay lower GST

If you only buy a movie ticket for entry and then buy food, the food will not be invoiced with the ticket, and you will be charged 5 per cent, said an official

Security challenges have evolved from 'dynamite to metaverse': Amit Shah

Warning the global community about security challenges which have evolved from "dynamite to metaverse" and "hawala to crypto currency", Union Home Minister Amit Shah on Thursday urged G20 countries to rise above conventional boundaries to act against such crimes. Speaking at the 'G20 Conference on Crime and Security in the Age of NFTs, AI & Metaverse', he underlined the threats emanating from cyber criminals using darknet, metaverse, deepfakes, ransomware and toolkit-based misinformation campaigns and strategic targeting of critical information and financial systems. "The G20 has so far focused on digital transformation and data flow from an economic perspective, but now it is important to understand the aspects of crime and security, and find a solution," he said. Shah said such activities are a national concern as they directly impact national security, law and order, and the economy. If such crimes and criminals have to be stopped, we have to think and act by rising above the ..

India mulls banning exports of most rice varieties as local prices surge

The government is discussing a plan to ban exports of all non-Basmati rice, according to people familiar with the matter

Centre has 'murdered' online gaming with 28% GST, says Ashneer Grover

The new tax puts fantasy gaming tax at the same level as gambling and betting

Carbon maker PCBL Q1 consolidated net profit down 15% to Rs 109 crore

Carbon maker PCBL Ltd's consolidated net profit for the first quarter ended June 2023 of the current fiscal was down 15 per cent to Rs 109 crore compared to the same quarter's profit of Rs 126 crore of the previous year, the company said on Tuesday. Revenue from the operation during the quarter under review was Rs 1,347 crore against Rs 1409 crore registered in the June quarter of 2022. The company informed bourses that the first phase of the greenfield Tamil Nadu project got operationalised with 63,000 tonnes of carbon black production out of the total proposed 1,47,000 tonnes. The company's Mundra plant also commenced its 40,000 tonnes speciality chemicals project, with 20000 tonnes per annum in the first phase.

Pak lost $4 bn remittances due to high exchange rates of illegal channels

Pakistan lost over USD 4 billion in remittances sent by expatriates to illegal channels in the current fiscal year, much higher than the amount the cash-strapped government struggled to secure from the IMF as a bailout. Data released by the State Bank of Pakistan (SBP), the country's central bank, on Monday showed that the month-on-month remittances increased slightly by 4 per cent to USD 2.183 billion in June, while it witnessed a 22 per cent decline when compared with the USD 2.8 billion the country received in June 2022. The country received a total of USD 27.024 billion in remittances during FY23, against a record USD 31.278 billion in FY22, a decline of 13.6 or USD 4.254 billion, the Dawn newspaper reported. The central bank did not offer any reason for the decline of the remittances, but analysts said the government's effort to keep the dollar at lower than actual rates hit the inflows through banking channels. The government tried to maintain the dollar-rupee parity at Rs 22

India registers poverty reduction with 415 mn coming out in 15 years: UN

A total of 415 million people moved out of poverty in India within just 15 years from 2005/2006 to 2019/2021, the UN said on Tuesday, highlighting the remarkable achievement by the world's most populous nation. The latest update of the global Multidimensional Poverty Index (MPI) was released by the United Nations Development Programme (UNDP) and the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford. It said that 25 countries, including India, successfully halved their global MPI values within 15 years, showing that rapid progress is attainable. These countries include Cambodia, China, Congo, Honduras, India, Indonesia, Morocco, Serbia, and Vietnam. In April, India surpassed China to become the world's most populous nation with 142.86 crore people, according to UN data. "Notably, India saw a remarkable reduction in poverty, with 415 million people exiting poverty within a span of just 15 years (2005/619/21)," the report said. The report demonstrate

As business bankruptcies surge around the world, next wave could be bigger

Large defaults add to the risk of a vicious cycle of suppliers not being paid, workers losing their jobs, banks further tightening lending criteria and then more companies going bust

Azerbaijan's Covid curbs turn into moneyspinner despite it being over

The self-isolation from its neighbors that include Russia and Iran is the last remaining safety measure imposed by Azerbaijan during the pandemic

Banks, consumer cos to brighten earnings in India amid IT uncertainties

India's banks have largely remained insulated from a global crisis in the industry with their heavy reliance on local markets

CII business confidence index rebounds on capital expenditure push

Capex, domestic drivers & financial system to drive growth in FY24: CII

India's natural gas ambitions tripping even though imported LNG prices fall

The slowdown could impact India's net zero targets

Restaurants watching tomato prices closely, yet to increase prices

Another problem for restaurants is the availability, owing to the crop being damaged

Piyush Goyal to visit UK for FTA negotiations, review progress of TEPA

India and the UK began negotiations on the FTA in January 2022, and set a Diwali deadline last year for the trade pact

Cash-strapped Pak allows foreign investors to remit entire profit abroad

In a major economic policy decision, cash-strapped Pakistan allowed foreign investors to remit the entire profit abroad in their own country's currency. The Cabinet on Friday approved the Pakistan Investment Policy 2023 through the circulation of a summary, which aims to bring USD 20-25 billion in investment, Geo News reported quoting sources. The policy was readied after consultations with the World Bank, International Finance Corporation, and provincial and federal institutions, people, familiar with the matter, said. In the new policy, the minimum equity rate for foreign investment has been abolished, the sources said. Foreign investors will be allowed to invest in all sectors except six, the sources said, without specifying which ones. Under the new policy, foreign investors will be allowed to remit the entire profit abroad in their own country's currency, they said. "Foreign investors will be given special protection," the sources added. The development comes days after Mini

Services PMI growth declines to three-month low of 58.5 as inflation weighs

The headline figure has been expanding for 23 months on the trot since August 2021