India and Australia are discussing collaboration to lay undersea cables in South Asia and the wider Indo-Pacific region to enhance connectivity in developing nations as an alternative to China's efforts in the telecommunications and digital connectivity industry.
The Future Hospitality Summit in the UAE will highlight the importance of investing in human resources and incorporating environmental, social, and governance concepts in the recruitment process to address talent acquisition, retention, and mentoring in the hospitality industry.
China should focus on structural reforms instead of relying on macroeconomic policies to revive its growth, as it has limited room for further monetary policy easing, according to a central bank adviser. The adviser suggests encouraging entrepreneurs and implementing demand-side and supply-side reforms to aid the economy. Recognizing the status of private businesses is also essential for revitalizing investor confidence.
Most Middle Eastern stock markets had a mixed performance following the Federal Reserve's indication of another rate hike, while Egypt's main equity index reached a record high due to strong gains in fertilizer and chemical shares.
China Evergrande Group, a distressed property group, is unable to issue new debt due to an ongoing probe into its key subsidiary Hengda Real Estate Group, further complicating its efforts to restructure offshore debt.
Odisha Chief Minister Naveen Patnaik rates the Modi government 8 out of 10, praising its achievements in foreign policy and efforts to combat corruption.
Finance Secretary Benjamin Diokno supports the expulsion of Philippine Offshore Gaming Operators (POGOs) but has no specific recommendations on how to phase them out, citing concerns about the social cost and money laundering implications.
Americans are paying a lot more for groceries depending on the state they live in, with Hawaii having the highest monthly price tag per person at $556.76, according to new research by Now Patient.
Negotiations between the Writers Guild of America and major film and television studios could lead to a deal as early as Sunday, potentially ending the nearly five-month-long strike by the union.
Some of the most at-risk housing markets for climate-related damage are also the most overvalued, with about 19% of homes in high-risk states exposed to flooding or wildfires being overvalued by 18-30%, potentially leading to $1.3 trillion to $2.2 trillion in losses as the market rationalizes, according to experts at DeltaTerra Capital. The most overvalued markets are Cape Coral/Fort Myers in Florida for flooding and Riverside/San Bernardino in California for wildfires, which have already seen insurance companies pull out due to increased risk of extreme weather events.
Nine of Nigeria's largest banks recorded a total asset of N90.4 trillion, 35% higher than the previous year, demonstrating remarkable resilience in expanding their total assets amidst a volatile economic environment.
Former Union law minister Kapil Sibal criticized the government, stating that the women's reservation bill would not come into effect until the 2034 Lok Sabha elections and alleging that it was introduced with the upcoming elections in mind. He also called for the expulsion of BJP MP Ramesh Bidhuri for derogatory remarks.
The I2U2, a new initiative for space cooperation formed by Israel, India, UAE, and the United States, aims to promote joint investments in various sectors and leverage private sector capital and expertise for infrastructure development and technological advancements. India sees tangible benefits from the I2U2 and has already received support for agricultural and renewable energy projects, while the grouping plans to enhance cooperation through the newly launched I2U2 website and a program on space cooperation.
The Federal Reserve's power to control the flow of dollars in the US is theoretical, as global credit flows freely and much of it finds its way to the US regardless of the Fed's desires, making the concept of a "soft landing" engineered by central bankers impossible and needless.
Inflation may affect Social Security benefits and income-tax provisions in 2024, with Social Security increases expected to be around 3-3.5%, tax brackets and deductions adjusting for inflation, and tax collections potentially remaining high; meanwhile, the IRS has implemented a new policy that ends unannounced visits by revenue officers.
Alberta Premier Danielle Smith plans to leave the Canada Pension Plan and set up an alternative provincial pension system, citing potential cost savings and more stable benefits, despite the Canada Pension Plan Investment Board doubting the credibility of the province's math; Canada's worsening diplomatic feud with India over allegations of Indian agents being involved in the killing of a Canadian citizen has led to the cancellation of a planned trade mission and the suspension of trade agreement talks; Union wage settlements in Canada are spiking following years of lagging behind inflation, potentially complicating the Bank of Canada's inflation efforts and leading to more labor disputes; Canada's inflation rate rose to 4% in August, driven by rising gasoline and rent prices, increasing the likelihood of another interest rate increase; Ford Motor Co. of Canada and the Unifor union have reached a deal to avert a strike by auto workers, subject to ratification; The best place to retire in Canada income-wise varies geographically, with generally better numbers from east to west and south to north.
U.S. equity markets experienced their worst week since March as benchmark interest rates surged, causing concerns about tight monetary policy, a potential government shutdown, and trade tensions with China, resulting in losses for real estate equities and mortgage rates reaching their highest level since 2002.
Somalia's debt is set to decrease from $3.3 billion to $557 million, providing much-needed economic relief, as the IMF and other lenders commend the country's reform efforts and set a December deadline for total debt relief.
Apple plans to increase its production in India more than fivefold in the next five years, aiming for $40 billion, as it manufactures iPhones in India and has plans to start making AirPods next year.
US credit card debt reached $1 trillion for the first time, but experts argue that it is not a cause for concern as factors like income, wealth, spending growth, credit card utilization, and delinquency rates indicate that consumers are in good financial shape unless the US enters a severe recession.
Federal Reserve Chairman Jay Powell is facing multiple threats to the economy, including the ongoing United Auto Workers strike, rising oil prices, the resumption of student loan payments, higher long-term interest rates, and a potential government shutdown.
High inflation is leading to increased labor action in Canada as workers demand higher wages to combat the eroded purchasing power caused by rising costs of living, according to a report by RBC Economics. The report suggests that taming inflation is crucial to restoring peace in labor relations in the country.
Oman's gross domestic product (GDP) experienced a 9.5% decline in the second quarter of 2023, primarily due to a drop in oil activities, with the value of oil-related activities declining by 18.3%.
Top names in the hospitality sector are gathering in Abu Dhabi for the Future Hospitality Summit, where the focus will be on reducing the industry's carbon footprint and promoting environmental, social, and governance (ESG) principles in line with increased calls for climate action in the tourism and hospitality sectors. The sector currently contributes up to 11% of total global emissions, a figure predicted to double by 2050. Key players in the industry are already taking measures to ensure a greener future, including reducing carbon emissions, eliminating single-use items, and adopting sustainable practices. Standardization and customized approaches are identified as important challenges in the sector's sustainability efforts.
The US economy may struggle to achieve a "soft landing" with low inflation and low unemployment due to several economic uncertainties and headwinds, including toughened lending standards and the resumption of student loan payments, according to experts.
Germany, once the beating heart of the European economy, is facing structural challenges and a sense of decline, with forecasts predicting slow growth and contraction in the coming years due to its heavy reliance on manufacturing and struggle to transition to renewable energy and a service-based economy.
Tropical storm Philippe is expected to continue moving westward with possible strengthening, while a tropical wave off the west coast of Africa has a 20% chance of developing. Additionally, post-tropical storm Ophelia will cause coastal flooding and heavy rainfall in parts of the Mid-Atlantic states.
The Australian dairy industry is facing a significant decline, resulting in record-high prices for dairy products and an increase in the importation of cheaper alternatives. This decrease in milk production is expected to be the lowest in 30 years.
The Asian Development Bank (ADB) has lowered its GDP forecast for India for the fiscal year 2023-2024 due to a slowdown in exports and potential disruptions in agricultural output, but expects growth to be fueled by increased private investment and industrial production in the following year. The ADB also suggests that larger inflows of foreign direct investment (FDI) could surpass expectations and boost economic growth in FY25, particularly in the manufacturing sector.
Former transport secretary Grant Shapps has stated that it would be "crazy" not to review the plans for the HS2 rail link due to soaring costs, influenced by the war in Ukraine and a spike in inflation, with a decision on the project's future potentially being made this week.
India has imported a significant amount of masur dal (red lentils) despite tensions with Canada, and the government is confident in meeting domestic demand without any problems due to the arrival of approximately six lakh tonnes of lentils at Indian ports.
Electric vehicle sales are rapidly increasing worldwide, leading to a decline in gas- and diesel-powered vehicle sales, but the US government continues to project a growing demand for oil, raising concerns about the accuracy of these projections and the consequences if they are wrong.
The Future Hospitality Summit in Abu Dhabi will bring together hospitality leaders from over 50 countries for networking, discussions, and announcements centered around the theme of "Focus on Investment," with a particular focus on technology, sustainability, and entrepreneurship in the industry.
Venture capital investments in the Middle East have been booming, particularly in deep tech startups focusing on Web3 applications, blockchain, and carbon control, with UAE-based Fuze securing $14 million in seed funding, Cultos Global receiving an undisclosed sum, and Zero Carbon Ventures obtaining $5 million, signaling the region's rising role in innovation and change.
China's room for further monetary policy easing is limited, and it should focus on structural reforms and encouraging entrepreneurship rather than relying solely on macroeconomic policies to revive economic growth, according to a central bank adviser.
China's limited room for further monetary policy easing means it should prioritize structural reforms, such as encouraging entrepreneurs, to revive economic growth rather than relying solely on macroeconomic policies, according to a central bank adviser.
The US economy has triggered the fourth and final signal for a potential recession, and historical data suggests that recessions will become more frequent in the future due to government interventions and other factors such as inflation, tightening monetary policy, oil price spikes, and tight government budgets.
The Middle East is undergoing a significant transformation with $1.9 trillion worth of hospitality and residential projects, led by Saudi Arabia, the UAE, and Egypt, aiming to attract 160 million tourists annually by 2030.
The Reserve Bank of India is expected to maintain its policy rates at the upcoming monetary policy review meeting due to high retail inflation and the US Federal Reserve's hawkish stance.
Saudi Arabia's Vision 2030 is transforming Riyadh into a global destination through eight mega-projects, including Sports Boulevard, New Murabba, Qiddiya, and King Salman Park, which aim to create sustainable urban spaces, promote sports and recreational activities, enhance cultural sites, and provide entertainment options for residents and visitors.
Canada's foreign policy needs a reset towards Indo-Pacific diplomacy, according to Japan, due to allegations made by Prime Minister Trudeau against India and previous conflicts with China and Russia.
The UAE's Future 100 initiative aims to support and honor start-ups that contribute to the country's future economic sectors, with a focus on industries like advanced manufacturing, FinTech, and renewable energy, in order to double the country's GDP by 2031.
Rapidly climbing oil prices threaten to undermine the UK Government's plan to fix the economy and could become a major pre-election headache, as soaring fuel prices, sticky inflation, and higher housing costs due to high interest rates could negatively impact voters.
The cost of developing the venue and constructing necessary facilities for the 2025 Osaka-Kansai Expo is expected to increase by ¥45 billion, bringing the total to about ¥230 billion, due to soaring expenses for materials and labor, as well as increased security costs.
The demise of Credit Suisse marks a milestone for Switzerland, but it is not a turning point as big banks have already been failing since the 1990s, and the 2008 financial crisis had a greater impact. State intervention has become the norm to prevent a global financial meltdown, and government bailouts are no longer shocking. The incompetence of the management and the board of directors played a significant role in the collapse of Credit Suisse, and the bank's demise was mainly due to greed and poor leadership. The future of UBS as a large banking giant is uncertain, and it is likely that the government will need to step in again. The global financial system is fragile, and greater regulation will not solve the problem. Switzerland can still afford to have a major global bank, but stability and advantages can be achieved by spinning off problematic international operations. The importance of being an international financial hub for Swiss prosperity is overstated, and industry has always been the primary driver of Swiss prosperity. High wages and the attraction of the banking sector have hindered innovation in other industries.
China Reform Holdings Corp, a Chinese state asset manager, plans to raise a minimum of 100 billion yuan ($13.7 billion) for a fund that will invest in emerging industries, with investment commitments already received from government-owned enterprises and private investors.
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The African Development Bank's goal of achieving food security in Africa within five years is progressing well, with $12 billion worth of food already produced and the organization utilizing technology and financing to scale up efforts; climate challenges and disruptions in the global grain market emphasize the urgency of these efforts.
The Bank of England's decision to hold interest rates is beneficial for borrowers but negatively impacts savers, who are losing out on higher returns from fixed-rate savings bonds. However, analysts predict that rates may not increase further, making it a good time for savers to secure a fixed-rate bond with high returns.
India-Middle East-Europe Economic Corridor, proposed by India, the US, United Arab Emirates, and Saudi Arabia, aims to create shipping and railway links that will connect Europe and the Middle East to India and counter China's 'Belt and Road' initiative.