Economy / Global

World Bank cuts 2024 growth forecast for Japan

World Bank cuts 2024 growth forecast for Japan

The World Bank has cut its economic growth forecast for Japan for 2024 to 0.7 per cent from 0.9 per cent, while lifting the global growth outlook for the year to 2.6 per cent from 2.4 per cent, local media reported. The Japan growth forecast fell 0.2 percentage point from the previous estimate in


Oil prices set for best week in over two months

Oil prices set for best week in over two months

Oil prices eased on Friday as markets evaluated the impact of US interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand. Brent crude futures were down 42 cents, or 0.5 per

Oil climbs on optimistic demand outlook

Oil climbs on optimistic demand outlook

Oil prices ticked higher on Wednesday amid upbeat global demand views from the US Energy Information Administration and OPEC, reinforced by industry data showing US crude oil inventories fell more than expected last week. Brent crude futures rose 50 cents, or 0.6 per cent, to $82.42 a barrel at 06

IMF, Pakistan make significant progress on new loan

IMF, Pakistan make significant progress on new loan

An International Monetary Fund (IMF) mission and Pakistan have made significant progress towards reaching a staff-level agreement for an extended fund facility, the global lender said on Friday. The IMF has opened discussions with Pakistan on a new loan programme after Islamabad last month complet

Oil slips for third session

Oil slips for third session

Oil prices fell for a third straight session on Wednesday on expectations the Federal Reserve might keep US interest rates higher for longer due to sustained inflation, potentially impacting fuel use in the world's largest oil consumer. Brent crude futures were down 60 cents, or 0.7 per cent, to $

Oil set for weekly gain on signs of improving demand

Oil set for weekly gain on signs of improving demand

Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States. Brent crude oil prices climbed 21 cents, or 0.25 per cent, to $83.48 a bar

Oil prices up on wildfires in Canada

Oil prices up on wildfires in Canada

Oil prices rose in early trade on Wednesday as large wildfires were threatening Canada's oil sands and as the market expected US crude oil and gasoline inventories to show a drawdown later in the day. Brent crude futures were up 34 cents, or 0.4 per cent at $82.71 a barrel. US West Texas Intermedi