Global Economy
India to face apple crunch as heavy rain hits production
India’s apple production is expected to nearly halve this year after heavy rains and flash floods wiped out about $122 million worth of fruit in the main producing Himalayan region, officials and farmer unions said.
IMF raises 2023 global economic growth forecast
The International Monetary Fund on Tuesday raised its 2023 global growth estimates slightly given resilient economic activity in the first quarter, but warned that persistent challenges were dampening the medium-term outlook.
China state banks selling USD to prop up yuan
China’s major state-owned banks were seen selling US dollars to buy yuan in both onshore and offshore spot markets in early Asian trade on Tuesday, three people with direct knowledge of the matter said, moves aimed at supporting the Chinese currency.
Oil prices rise
Oil prices rose to fresh three-month highs on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment.
Saudi oil exports down 40%
Saudi oil exports fell almost 40 per cent in May from the same period a year ago, latest government data released on Tuesday showed, weighing on overall total exports, amid an extension of voluntary production cuts and lower oil prices.
Burimari land port again misses revenue target
It collected Tk 94.6 crore in revenue in FY23, which was 28.23% down from target
India to face apple crunch as heavy rain hits production
India's apple production is expected to nearly halve this year after heavy rains and flash floods wiped out about $122 million worth of fruit in the main producing Himalayan region, officials and farmer unions said.
Oil prices rise
Oil prices rose on Monday as tightening supply and hopes for Chinese stimulus measures underpinned Brent at well above $80 a barrel, even as traders expected more rate hikes from US and European central banks.
Euro zone business downturn reignites recession fears
Euro zone business activity shrank much more than expected in July as demand in the bloc’s dominant services industry declined while factory output fell at the fastest pace since Covid-19 first took hold, a survey showed.
India rate cut bets pushed to mid-2024
The recent rise in inflation has prompted Indian investors to push back rate cut expectations by at least a quarter to the middle of 2024, with a sustained rise in prices likely to prompt a further repricing, traders and analysts said on Monday.
India’s economy to hold top spot for GDP
India’s economy will grow at a solid pace for the rest of this fiscal year and next but well below its potential rate, according to a Reuters poll of economists who also said the employment situation will improve only slightly.
China’s pitch to foreign investors falls flat
China is struggling to revive foreign investment in its financially battered cities and provinces as foreign firms remain wary of political risks and new incentives fall far short of sweeteners once used to attract overseas money.
‘Bangladesh’s financial sector's reforms going into right direction’
IFC country manager says at AmCham luncheon meeting
Oil rally takes a breather ahead of Fed, ECB rate hikes
Oil prices eased on Monday as traders awaited more rate hike cues from US and European central banks, with tightening supply and hopes for Chinese stimulus underpinning Brent at $80 a barrel.
China to introduce more policies to spur consumption
China will formulate and introduce more effective policies for restoring and expanding consumption as soon as possible, said the country’s top economic planner recently.
Russia raises rate sharper than expected
Russia’s central bank hiked its key interest rate by a greater-than-expected 100 basis points to 8.5 per cent on Friday, raising the cost of borrowing as the weak rouble added to inflation pressure from a tight labour market and strong consumer demand.
Fed may hike interest rates to 22-year high
After pausing in June, the US Federal Reserve is widely expected to hike interest rates again on Wednesday, adopting its most restrictive monetary stance for 22 years despite recent signs of slowing inflation.
Threads struggles for traction
After a wildly successful first few days, Threads popularity has waned in the weeks since Meta launched its challenge to Twitter, which lives on despite its problems.
