Page 14 - Global Economy

Afghanistan's humanitarian crisis deepens amid economic downturn: UNICEF

The report highlights that the economic downturn has led to an increased demand for humanitarian aid in Afghanistan

Big tech firms nearly pause recruitment in India amid global slowdown

These companies have registered a 90% decline in active job postings in India in 2023 when compared to the last year, according to a report

'Discontents' notwithstanding, India has done well in last quarter century

While India should be concerned about disparities, the fact is that whereas three decades ago about half the people had incomes greater than $2.15 a day, today seven out of eight do, writes T N Ninan

China Nov industrial output rises 6.6%, retail sales below expectations

The data on output released on Friday by the National Bureau of Statistics (NBS) exceeded analysts' expectations for a 5.6% rise in a Reuters poll and made it the strongest growth since September 2022

China's central bank injects $112 bn of cash to revive economic growth

The People's Bank of China offered commercial lenders 1.45 trillion yuan ($204 billion) via its medium-term lending facility - 800 billion yuan more than the expected maturity this month

ADB raises India FY24 growth forecast to 6.7%, cites industry performance

China in 2024 is expected to slow down to 4.5%, says lender in report raising estimate for Developing Asia

Global trade to decline by about 5% in 2023 amid geopolitical tensions

The value of goods and services trade will reach $30.7 trillion compared with $32.2 trillion in 2022, according to the Geneva-based United Nations Conference on Trade and Development

Australian govt to announce its strategy for slowing immigration next week

"The new strategy we'll announce will bring immigration back to sustainable levels," he told reporters Saturday in Sydney

Big bank CEOs warn that new regulations may severely impact economy

The heads of the nation's biggest banks say there are reasons to be concerned about the health of US consumers particularly poor and low-income borrowers in their annual appearance in front of Congress on Wednesday. The CEOs of JPMorgan Chase, Bank of America, Wells Fargo and five other large firms also took the opportunity to impress upon senators that the Biden Administration's new proposed regulations for the industry may hurt the US economy going into an election year and at a time when a recession is possible. Wall Street's most powerful bankers have regularly appeared in front of Congress going back to the 2008 financial crisis. Among those testifying before the Senate Banking Committee include JPMorgan's Jamie Dimon, Bank of America's Brian Moynihan, Jane Fraser of Citigroup and Goldman Sach's David Solomon. When both houses of Congress were controlled by Democrats, the CEOs would appear in front of both the House Financial Services Committee and the Senate banking panel. N

Global regulators seek tougher scrutiny of voluntary carbon markets: Report

IOSCO last year raised the prospect of closer scrutiny of carbon markets when it said it was concerned the quality and double counting of credits left the sector open to fraud

Evergrande risking liquidation if creditors veto plan for handling debts

A Hong Kong court will convene a hearing on Monday on troubled Chinese property developer Evergrande's plans for restructuring its more than USD 300 billion in debts and staving off liquidation. The company, the world's most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. Last month, the company said Chinese police were investigating Evergrande's chairman, Hui Ka Yan, for unspecified suspected crimes in the latest obstacle to the company's efforts to resolve its financial woes. The Hong Kong High Court has postponed the hearing over Evergrande's potential liquidation several times. Judge Linda Chan said in October that Monday's hearing would be the last before a decision is handed down. Evergrande could be ordered to liquidate if the plan is rejected by its creditors. In September, Evergrande abandoned its initial debt restructuring plan after authorities banned it from issuing new dollar bonds, w

S&P Global raises India's FY24 growth forecast on 'robust momentum'

A subdued global growth, unfavourable base effect and the lagged impact of rate hikes are expected to slow down the growth in the second half of FY24

India to remain fastest-growing major economy, demand uneven: Poll

Gross domestic product (GDP) growth is forecast to have slowed to 6.8% in the July-September quarter from 7.8% in the previous quarter

The China story

Growth has slowed, but dominance remains

Global South calls for ramped up global efforts to improve supply chains

The Global South leaders further highlighted the role of South-South cooperation in this regard and discussed ways to promote mutual cooperation and investments amongst the Global South countries

Global economy: Inflation eases in US, UK; India's trade gap widens in Oct

China's consumption rebound slowed and private business confidence lost momentum in October, according to independent surveys and alternative data that suggested the economic recovery remains bumpy

IPEF members conclude negotiations on fair, clean economy agreement

The IPEF member countries, including India and the US, have concluded negotiations on the clean and fair economy agreement to strengthen the implementation of effective anti-corruption and tax measures and promote sustainable trade, an official statement said on Friday. It was announced after the third Indo-Pacific Economic Framework for Prosperity (IPEF) ministerial meeting held in San Francisco, California, on November 14. Commerce and Industry Minister Piyush Goyal participated in the meeting. Enhancing information sharing among partner countries, facilitating asset recovery and strengthening cross-border investigations and prosecutions are the key benefits, which would emerge from the agreement. "Under the Fair Economy, IPEF partners aim to strengthen implementation of effective anti-corruption and tax measures to boost commerce, trade, and investment among IPEF economies," the statement said. Goyal said this will strengthen the joint resolve to fight against corruption, money

Economy still fragile, support from IMF to continue: Pakistan's FM

Pakistan's caretaker Finance Minister Shamshad Akhtar has said Pakistan's economy continues to remain fragile despite improvements and the cash-strapped nation would have to go for more IMF loans for some time, a media report said on Friday. Akhtar also emphasised that Pakistan needs strong financial reforms to strengthen its economy, the Dawn newspaper quoted her as saying. "The next International Monetary Fund (IMF) programme is very necessary for some time as the economy has returned to stability that was still very fragile. Until we are able to increase exports and domestic resources, we will need another programme," Akhtar said. Her remarks came a day after the Pakistan government and the IMF concluded a review of the ongoing USD 3 billion stand-by agreement with a staff-level agreement, opening the way for Pakistan to get USD 700 million in the second tranche. She said there was no more refuge from undertaking long-standing reforms. The country will not survive without this.

Financial propriety of G20 to benefit global economy: President Murmu

The President said that India's leading position in the world community is also visible in the field of audit

India watching outcome of Biden-XI summit very closely: USISPF CEO Aghi

The summit between US President Joe Biden and his Chinese counterpart Xi Jinping here is an important one and key global players like India will be watching its outcome very closely, the head of a top India-centric business and strategic group has said. Mukesh Aghi, CEO of the US-India Strategic and Partnership Forum (USISPF) told PTI that it is important that communication starts between the US and China, the two largest global economies. The much-anticipated summit between Biden and Xi will take place on Wednesday on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit, which the US is hosting in San Francisco from November 11 to 17. I think the summit is important both from President Biden's perspective and also President Xi's perspective. China is struggling with its economy. There are issues in the growth story, unemployment. And the US is going into an election, and it already has two wars going on, one in the Middle East and one in Ukraine. So, it needs a Chin