Prime Minister Narendra Modi announced that the new Parliament building will be inaugurated on Ganesh Chaturthi, and described the upcoming Special Parliament Session as historic; however, opposition parties have raised concerns about the necessity of the session and the introduction of regular bills that could have been delayed until the Winter Session.
Embattled Chinese developer Country Garden is facing a deadline to pay $15 million in interest on an offshore bond, with concerns growing over its ability to meet its debt obligations amid a struggling property sector and weak property sales in China. If the payment is not made within the 30-day grace period, the principal will become due immediately and trigger cross-default terms on other credit. Some offshore creditors have already begun talks with law firms, indicating a potential debt restructuring.
The United Arab Emirates saw a 31.8% increase in revenue in 2022, supporting an overall fiscal surplus, as the country focuses on developing its non-oil sectors such as trade, tourism, manufacturing, logistics, and financial services.
The national capital is likely to experience light rain throughout the day, with a minimum temperature of 25.3 degrees Celsius and a maximum temperature of approximately 33 degrees Celsius, according to the meteorological department.
Immigration is not to blame for Australia's housing crisis; rather, it has contributed to economic growth and filled critical gaps in the job market.
External Affairs Minister S. Jaishankar emphasizes the need to move past the negative view of the West and acknowledges that the complex issues of globalization and economic inequity are not solely the fault of Western countries. He also highlights India's achievements in global initiatives and its ability to resonate with the Global South.
China has promised to increase imports from Southeast Asian countries in order to boost trade ties amidst rising tensions between China and the United States.
India's benchmark stock indexes fell as investors reacted to economic developments in China and awaited policy decisions from major central banks, including the U.S. Federal Reserve. The Nifty 50 fell 0.09% and the Sensex lost 0.16%, potentially ending an 11-day winning streak.
Thai Prime Minister Srettha Thavisin plans to implement policies by the end of the year to reduce living costs, including lowering electricity prices and increasing the minimum daily wage, in an effort to revive the economy and achieve 5% annual growth.
Thai Prime Minister Srettha Thavisin plans to implement policies to lower living costs by reducing electricity prices and raising the minimum daily wage, in an effort to revive the country's economy.
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A bitter standoff between France and Germany over nuclear energy highlights the disruption caused by the region's energy crisis and the EU's green shift, as both countries seek to avoid being left behind in the race for carbon neutrality while maintaining industrial competitiveness.
Zombification of the economy, characterized by the rise of corporate zombie firms, is causing detrimental effects on healthy firms and the overall economy, and needs to be addressed to prevent future economic crises.
India's goal of achieving 6.5% real GDP growth in FY24 may be complicated by lower-than-anticipated nominal growth, potentially delaying the country's aim of becoming a $5 trillion economy by another year.
Turkey is seeking an alternative to the India-Middle East trade corridor plan and is in talks for the Iraq Development Road initiative in order to strengthen its role as a trade route.
Chinese developers are facing difficulties due to financing and sales drying up, with restrictions on price caps obstructing a recovery in the country's property market.
Singapore's annual exports fell for the 11th consecutive month in August, declining by 20.1% as the trade-dependent economy struggles with global headwinds and declining demand, indicating that export stabilization is not yet within reach.
Indian-American Vivek Ramaswamy claims that people are envious of his rise and believe he is too young to be the US President, but he remains confident and aims to unite the country with his vision and principles.
India's External Affairs Minister, S Jaishankar, has called for a shift in perspective regarding global trade and urged the world to move past the idea that the West is the "bad guy," highlighting the complexity of the global economy and the need to address the inequities of globalization. He also spoke about India's achievements at the G20 Summit and the threats posed by the Khalistan group in Canada.
Ahead of New Zealand's official GDP data release, the New Zealand Institute of Economic Research forecasts a slowdown in GDP growth and higher inflation, causing the NZD/USD to pare back gains.
Rising interest rates caused by the steepest monetary tightening campaign in a generation are causing financial distress for borrowers worldwide, threatening the survival of businesses and forcing individuals to consider selling assets or cut back on expenses.
The US dollar remains stable in Asian trades as the yen and sterling experience slight fluctuations due to upcoming central bank meetings, including the Bank of Japan's policy meeting, the US Federal Reserve's hawkish pause, and the Bank of England's possible interest rate increase.
Saudi Arabia's Crown Prince Mohammed bin Salman's attendance at the recent G20 summit in India, along with its inclusion in the China-dominated BRICS coalition and signing of the ship-to-rail economic corridor supported by President Joe Biden, highlights the complex web of alliances and economic opportunities arising from the rivalry between the US and China. These developments show the various economies caught between the two powers seeking to build their own strategic alliances and spheres of influence.
The Federal Reserve's restrictive monetary policy, along with declining consumer savings, tightening lending standards, and increasing loan delinquencies, indicate that the economy is transitioning toward a recession, with the effectiveness of monetary policy being felt with a lag time of 11-12 months. Additionally, the end of the student debt repayment moratorium and a potential government shutdown may further negatively impact the economy. Despite this, the Fed continues to push a "higher for longer" theme regarding interest rates, despite inflation already being defeated.
Chinese consumers spent over $37 billion on lottery tickets in the first half of 2023, a 50% increase from the previous year, reflecting the struggling economy and high youth unemployment rate in China caused by industries such as education, real estate, and technology being hit by various challenges and regulatory changes.
Britain's main manufacturing trade body has lowered its growth forecast for the sector due to a decline in factory output and economic uncertainty, with expectations of a 0.5% fall in output in 2023 and a growth of only 0.5% in 2024.
The real estate crisis in China has caused bond default rates to increase in the Asia-Pacific region, with defaults occurring more quickly than globally despite Asia's better credit rating.
Chinese property developer Country Garden Holdings recorded over 3 billion yuan in net foreign exchange loss, contributing to a record half-year net loss of 48.93 billion yuan.
Entrepreneur Jaspreet Singh warns that signs of a potential recession in America include labor shortages, inflation-driven spending, and high interest rates, with economists predicting that the country may start feeling the effects of a recession by the second quarter of 2024. Singh advises Americans to educate themselves about saving money and investing to prepare for the possible downturn.
Economists predict that Canada's inflation rate is likely to increase to around four percent in August, mainly due to higher gasoline prices, reversing the previous progress made.
The Indian government is developing a ₹12,000 crore production-linked incentive (PLI) scheme for heavy machinery used in mining and construction, with the aim of attracting investment, reducing dependence on imports, and generating employment in the sector. The scheme will focus on manufacturing large-sized machines and components, and is expected to contribute to infrastructure growth.
Bank of Montreal (BMO) is shutting down its indirect retail auto finance business, which will result in job losses, while Indigo Books & Music Inc. announced that founder Heather Reisman has returned as CEO, Amazon faces contract expiration with Ford, Shake Shack tests alternative frying oil, Cadence Bank CEO warns of a regional banking crisis, Canada risks losing over $50 billion in clean tech investments, government shutdown and oil prices are factors to watch, banks initiate $2.9 billion bond sale for Worldpay buyout, Joby Aviation plans to build air taxi production plant in Ohio, Canada's housing crisis will take years to solve, Tesla is in talks with Saudi Arabia for an EV factory, and a Toronto landlord prohibits electric vehicles on its property.
India's goal of becoming a $5 trillion economy may be challenged as economists predict that nominal GDP growth may fall below the budgeted estimate of 10.5% for the current fiscal year, primarily due to subdued wholesale inflation.
The Indian government is planning to rationalize tariffs on components used for making electronics goods to boost local production and increase competitiveness for exports.
Central banks' efforts to combat inflation by raising interest rates have not led to mass job losses, as labor markets in various countries have cooperated by reducing open vacancies and trimming wage growth, suggesting a possible "soft landing" for the economy without significant casualties.
Despite a price cap on rice, rising food price inflation is expected in the Philippines due to a weakening exchange rate with the US dollar and a lack of domestic food production.
Interest payments on state debt in Finland are expected to quadruple next year, reaching nearly 570 euros per person, due to higher interest rates on new loans from the European Central Bank.
The author suggests that the ongoing macro trend of Goldilocks (inflation not too hot or cold) will soon come to an end and identifies three potential scenarios for the future: deflation, stagflation, or a crack-up boom.
China is facing a significant increase in youth unemployment, with the rate for people aged 16 to 24 years old reaching a record high of 21.3% in June, which could have serious implications for the country's economy and social stability.
Pakistan International Airlines (PIA) has reported a recovery in its flight operations after securing a Rs17 billion bank loan, alleviating concerns about the airline's potential closure due to financial struggles.
Despite concerns about China's economic decline, U.S. equity indices have remained stable, suggesting that the country's economic weakness may not be accurately reflected in the markets; this could be due to President Xi Jinping's lack of interest in implementing stimulus measures.
Labour becomes the preferred option for investors, with two-thirds of money managers and traders believing that a Labour-led government or coalition would be the most market-friendly outcome, citing lack of confidence in British assets caused by the Truss administration's mini-Budget bond market meltdown and comparing it to "Argentina on the Channel." Mark Carney, former Bank of England governor, accuses Liz Truss of misunderstanding economics and turning Britain into Argentina, with investors siding with Carney's views according to a Bloomberg survey.
Most stock markets in the Gulf ended lower on Sunday due to profit-taking, except for the Egyptian index which reached a record high. Saudi Arabia's benchmark index dropped, highlighting the risk of economic contraction for the kingdom, while Egypt's blue-chip index gained, led by Beltone Financial Holding. UAE's Global Investment Holding also agreed to buy a stake in Egypt's main tobacco products maker.
Employees of global finance firm Blackrock and other non-state-owned companies in China are now required to attend mandatory study sessions on 'Xi Jinping Thought', indicating the Chinese Communist Party's efforts to ensure ideological loyalty in the face of economic challenges, while new laws further restrict foreign firms' operations in the country.
The head of WHO is prepared to send a new team to China to investigate the origin of Covid-19, urging China to provide full access and cooperation, as the international community has been unable to determine the definitive origins of the pandemic.
State Bank of India (SBI) is proactively visiting borrowers at risk of defaulting on their loans by surprise visits to their homes, offering them chocolates as reminders for timely repayment.
Health insurance inflation is difficult to measure due to the variations in quality and benefits among different policies, but the Bureau of Labor Statistics indirectly calculates it based on health insurers' profits, which will result in a rise in health insurance prices in the Consumer Price Index (CPI) starting in October 2022, potentially impacting inflation rates and Federal Reserve decisions on interest rates.
The U.S. economy is experiencing a higher share of working-age people in the workforce than ever before, and despite some inflationary concerns, the country is not at risk of a recession, according to economist Betsey Stevenson.
The U.S. inflation rate has been helped by falling medical costs, but this trend is about to reverse, which could complicate the Federal Reserve's efforts to lower inflation back to pre-pandemic levels. The complex way the government measures the rise of medical costs and the fluctuations caused by the pandemic have contributed to the instability in health-care costs. The upcoming rise in health insurance costs is expected to have an impact on inflation, particularly the core rate that excludes food and energy costs. Economists are divided on the extent of this impact and whether it will hinder the Fed's fight against inflation.
The US's $32 trillion debt may not be as dire as it seems, as experts point out misconceptions about the national deficit and its impact on the economy. However, future debt problems could arise due to current spending rates.