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India cuts windfall tax on crude oil output, diesel exports

India cuts windfall tax on crude oil output, diesel exports

-- 2022-10-02 12:38:28

The Indian government has cut a windfall tax on domestically produced crude oil to 8,000 rupees per tonne from 10,500 rupees per tonne from Sunday, after a decline in global oil prices, reports Reuter...

US consumers spurn cars, couches and cruises, results show

US consumers spurn cars, couches and cruises, results show

-- 2022-10-01 15:30:28

US consumers are exhibiting fragility ahead of the peak period for corporate results next month, as some are struggling to pay bills and others are slowing purchases of cars, sneaker...

ADB to support coral reefs ecosystem in four Asia-Pacific countries 

ADB to support coral reefs ecosystem in four Asia-Pacific countries 

-- 2022-09-30 19:17:11

The Asian Development Bank (ADB) said Friday that it has approved a financial project to support restoration, conservation and management of coral reefs in four countries in Southeast Asia and the Pac...

Sri Lanka's inflation rises to 69.8pc in Sept 

Sri Lanka's inflation rises to 69.8pc in Sept 

-- 2022-09-30 18:54:27

Sri Lanka's inflation, as measured by the year-on-year change in the Colombo Consumer Price Index, rose to 69.8 per cent in September 2022 from 64.3 per cent a month earlier, the Department of Census...

India's key policy rate raised by 50 bps

India's key policy rate raised by 50 bps

-- 2022-09-30 11:59:55

The Reserve Bank of India's benchmark repo rate was raised by 50 basis points on Friday, the fourth straight increase in the current cycle, as policymakers extended their battle to tame sustained abov...

German inflation hits highest level in over 25 years

German inflation hits highest level in over 25 years

-- 2022-09-29 21:29:29

German inflation was at its highest level in more than a quarter of a century in September, driven by higher energy prices no longer dampened by popular relief measures, data showed on Thursday, repor...

World Bank president sees risk of stagflation, likely recession in Europe

World Bank president sees risk of stagflation, likely recession in Europe

-- 2022-09-29 18:18:04

World Bank President David Malpass on Wednesday warned that it could take years for global energy production to diversify away from Russia after its invasion of Ukraine, prolonging the risk of stagfla...

Philippine economy to grow more slowly than previously thought in 2022, IMF says

Philippine economy to grow more slowly than previously thought in 2022, IMF says

-- 2022-09-27 18:54:36

The Philippine economy will grow more slowly this year than previously thought due to the global economic slowdown and tightening financial conditions, the International Monetary Fund (IMF) said on Mo...

World Bank forecasts Thai GDP growth at 3.1pc this year

World Bank forecasts Thai GDP growth at 3.1pc this year

-- 2022-09-27 18:48:12

Thailand's economy is expected to grow 3.1 per cent this year, higher than a forecast in June of 2.9 per cent, supported by private consumption and exports, the World Bank said on Tuesday. However, t...

ADB plans $14b to ease food crisis in Asia-Pacific region

ADB plans $14b to ease food crisis in Asia-Pacific region

FE ONLINE REPORT 2022-09-27 14:35:43

The Asian Development Bank (ADB) announced plans to provide at least $14 billion over 2022–2025 in a comprehensive programme of support to ease a worsening food crisis in Asia and the Pacific....

Sri Lanka looks to revive free trade deal with Singapore

Sri Lanka looks to revive free trade deal with Singapore

-- 2022-09-27 14:12:33

Sri Lanka will step up efforts to revive a stalled free trade pact with Singapore, President Ranil Wickremesinghe told the city state’s premier on Tuesday, his office said in a statement. The l...

India's Adani Group to invest over $100b in next decade

India's Adani Group to invest over $100b in next decade

-- 2022-09-27 13:32:25

India's Adani Group will invest more than $100 billion in the next decade, Chairman Gautam Adani, the world's second-richest person, told a Forbes Global CEO Conference in Singapore, reports...

British pound plunges to new low against USD

British pound plunges to new low against USD

-- 2022-09-26 20:16:14

The British pound fell to all-time low against the US dollar early Monday after Treasury chief Kwasi Kwarteng pledged a sweeping package of tax cuts, fuelling concerns about the government's economic...

Pakistan's finance minister says he will formally resign from role

Pakistan's finance minister says he will formally resign from role

-- 2022-09-26 13:44:25

Pakistan's finance minister Miftah Ismail said on Sunday he planned to formally resign from the role, a change that comes as the country grapples with an economic crisis exacerbated by destructi...

Sri Lanka aims to have $2.9b IMF loan finalised in December

Sri Lanka aims to have $2.9b IMF loan finalised in December

-- 2022-09-24 15:15:29

Sri Lanka expects the International Monetary Fund board to approve a $2.9 billion loan by year-end, officials from the country's central bank told investors during a virtual presentation on Friday, so...

Facing calls to resign, World Bank's Malpass changes answer on climate crisis

Facing calls to resign, World Bank's Malpass changes answer on climate crisis

-- 2022-09-23 19:11:57

Under pressure to resign for declining to say whether he accepts the scientific consensus on global warming, World Bank President David Malpass said on Thursday it was clear greenhouse emissions are c...

New UK finance minister Kwarteng seeks end to 'cycle of stagnation'

New UK finance minister Kwarteng seeks end to 'cycle of stagnation'

-- 2022-09-23 15:45:06

Britain's new finance minister Kwasi Kwarteng unleashed historic tax cuts and huge increases in borrowing on Friday in an economic agenda that floored financial markets, with British government bonds...

Sri Lanka to unveil debt restructuring plan to creditors

Sri Lanka to unveil debt restructuring plan to creditors

-- 2022-09-23 13:04:41

Sri Lankan authorities will formally hold talks with international creditors on Friday to start the process of restructuring billions of dollars of its debt and share plans to tackle the island's wors...

Jobs in renewable energy sector rise to 12.7m globally

Jobs in renewable energy sector rise to 12.7m globally

-- 2022-09-22 20:02:53

Despite the lingering impacts of Covid and the growing energy crisis, people employed globally in the renewable energy sector reached 12.7 million last year, an increase of 700,000 new jobs in just 12...

Sri Lanka set to begin talks to restructure debt of $30b

Sri Lanka set to begin talks to restructure debt of $30b

-- 2022-09-22 18:02:34

Crisis-hit Sri Lanka will begin on Friday the tricky task of debt renegotiation with a raft of private and bilateral creditors, including China, India and Japan, to restructure and repay nearly $30 bi...

India says it starts talks with Sri Lanka on restructuring debt

India says it starts talks with Sri Lanka on restructuring debt

-- 2022-09-20 20:35:56

India said on Tuesday it had begun talks with Sri Lanka on restructuring its debt and promised to support the crisis-hit neighbour mainly through long-term investments after providing nearly $4 billio...

Japan's inflation hits near 8-year high, stays above BOJ's target

Japan's inflation hits near 8-year high, stays above BOJ's target

REUTERS 2022-09-20 11:56:14

Japan's core consumer inflation quickened to 2.8 per cent in August, hitting its fastest annual pace in nearly eight years and exceeding the central bank's 2 per cent target for a fifth straight month...

Ecuador reaches deal with China to restructure debt

Ecuador reaches deal with China to restructure debt

-- 2022-09-20 11:28:30

Ecuador has reached an agreement to restructure its debt with Chinese banks, the government said in a statement on Monday, providing debt relief worth some $1.4 billion until 2025. Ecuador's Presiden...

Frugal is the new cool for young Chinese as economy falters

Frugal is the new cool for young Chinese as economy falters

REUTERS 2022-09-19 11:08:45

Before the pandemic, Doris Fu imagined a different future for herself and her family: new car, bigger apartment, fine dining on weekends and holidays on tropical islands. Instead, the 39-year old Sha...

India economic growth to be sustained by consumer spending rebound

India economic growth to be sustained by consumer spending rebound

-- 2022-09-18 18:37:41

A sharp rebound in consumer spending and rising employment will sustain economic growth in India in the months ahead, the government said in its monthly economic review for August published on Saturda...

Oil prices to grow by between 2.0pc and 3.0pc this year and next

Oil prices to grow by between 2.0pc and 3.0pc this year and next

OPEC and IAEA say 2022-09-18 17:49:56

Oil prices have tumbled by around a quarter in the past three months, largely due to fears of a prolonged slump in global energy demand. But no major forecaster is actually predicting one. Two of the...

What is Black Sea Grain Initiative and why does it matter

What is Black Sea Grain Initiative and why does it matter

-- 2022-09-17 20:50:10

Since Russia's invasion of Ukraine, exports of grain from Ukraine, as well as food and fertilisers from Russia, have been hit hard. The disruption in supplies pushed soaring prices even higher and co...

China's economy perks up but dogged by property crisis

China's economy perks up but dogged by property crisis

REUTERS 2022-09-16 13:50:48

China's economy showed surprising resilience in August, with faster-than-expected growth in factory output and retail sales shoring up a fragile recovery, but a deepening property slump weighed on the...

IMF sees further global economic slowdown in third quarter

IMF sees further global economic slowdown in third quarter

REUTERS 2022-09-16 09:04:42

Downside risks continue to dominate the global economic outlook and some countries are expected to slip into recession in 2023, but it is too early to say if there will be a widespread global re...

Sri Lanka's economy shrinks 8.4pc amid fertiliser, fuel shortages

Sri Lanka's economy shrinks 8.4pc amid fertiliser, fuel shortages

-- 2022-09-15 18:40:52

Sri Lanka's economy shrank 8.4 per cent in the quarter through June from a year ago in one of the steepest declines seen in a three-month period, amid fertiliser and fuel shortages during the nation's...