Page 39 - Economy

Italy's inflation reaches 37-yr high in 2022, rises to 8.1% y-o-y

The 8.1 per cent annual inflation rate includes data from the early part of the year when inflation was still low

Ukraine under largest economic slump post-independence, war 'accountable'

In the ongoing conflict between Ukraine and Russia which has resulted in widespread devastation of life and property, Ukraine has suffered its sharpest economic decline in over 30 years in 2022

Ukraine's economy fell 30.4% in 2022, largest annual drop in 30 years

Preliminary economy ministry data on Thursday showed a 30.4 per cent drop in gross domestic product last year and economic analysts said risks and uncertainty remain high

Chennai, Southern cities top in terms of women employment: Report

Six cities from the region rank among the Top 10 in terms of women's employment

Singapore's retail sales grew 6.2% year-on-year in November 2022

DOS of Singapore announced that the country's retail sales grew by 6.2 per cent year on year in November 2022, following the about 10.3 per cent year-on-year increase recorded in the previous month

Sri Lankan economy to recover in second half of 2023: Central bank

The central bank said that structural economic impediments that existed across various spheres of the economy over decades were compounded by economic shocks, along with ill-timed policy choices

Govt cautions against private surveys on unemployment, alleges bias

Labour ministry's response comes after private group's data showed India's unemployment rose to a 16-month high of 8.3 per cent in Dec

Amazon secures $8 bn in term loan to safeguard against economic headwinds

Amazon has frozen hiring for corporate roles in its retail business

Best of BS Opinion: Searching for growth, beyond civil society, and more

Here is the best of Business Standard's opinion pieces for today

Gross budgetary allocation for Railways to go up by 29% in Budget: Report

The total capital expenditure (capex) of the railway ministry is expected to jump 20 per cent to Rs 3 trillion in FY24

Petrol, diesel sales surge in Dec as economy picks up momentum, shows data

India's petrol and diesel demand soared in December as increased consumption in agriculture sector helped build on the momentum generated by the festive season, preliminary industry data showed on Sunday. Petrol sales soared 8.6 per cent to 2.76 million tonnes in December, as compared to 2.54 million tonnes of consumption in the same month last year. Sales were 13.3 per cent higher than in COVID-marred December 2020 and 23.2 per cent more than in pre-pandemic December 2019. Month-on-month, the demand was up 3.7 per cent on the high base festive season created since October. Diesel, the most used fuel in the country, posted a 13 per cent rise in sales in December to 7.3 million tonnes, as compared to the same month last year. Consumption was up 14.8 per cent over December 2020 and 11.3 per cent higher than pre-COVID 2019. Diesel sales, however, dipped marginally by 0.5 per cent when compared with November 2022. Petrol and diesel sales were the highest since June. Industry source

Pak going through critical stage; join hands to tackle economy: Army chief

Chief of Army Staff General Syed Asim Munir on Saturday said that Pakistan was passing through a critical stage and urged all stakeholders to join hands to tackle the twin problems of terrorism and economy. Addressing the commissioning parade of 118th Midshipmen and 26th Short Service Commission held at Pakistan Naval Academy, Karachi, he said that there is a need for development of national consensus towards country's problems. (The) COAS stated that Pakistan is passing through one of her most critical junctures and this requires development of national consensus by all stakeholders to sail through the confronted challenges of economy and terrorism, the Army said in a statement. He said that the maritime domain is continuously shifting, mainly due to technological advancement and only those navies would prevail and prove effective that would align with professionalism and modern trends of warfare. The COAS appreciated Pakistan Naval Academy for imparting quality education not only

IIT Madras testing plan for hyperloop parallel to Chennai-Bengaluru route

IIT Madras has demonstrated contactless propulsion and braking for the project, and will be ready technology-wise by July 2023

Inflation kept MPC occupied in 2022, but may not hurt growth for now

Economists and businesses await to see what will be committee's stance in 2023

India's forex reserve falls by $691 mn, 2nd consecutive week of decline

India's forex reserves dropped by USD 691 million to USD 562.808 billion as of December 23, making it the second consecutive week of decline in the kitty, according to the RBI data. The overall reserves had dropped by USD 571 million to USD 563.499 billion in the previous reporting week, snapping a five-week trend of an increase in the kitty. In October 2021, the country's foreign exchange reserves reached an all-time high of USD 645 billion. The reserves had been declining as the central bank deployed the reserve to defend the rupee amid pressures caused majorly by global developments. Foreign currency assets (FCA), a major component of the overall reserves, decreased by USD 1.134 billion to USD 498.49 billion during the week to December 23, according to the Weekly Statistical Supplement released by the RBI. Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign ...

NPS guaranteed return product to have floating rates, reset every year

Guarantee benchmarked to the rate of return on ten-year government security

Tata Sons chairman to head Maharashtra's new economic advisory body

Tata Sons chairman N Chandrasekaran will head the new Economic Advisory Council of Maharashtra, the state government said on Thursday. Deputy Chief Minister Devendra Fadnavis made the announcement in the Legislative Council in Nagpur. To make Maharashtra a trillion dollar economy, the state government is setting up an Economic Advisory Council, to be headed by Tata Sons chairman N Chandrasekaran," he said. It will function as a private research organization with focus on issues related to agriculture, banking, engineering and education, among others, Fadnavis added. The government is also focusing on certain 'aspirational' regions to enhance the state's human development index, he said.

US immigrants generate 36% of nation's innovation, finds NBER study

About 36% of the innovative output of the past three decades can be attributed to immigrants - who make up 16% of the country's inventors, the paper concludes

Trade settlements in rupee starts with Russia, more likely to join: Report

India is trying to promote trade settlements in rupee with not just Russia, but also Sri Lanka and Mauritius

India Inc takes steps to protect supply chain as Covid-19 rages in China

Keeps adequate inventory levels for now; onboards multiple vendors to mitigate risk