Economy / Global

India's forex reserves reach all-time high

India's forex reserves reach all-time high

India's foreign exchange (forex) reserves reached an all-time high of 657.155 billion US dollars during the week ended July 5, according to weekly data released by the country's central bank, the Reserve Bank of India (RBI). The overall forex kitty rose by 5.16 billion dollars over the preceding w


Oil falls on lingering demand concerns in China

Oil falls on lingering demand concerns in China

Oil prices slipped on Tuesday on worries about a slowing Chinese economy crimping demand, though a growing consensus that the US Federal Reserve will begin cutting its key interest rate as soon as September limited declines. Brent futures fell 57 cents, or 0.67 per cent, to $84.28 a barrel by 0630

Pakistan reaches new $7 billion loan deal with IMF

Pakistan reaches new $7 billion loan deal with IMF

Pakistan has reached a staff-level agreement for a new $7 billion loan deal, the International Monetary Fund said Friday, the country’s latest turn to the global lender for help in propping up its economy and dealing with its debts through big bailouts. Earlier this year, the IMF approved th

Global reserve managers upbeat on growth, worry about politics

Global reserve managers upbeat on growth, worry about politics

An escalation in geopolitical conflicts is the biggest risk to the global economy, according to central bank reserve managers, who are generally positive about the world's economic outlook, according to an annual survey released on Thursday. The UBS Asset Management survey of 40 leading central ba

Oil prices tick up as crude, gasoline inventories ease

Oil prices tick up as crude, gasoline inventories ease

Oil prices edged higher on Thursday as crude stocks fell after US refineries ramped up processing and as gasoline inventories eased, signalling stronger demand. Brent futures rose 35 cents, or 0.4 per cent to $85.43 a barrel. US West Texas Intermediate (WTI) crude rose 36 cents, or 0.5 per cent, t

US bankruptcies in June hit record high

US bankruptcies in June hit record high

The number of US corporate bankruptcy filings in June hit the highest level in a single month since early 2020, according to estimates from S&P Global Intelligence. At least 75 companies applied for bankruptcy protection in June, bringing this year's total number to 346, S&P said in a report relea

Oil slips as Gaza talks ease supply disruption woes

Oil slips as Gaza talks ease supply disruption woes

Oil prices slid on Monday after rising for four weeks, as the prospect of a ceasefire deal in Gaza eased geopolitical tensions in the Middle East, while investors assessed potential disruption to US energy supplies from Tropical Storm Beryl. Brent crude futures were down 36 cents, or 0.4 per cent,

Sri Lanka earns over $1.5b from tourism in Q1

Sri Lanka earns over $1.5b from tourism in Q1

Sri Lanka's earnings from tourism rose to over 1.5 billion US dollars in the first six months of 2024, a 77.9-per cent increase year on year, the Central Bank of Sri Lanka (CBSL) said in its latest weekly report. Tourist arrivals in the first half was 1.01 million, up 61.7 per cent from the same p

Oil rises on US crude inventory draw, Mideast tensions

Oil rises on US crude inventory draw, Mideast tensions

Oil prices rose on Wednesday after industry data showed a bigger-than-expected draw in US crude stockpiles, while the market kept tabs on flaring tensions in the Middle East. Brent crude futures edged up 46 cents, or 0.5 per cent, to $86.70 per barrel at 0645 GMT. US West Texas Intermediate crude

Sri Lanka to save $5 billion after bilateral debt rework

Sri Lanka to save $5 billion after bilateral debt rework

Sri Lanka will save $5 billion in interest owed to bilateral creditors as part of its debt restructuring process, President Ranil Wickremesinghe said on Tuesday, adding that the funds will be used to boost dollar reserves and restore growth. The cash-strapped South Asian country inked deals with C

Oil eases as strong dollar weighs on commodities markets

Oil eases as strong dollar weighs on commodities markets

Oil prices inched down on Monday as concerns of higher-for-longer interest rates resurfaced and lifted the dollar, offsetting support for oil markets from geopolitical tensions and OPEC+ supply cuts. Brent crude futures slipped 5 cents to $85.19 a barrel by 0417 GMT, after settling down 0.6 per ce

JPMorgan wealth head sees China’s economic outlook improving

JPMorgan wealth head sees China’s economic outlook improving

JPMorgan Chase (JPM.N) is seeing signs of an improving economy in China that will bolster the bank’s business in the country after a sluggish period, its CEO of asset and wealth management Mary Erdoes said. US companies are assessing their prospects in China as its economy recovers unevenly

India economic inequality to persist despite roaring GDP growth

India economic inequality to persist despite roaring GDP growth

The Indian economy is likely to remain the fastest-growing major one in coming years, but a majority of independent economists and policy experts polled by Reuters are not confident it will make any difference in narrowing stark economic inequality. Despite over 8 per cent economic growth last fis