Britain’s economy grew more slowly than previously thought in the second quarter, but there were positive signs from household finances and business investment that could encourage finance minister Rachel Reeves as she prepares next month’s budget. Economic output expanded by 0.5 per c
Developing Asia is on track to grow 5 per cent this year, supported by strong consumption and high demand for tech exports, the Asian Development Bank (ADB) forecast on Wednesday, and said China was expected to roll out more economic support measures. In an update to its Asian Development Outlook
Nigeria's central bank surprised the market by raising its benchmark lending rate to 27.25 per cent from 26.75 per cent (NGCBIR=ECI) on Tuesday, with governor Olayemi Cardoso adding that the decision of the monetary policy committee (MPC) was unanimous. The decision by the committee is the fifth s
Even before the Federal Reserve approved its outsized half-percentage-point interest rate cut last week, financial markets had begun making credit cheaper for households and businesses as they bid down mortgage rates, cut corporate bond yields, and chipped away at what consumers pay for personal, a
French Prime Minister Michel Barnier has handed a little known duo the task of plugging a huge hole in the budget, putting loyalty before political clout in the job description for his finance and budget ministers. Ending weeks of suspense, Barnier unveiled his ministerial line-up late on Saturday
The Indian rupee rose for the fifth straight session on Friday, helped by gains in Asian peers and likely portfolio inflows, after the US Federal Reserve kicked off its interest rate cutting cycle earlier this week. The rupee closed at 83.5625 against the US dollar, up from its close at 83.68 in t
Japan logged 2,933,000 foreign visitors in August, up 36.0 per cent from a year earlier, marking a record high for the month, government data showed on Wednesday. The figure also represents a 16.4 per cent jump from August 2019, before the Covid-19 pandemic, the Japan National Tourism Organization
Peru's economy expanded 4.47 per cent in July compared with the same month last year, the government's INEI statistics agency reported on Sunday. The figure is above an estimate last week from the chief economist of Peru's central bank, who expected the country's economy likely grew by around 4,0
The European Central Bank cut interest rates again on Thursday as inflation slows and economic growth falters, but provided almost no clues to its next step, even as investors bet on steady policy easing in the months ahead. The ECB lowered its deposit rate by 25 basis points to 3.50 per cent in a
Britain needs an additional one trillion pounds ($1.3 trillion) in investment in the next decade to grow the economy, a report said on Friday. New British Prime Minister Keir Starmer said he wanted the economy to achieve annual growth of 2.5% when campaigning in the run-up to July 4’s electi
The Asian Development Bank said on Friday it approved a new goal to devote 50% of its annual lending to climate finance by 2030 and boost private sector capital mobilisation as part of a sweeping strategy update for the rest of the decade. The lender said the new goal is a big jump from the curren
The Bank of Canada is widely expected to trim its key overnight rate by another 25 basis points on Wednesday, economists said, as rising unemployment and uninspiring economic growth give it no reason to diverge from its rate cutting cycle. The central bank has lowered its key policy rate by 50 bas
A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization, reports Reuters. The travel and tourism industry's contribution to
