Page 17 - Global Economy

China, India will be locked in competition, cooperation at same time: Allan

Stable economic and political environment in India is attractive to investors, said Nick Allan

Russia raises interest rate as inflation, exchange rate worries continue

The Central Bank of Russia raised its key lending rate by one percentage point to 13 per cent on Friday, a month after imposing an even larger hike, as concerns about inflation persist and the ruble continues to struggle against the dollar. The increase comes as annualised inflation rose in September to 5.5 per cent and the bank said it expected it would reach 6-7 per cent by the end of the year. Inflationary pressure in the Russian economy remains high. Significant pro-inflationary risks have crystallised, namely the domestic demand growth outpacing the output expansion capacity and the depreciation of the ruble in the summer months," the bank's board said in a statement. "Therefore, it is required to additionally tighten monetary conditions. The bank in August increased the lending rate to 12 per cent a jump of 3.5 percentage points as the ruble fell to 100 against the dollar. Although the ruble's exchange rate improved mildly after the rate hike, it remains around 95 to the ...

Study practices that stop engineers participation in global projects: Goyal

Commerce and Industry Minister Piyush Goyal on Friday called upon the Services Export Promotion Council to conduct a study on international practices that restrict Indian engineering firms' participation in global projects. He said that the government will explore reciprocal actions based on this research study to ensure a level playing field for Indian engineers and businesses. The minister also encouraged the engineering community to achieve the USD 100 billion export target in engineering services, design, construction, and research and development (R&D) by 2030. He said this during his address at the 'Global Services Export Conclave on Design, Engineering, Construction, R&D and Environmental Services: Sustainable Energy, Transportation, and Infrastructure' here. Further, the minister urged Indian companies to expand globally, capturing new markets and leveraging India's abundant talent pool of STEM (Science, Technology, Engineering, or Mathematics) graduates to become ...

India's outward FDI down 33.3% in August on grim global prospects

After declining for two months, outward FDI had increased sequentially to $1.8 billion in July 2023 compared to $1.07 billion in June, marking a rise of 73 per cent

ECB hikes key interest rate to record high even as recession threat grows

Thursday's decision raises the ECB's benchmark deposit rate to 4%, up drastically from minus 0.5% just a little more than a year ago and the highest since the euro was established in 1999

Dollar hits 6-month high after data as ECB wraps up rate hiking cycle

U.S. retail sales increased by 0.6% in August, more than expected 0.2% rise, boosted by higher gasoline prices while weekly initial jobless claims rose to 220,000 but were below the 225,000 forecast

Top headlines: IT companies' forex revenue, falling global debt and more

Business Standard brings you the top headlines at this hour

Global debt fell as share of GDP in 2022, may resume rising trend: IMF

The IMF said in an update to its Global Debt Database that the world's total debt to-GDP ratio fell last year to 238 per cent from 248 per cent in 2021 and 258 per cent in 2020

Europe's economic outlook worsens as high prices plague consumers

The European Union has lowered its forecast for economic growth this year and next, saying inflation is taking a heavy toll on people's willingness to spend in shops while higher interest rates are sharply restricting the credit needed for investment and purchases. The revised forecast Monday from the European Commission, the EU's executive arm, comes as fears of recession grow and as the European Central Bank faces a key decision this week on whether to keep raising rates, which are aimed at getting inflation under control. The 20 countries that use the euro currency are expected to see growth of 0.8 per cent this year instead of 1.1 per cent projected in the spring forecast, the commission said. For next year, growth expectations were lowered to 1.3 per cent from 1.6 per cent. For the broader 27-country EU, the forecast also was lowered to 0.8per cent from 1 per cent this year and to 1.4 per cent from 1.7 per cent next year. "Weakness in domestic demand, in particular consumptio

The G20 sidelights: Numbers, tales, hoardings, messages - and beyond

PM Modi began the summit by mentioning a 2,500-year-old pillar in New Delhi with a message in an "ancient language" that translates into "welfare and happiness of humanity should always be ensured"

India needs to clock 8% to become biggest contributor to global growth

Barclays report says that while the debt overhang and worsening demographics will hinder China's growth

Foreign investors rush into Indian stocks as locals lie low: Analysis

India is not alone in drawing investors who are disenchanted with China's markets and an economy limping after years of pandemic lockdowns

India positioning itself as country that brings nations together: Experts

India has arrived at the global high table and is positioning itself as a country that brings other nations together, according to experts. In its capacity as the current president of G20, India is hosting the annual summit of the influential grouping in New Delhi on September 9 and 10. This week India will host the G20, the first time a South Asian country has hosted this summit. India has long sought a place at the global high table and hosting these summits is symbolic that India has arrived, Aparna Pande, from the prestigious Hudson Institute think-tank, told PTI. The year 2023 is the year of India when the world's most populous country and fastest-growing economy has enjoyed the global spotlight for over nine months, she said. In December 2022, India was president of the UN Security Council. In January 2023, India convened the Global South Summit, and in May 2023, India attended the G-7 and Quad summits in Japan, she added. In July, India hosted the Shanghai Cooperation ...

India among five major global economies in race to reach net-zero

"India is making progress in incorporating solar and wind into its electricity generation, almost doubling its share from 2017 figures (5 per cent to 9 per cent)," the report said

Weak global activity data sends US dollar to 6-month high, Aussie skids

The dollar climbed 0.63% against the yen to 147.42, its highest since November, and the dollar index, which tracks the greenback against six main peers, rose 0.56% to 104.75, its highest since March

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Was premature to tighten monetary policy as inflation driven by import: BOJ

Tightening monetary policy before rising prices are accompanied by higher wages would hurt domestic demand and corporate profits, Nakamura said

Pakistan stares at another crisis as sugar prices rise to Rs 185 per kg

The rising wholesale rates have been providing an opportunity for various online mart and retail shop operators to make a windfall on the already piled-up stocks

Brics+6 to control 30% of global GDP, 46% population: Research paper

The addition of six new members to the BRICS grouping will see it controlling 46 per cent of the world's population and 30 per cent of its economic output, according to a research paper. At the latest BRICS summit in Johannesburg last week, the present members -- Brazil, Russia, India, China and South Africa -- decided to add Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and the United Arab Emirates as new members of the grouping. The new members will become part of BRICS effective January 1, 2024. The acronym BRICS was originally coined in 2001 by Goldman Sachs economists led by Jim O'Neill. Later in December 2010, South Africa was added as the fifth member. Currently, the five-member grouping is home to 40 per cent of the world's population which controls 26 per cent of the global GDP. But with the six new members (BRICS+6), their GDP share will jump to 30 per cent and share of population will go up to 46 per cent, Soumya Kanti Ghosh, the Chief Economic Adviser to State Bank of

Experts blame grey market, IMF as Pakistani rupee goes into free fall

Tresmark CEO Faisal Mamsa said, "The interim government trying to overstep its perceived capacity, which is sending a conflicting message to markets