British American Tobacco (BAT) has agreed to sell its Russian and Belarusian business to a consortium led by BAT Russia's management team, 18 months after Russia's invasion of Ukraine, with the deal expected to be completed within a month and the new owners renaming the business ITMS Group.
India's largest capital goods company, Larsen & Toubro (L&T), expects private sector projects to contribute about a third of its orderbook as investment activity increases, but this is still below the historical peak of 40%, according to CFO R. Shankar Raman.
British house prices have fallen at the fastest pace since 2009, with a 4.6% decrease in the past year, due to the impact of higher interest rates, according to mortgage lender Halifax.
China's exports have declined for the fourth consecutive month due to weak demand at home and abroad, adding to the country's economic challenges caused by the property crisis and low consumer spending.
European stock markets weakened on Thursday due to signs of slowing growth in Europe and China, as well as concerns about future Federal Reserve tightening. German industrial production fell more than expected, adding to the struggles of the eurozone's largest economy. China's exports and imports also fell in August, indicating continued pressure on its manufacturing sector. Additionally, stronger-than-expected US inflation data raised concerns about sticky inflation. Oil prices fell as signs of slowing Chinese growth overshadowed a draw in US inventories.
China's exports and imports both declined in August, reflecting weak global demand and adding pressure to the country's slowing economy.
Pakistan's ongoing economic woes, including budget deficits, trade deficits, and foreign exchange shortages, are not solely caused by corruption but rather a lack of will from leaders to implement necessary solutions and prioritize economic growth, such as increased productivity, better-managed state finances, and global competitiveness, while shedding unproductive state-owned enterprises. The country must also embrace economic pragmatism by opening trade with all countries, investing in human capital, and avoiding ideological distractions to achieve economic modernization.
A new Deloitte study reveals that an increasing number of workers prefer remote or hybrid work models, with 45% reporting improved family relationships and 40% experiencing better emotional well-being while working from home. The preference for fully remote or hybrid options over in-person work has also increased, while remote education is gaining popularity due to cost-cutting and caregiving benefits.
Saudi Arabia's Crown Prince Mohammed bin Salman plans to invest billions of dollars in mining metals, such as zinc and copper, in order to transform the country into a metals hub and reduce its reliance on oil.
The Japanese yen has reached a 10-month low against the US dollar, while the euro and sterling remain near three-month lows, as investors show confidence in the US economy despite global growth concerns.
The rupee rebounded in the open market as a crackdown on the informal currency market helped narrow the gap between interbank and open-market rates, bringing it closer to the IMF's target of 1.25%. The State Bank of Pakistan has also introduced structural reforms for exchange firms and increased the minimum capital requirement, while ordering banks to set up separate entities for forex transactions.
China's exports fell for the fourth consecutive month in August, indicating ongoing challenges for the economy despite a marginal improvement, as weak external demand and global supply chain disruptions continue to impact the world's second-largest economy.
President Joe Biden will attend the Group of 20 (G20) summit in India as a supporter, even as the US acknowledges that India's interests may diverge from Washington's, with India seeking to emphasize development issues and bridge the concerns of the world's largest economies with those of the Global South.
Hong Kong stocks, including SMIC, Tencent, and JD.com, dropped as weak China trade data and a depreciating yuan put pressure on the market.
Emerging market currencies are expected to struggle to recover from their losses this year due to high U.S. Treasury yields, safe-haven demand, and a slowing Chinese economy, keeping the dollar strong, according to a Reuters poll of FX analysts.
India's rupee is expected to remain close to its historic low in the next six months, despite efforts by the Reserve Bank of India to reduce volatility, with over a third of analysts predicting a new low within a year.
Poland's central bank unexpectedly cuts its main interest rate by 75 basis points to 6.00% ahead of October elections, causing the zloty currency to plummet and raising concerns about inflationary risks.
Policymakers expect slower growth in China, potentially below 4%, as the country transitions to a consumption-driven economy, which could have a negative impact on the global economy and alleviate inflationary pressures.
U.S. economic growth was modest in July and August, with slowing inflation and a cooling labor market, indicating that the Federal Reserve may be close to finishing its interest rate increases.
Stocks sold off and U.S. Treasury yields rose for the second consecutive day, while Germany's manufacturing orders experienced a significant decline; Apple signed a long-term agreement with Arm, boosting anticipation for Arm's upcoming IPO; the European Commission designated Alphabet, Amazon, Apple, ByteDance, Meta, and Microsoft as "gatekeepers" under its new Digital Markets Act; Goldman Sachs updated its conviction list, adding a new company with projected revenue growth and removing another after a significant drop in shares; and markets are focusing on stubborn inflation and the threat of higher interest rates, causing stocks to be pressured and technology stocks to be particularly affected.
China's appeal to multinational corporations remains strong due to its robust domestic market and commitment to opening up its economy, leading to a shift in the quality of foreign investment inflow into the country, particularly in sectors such as trade in services and high-end manufacturing.
Weak governance and poor disclosure practices in China's corporate sector are causing international money managers to become increasingly wary of investing in the country, potentially leading to limited access to financing and higher borrowing costs for Chinese companies in the future.
Australia's economy is experiencing a per capita recession, with a drop in GDP per capita for the second consecutive quarter, driven by weak household spending and reliance on government spending and population growth.
Despite recent optimism around the U.S. economy, Deutsche Bank analysts believe that a recession is more likely than a "soft landing" as the Federal Reserve tightens monetary conditions to curb inflation.
Immaculate disinflation refers to a scenario where inflation cools without causing a spike in unemployment, and recent data in the United States suggests that this may be possible, although economists remain cautious.
Foreign investment in Israel has dropped by 60% in the first quarter of 2023 compared to the average quarterly figures in 2020 and 2022, with a decline in both the number of transactions and investors, attributed to tech layoffs, a decline in valuations of US tech companies, and investor concerns over the proposed judicial overhaul.
Rising WTI crude oil prices are raising concerns about higher inflation, which the Federal Reserve is trying to avoid, according to Moody's Analytics Chief Economist Mark Zandi.
The US dollar strengthens to a six-month high after data reveals that the services sector unexpectedly picked up steam last month, indicating inflation pressure and suggesting that interest rates will remain elevated for longer.
Russia's central bank plans to increase foreign currency sales by 830% to help repay a $3 billion Eurobond and calm ruble volatility.
West Africa's Central Bank, BCEAO, will raise its main lending rate by 25 basis points to 3.25% as it anticipates and seeks to contain the impact of a military coup and regional uncertainty on the macroeconomic outlook.
The office of U.S. Trade Representative Katherine Tai has extended China "Section 301" tariff exclusions on 352 Chinese imports and 77 COVID-19-related categories until December 31, 2023.
The U.S. economy experienced modest growth in July and August, driven by pent-up demand for leisure activities, while nonessential retail sales slowed, according to the Federal Reserve's "Beige Book" survey.
The US economy grew modestly in July and August, with signs of consumers relying more on borrowing to support spending after depleting their savings, while inflation slowed due to decreasing price pressures in the goods sector, according to the Federal Reserve's Beige Book report.
Russia has reached an agreement with Turkey to handle 1 million metric tons of discounted grain that Russia plans to send to Africa with financial support from Qatar, as part of its efforts to court African countries suffering from food shortages.
Developing countries propose a new U.N. fund that would unlock at least $100 billion by 2030 to address irreversible damage caused by climate change, but there are disagreements among nations on who should pay into the fund and who should benefit from it.
The rotating presidency of the European Union, where a new country takes charge every six months, may hinder the bloc's progress and be unfit for purpose, leading to calls for a more permanent leadership structure.
US banks are holding a cash pile of $3.3 trillion amid fears of an economic slowdown, following the collapse of SVB and Signature Bank in March.
Despite the cooling inflation rate, the cost of goods and services in the United States has significantly increased, making it more expensive for the majority of workers to live, which contributes to their unhappiness about the economy.
Oaktree Capital Management co-founder Howard Marks predicts that more companies will default on their debt due to higher interest rates making it difficult for struggling companies to raise capital.
Boeing's Interiors Responsibility Center in North Charleston, S.C., is preparing materials and construction parts for future projects.
Bank of England Governor Andrew Bailey has stated that interest rates are close to their peak, but there may still be room for further increases, as the Bank aims to slow down inflation; however, the next decision on interest rates will depend on the latest evidence.
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Investors are avoiding global stocks with significant exposure to the Chinese market due to concerns over China's property slump and its impact on the economy, causing the MSCI World Index to recover to just 2% below its July-end figure.
China's economy is showing signs of slowing down, with indicators such as GDP growth, exports, consumer price index, youth unemployment, yuan depreciation, and a decrease in new loans pointing to potential trouble ahead.
Treasury yields rose as traders priced in higher odds of a Federal Reserve interest-rate increase this year after a stronger-than-anticipated gauge of service-sector activity.
Nigeria has secured nearly $14 billion in investment pledges from Indian investors and is seeking an economic cooperation pact with India, with commitments from companies such as Jindal Steel and Power and Indorama Corp, as President Bola Tinubu attends the G20 summit in New Delhi.
Apple Inc. experienced a significant decline in its stock price after reports emerged that Chinese government agencies have banned the use of iPhones and other foreign-branded devices by their staff.
China's share of US goods imports has dropped to its lowest level since 2006, as American companies reorganize supply chains to reduce dependence on China and shift to countries like Mexico and Vietnam.
China's economic growth has slowed but has not collapsed, and while there are concerns about financial risks and a potential property crisis, there are also bright spots such as the growth of the new energy and technology sectors that could boost the economy.
The demand for mortgages in the US has dropped to its lowest level since 1996, with both purchase and refinance applications falling due to low housing inventory and elevated mortgage rates.