The European Central Bank cut interest rates for the third time this year on Thursday, saying inflation in the euro zone was increasingly under control while the outlook for the wider economy was worsening. The first back-to-back rate cut in 13 years marks a shift in focus for the euro zone’
Higher prices are here to stay, which adds to economic pain also stemming from slow growth and high debt, the International Monetary Fund's managing director, Kristalina Georgieva, said on Monday. "The pain we all feel because prices have gone up is here to stay, and a higher level of prices makes
US Treasury Secretary Janet Yellen will say on Thursday that walling off the US economy as proposed by Republican presidential candidate Donald Trump would be “deeply misguided,” raising prices for American consumers and making US companies less competitive. Yellen, in excerpts of rema
Republican presidential candidate Donald Trump on Tuesday defended his protectionist trade policies and other fiscal proposals, dismissing suggestions that they could drive up the federal debt, antagonise allies and harm the US economy. “We’re all about growth. We’re going to bri
The Royal Swedish Academy of Sciences on Monday awarded the Nobel Memorial Prize in economics to Daron Acemoglu, Simon Johnson and James A. Robinson ‘for studies of how institutions are formed and affect prosperity’. The academy wrapped up six days of announcements through the announce
Egypt's Suez Canal Authority (SCA) has announced a 20-50 per cent reduction in transit and mooring fees for yachts in the Red Sea, effective on November 1. "The move is part of the SCA's flexible marketing policies to encourage yacht tourism and develop marine tourism in the Red Sea region by prov
The Indian rupee fell below 84 per dollar for the first time on Friday, pressured by concerns about the recent spike in oil prices and the exodus of foreign money from the equity market. The rupee closed at 84.06, down 0.1 per cent on the day, after hitting a record low of 84.07 earlier in the ses
China pledged on Saturday to “significantly increase” debt to revive its sputtering economy, but left investors guessing on the overall size of the stimulus package, a vital detail to gauge the longevity of its recent stock market rally. Finance Minister Lan Foan told a press conferenc
China and Vietnam are expected to sign new agreements, including pacts to boost railway links and agricultural trade, during Chinese Premier Li Qiang's visit to Hanoi this weekend, two people briefed about the plans said, reports Reuters. Seamless rail links are a sign of growing trust betwe
China said on Saturday it will "significantly increase" government debt issuance to offer subsidies to people with low incomes, support the property market and replenish state banks' capital as it pushes to revive sputtering economic growth, reports Reuters. Without immediately providing spe
The United States has announced sanctions targeting Iran's energy trade in light of the Oct. 1 ballistic missile attack launched by the country against Israel. According to a statement issued by the Department of State on Friday, the department "is imposing sanctions on six entities engaged in Ira
World Bank raised its growth forecast for South Asia to 6.4 per cent in 2024 from an earlier estimate of 6.0 per cent, citing the strength of domestic demand in India and quicker recoveries in crisis-hit countries such as Sri Lanka and Pakistan. India's economic growth forecast for the current fis
Sri Lanka will pursue BRICS membership at a meeting in Russia later this month, cabinet spokesman Vijitha Herath said on Tuesday. Herath told media that Russia will host the BRICS Summit in Kazan from Oct. 22 to Oct. 24, 2024, reports Xinhua. Although President Anura Kumara Dissanayake was invite
