Economy / Global


Ajay Banga takes over as World Bank chief

Ajay Banga takes over as World Bank chief

World Bank's new president Ajay Banga on Friday asked the lender's 16,000 staff to "double down" on development and climate efforts as he seeks to accelerate the bank's evolution to tackle the most pressing global problems. According to Reuters, on his first day in the job, the former Mastercard C

Pakistan posts record high inflation of 37.97pc in May

Pakistan posts record high inflation of 37.97pc in May

Pakistan saw a record high inflation of 37.97 per cent year on year in May, the Pakistan Bureau of Statistics (PBS) has said. Inflation in May increased by 1.58 per cent month on month with the food price hike remaining as the major driver behind the rise, the agency said in a statement on Thursda

Inflation target set at 6pc for FY24

Inflation target set at 6pc for FY24

Although Finance Minister AHM Mustafa Kamal has considered inflation control as one of the big challenges, he wants to keep already-runaway price increases within a 6.0-per-cent limit in the next fiscal year with no brand-new strategy. "The adjustment of fuel prices in the domestic market and gove

Taiwan, US to sign first deal under new trade framework

Taiwan, US to sign first deal under new trade framework

Taiwan and the United States will sign the first deal under a new trade talks framework on Thursday, both governments said, boosting ties between the two at a time of heightened tensions with China over the democratically-governed island, reports Reuters. Taiwan and the United States started talks

BRICS foreign ministers to meet in South Africa on Thursday

BRICS foreign ministers to meet in South Africa on Thursday

Foreign ministers from the BRICS countries are meeting in South Africa from Thursday as the five-nation bloc seeks to forge itself into a counterweight to Western geopolitical dominance in the wake of Russia's invasion of Ukraine. The talks are a prelude to an August summit in Johannesburg that ha

Turkish lira slips as Erdogan secures victory

Turkish lira slips as Erdogan secures victory

Turkey's lira slipped towards a fresh record low against the dollar as President Tayyip Erdogan secured victory in the country's presidential election on Sunday, extending his increasingly authoritarian rule into a third decade. The currency hovered above the 20.00 to the dollar threshold as tradi

Low growth, high inflation are top risks for India: economists

Low growth, high inflation are top risks for India: economists

India's economy will grow about 6.0% this fiscal year with a small increase in private investment, according to a Reuters poll of economists who said lower growth and high inflation were the biggest risks to the outlook. While that was expected to be faster than other major economies, India

Speakers for exploring untapped potential in SAARC region

Speakers for exploring untapped potential in SAARC region

Speakers at a conference on Wednesday laid emphasis on exploring the vast untapped potential in SAARC region. They observed that the SAARC has low intra-regional trade of five per cent which means there is still vast untapped potential. "It is more important than ever we must recognise the signif