Page 22 - Global Economy

G20 Presidency remains focused on economic development issues: Kant

India's G20 Presidency will remain focused on economic development issues and endeavour to bring all the member countries, including Russia and China, on board amid the ongoing geo-political uncertainties, G20 Sherpa Amitabh Kant said on Thursday. Addressing 'Times Network India Economic Conclave', Kant further said that during the G20 Summit here in September, there is a need to remain focused on objectives of economic development, and leave politics to the United Nations (UN) and United Nations Security Council (UNSC). "We are living in the world of politics, but we should be clear of our objectives... We remain focused on economic development and economic growth that is India's priority," he said while responding to a question on forging consensus at the G20 Summit. India assumed the presidency of G20 for one year from December 1, 2022, to November 31, 2023. The G20 Summit will be held in New Delhi on September 9-10. "So, we will bring everyone around...We are very hopeful. Our

US manufacturing dips for seventh straight month in May; employment rises

The Institute for Supply Management (ISM) said on Thursday that its manufacturing PMI fell to 46.9 last month from 47.1 in April

Inflation rate in India lesser than US, UK, Germany: Union minister Kishan

Asserting that the NDA has provided a corruption-free government to the nation in the last nine years, Union minister G Kishan Reddy on Monday claimed that the inflation rate in India was lesser than many other countries including the United States, United Kingdom and Germany. Reddy, who visited Bhubaneswar on the occasion of the BJP-led National Democratic Alliance (NDA) government completing nine years in power at the Centre, told reporters, "The inflation rate in India is lesser than many developed countries including the US, UK, Germany and Japan. Even the fuel price in the country is lesser than many nations." On a query about unemployment, the Union Minister for Culture, Tourism And Development Of North Eastern Region (DoNER) claimed that the Centre is filling up "80,000 posts every month" and many youths are getting jobs in different sectors due to overall growth. He said India is manufacturing everything from toys to trains and defence equipment and youths will be benefited

Nigeria's Bola Tinubu to be sworn in as president amid hopes and scepticism

Nigeria's Bola Tinubu will on Monday take over as president of Africa's most populous country at a period of unprecedented challenges, leaving some citizens hopeful for a better life and others sceptical that his government would perform better than the outgoing one. A former governor of Lagos, Nigeria's economic hub, Tinubu, 71, will succeed President Muhammadu Buhari to lead a country that by 2050 is forecast to become the third most populous nation in the world, tied with the United States after India and China. He has promised to build on Buhari's efforts to deliver democratic dividends to citizens in a country where deadly security crises, widespread poverty and hunger have left many frustrated and angry. And with his election still being contested in court by opposition parties and among many young Nigerians, Tinubu has also pledged to reunite the country. His manifesto of renewed hope prioritises the creation of sufficient jobs and ramping up of local production of goods, ..

Japan unveils policy blueprint featuring childcare, no mention of funding

The outline, which will serve as a backbone for the government's economic policy set to be finalised in June, made no mention of how to fund such spending

Global stature, goodwill increased further with PM three-nation tour: BJP

India's global stature as well as goodwill have grown further with Prime Minister Narendra Modi's latest foreign visit and it was a matter of pride for every Indian, the BJP said on Thursday. Earlier in the day, the prime minister returned from his five-day visit to Japan, Australia and Papua New Guinea. He was accorded a warm welcome by the BJP workers and supporters outside the Palam airport here. Addressing a press conference here, senior BJP leader Ravi Shankar Prasad described the prime minister's foreign tour as "successful" and said there were many instances which indicated that "India's stature has increased further" with the three-nation tour. "It is a matter of pride for every Indian and the party especially," he added. Prasad said India was earning a "new goodwill" in the world under the leadership of Prime Minister Modi. "An indication of this came when US President Joe Biden, at the G-7 meeting in Hiroshima, said how the requests for participation in the state dinner

El Nino on the horizon, could wipe out $3 trillion of world economy

El Nino is on , which can lead to severe heat waves and droughts in many countries, including India, new research published in the journal Science has warned

This year's El Nino may be $3-trn setback for global economy by 2029

The paper, by Dartmouth Earth system scientists Christopher Callahan and Justin Mankin and published in the journal Science

Japan's economy expands at annualised real 1.6% in Jan-Mar quarter of 2023

Japan's economy expanded at an annualised real 1.6 per cent in the January-March quarter of 2023, the government said in a report on Wednesday

Important to de-risk global economy in era of volatility, uncertainty: EAM

In the era of volatility and uncertainty, it's important to de-risk the global economy and yet to ensure that there is very responsible growth, External Affairs Minister S Jaishankar has said. His remarks came following the first meeting of the India-EU Trade and Technology Council (TTC) held here on Tuesday. The meeting, co-chaired on the Indian side by Jaishankar, Commerce and Industry Minister Piyush Goyal and Communications, Electronics and IT Minister Rajeev Chandrasekhar, covered key focus areas of strategic technologies, digital governance and green energy technologies. Jaishankar described it as a "very good meeting". "It's been a very strong start. And there is a context to what we are doing. In this era of volatility and uncertainty, it's important to de-risk the global economy and yet to ensure that there is very responsible growth," Jaishankar told the media. "So a lot of what we discussed related to resilient and reliable supply chains, to trust and transparency in th

Risk of prolonged low growth economy looms large globally: UN report

According to the report, the world economy is now projected to grow by 2.3% in 2023 (+0.4 percentage points from the Jan forecast) and 2.5% in 2024 (-0.2 percentage points), a slight uptick

Global economy risks stalling as China, Germany juggernauts slow: Report

The latest data suggest that key parts of the upbeat case for a global pickup aren't working out as hoped

IMF: US default to have 'very serious repercussions' on global economy

Treasury Secretary Janet Yellen has warned that a default on US payments could come as early as June 1 if Congress fails to raise the borrowing cap

Demand for commercial property in India robust, US, Europe struggle

The unabated interest hikes by the Federal Reserve of the United States have resulted in a situation where cheap money is no more available

Q4 earnings, foreign fund trading key triggers for mkts this week: Analysts

The domestic equity markets will be driven by ongoing quarterly earnings announcements and global factors this week, analysts said. Besides, the trading activity of Foreign Portfolio Investors (FPIs) would also be tracked. "In the domestic market, the March 2023 quarterly earnings season and Karnataka assembly elections will be in focus. Asian Paints, Cipla, Eicher Motors, Larsen & Toubro and UPL Q4 earnings are in the pipeline for this week," Pravesh Gour, Senior Technical Analyst at Swastika Investmart Ltd, said. The movement of the rupee against the dollar and crude oil prices will also remain in focus, Gour said. "Global markets are in a brittle mode because everyone is eyeing US regional banking systems (small banks), which are in trouble," he added. Also, Apollo Tyres, Indian Overseas Bank and Tata Motors would announce their earnings this week. "This week, participants will be eyeing macroeconomic data viz. IIP and CPI for cues on May 12. Besides, the US inflation, which i

Amid global slowdown, India is the fastest-growing market for LinkedIn

A recent survey conducted by LinkedIn revealed that professionals increasingly prefer skills over degrees

IMF pins hope on India for global economic revival in, says report

International Monetary Fund (IMF) pinned its hopes on India for global economic revival as it continues to remain a relative "bright spot" in the world economy, Asia Lite reported.

Stagflation is the risk that eludes investors mispricing financial markets

That highlights the risk of mispricing in short-term interest rates market, which are pricing in one to two quarter-point rate cuts by the end of this year

There's little downside in Indian equity markets, says Mahesh Patil

While demand has been softening, commodity price deflation, along with cost control measures by corporates, has prevented severe margin contraction, says Mahesh Patil, CIO, Aditya Birla Sun Life AMC

Global economy mired in weak growth, sticky inflation: IMF chief Georgieva

IMF's projection of 2.8% global growth for 2023 "is not enough to bring opportunities to businesses and people around the world, and most worrisome is the projection for weak growth over longer period