Search results for: Global

Argentina in talks with IMF to ease reserves targets

-- 2023-02-25 18:53:27

Argentina's government is in final talks with International Monetary Fund officials to ease foreign exchange reserves targets for 2023 under the country's $44 billion programme, two sources close to t...

World Bank promises 'concessionality' in debt restructuring

FE ONLINE DESK 2023-02-25 14:28:14

The World Bank will "provide as much concessionality to the debt treatment" for distressed economies as possible, its president told a meeting with the International Monetary Fund, India, China, and o...

Pakistan will unwillingly accept strict conditions of IMF deal: PM Sharif

FE ONLINE DESK 2023-02-25 10:11:54

Pakistan has to unwillingly accept the strict conditions of a deal with the International Monetary Fund (IMF) to provide a lifeline for an economy in turmoil, Prime Minister Shehbaz Sharif said on...

Ukraine war’s impact on global trade not as bad as expected: WTO

-- 2023-02-24 18:19:50

Global trade grew more than expected last year despite the upheaval caused by the Russia-Ukraine war, as badly-affected countries managed to switch suppliers or products, the World Trade Organization...

Ukraine imposes 50-year sanctions on Russian financial sector

FE ONLINE DESK 2023-02-24 14:26:59

Ukraine's parliament imposed sweeping 50-year sanctions on Thursday on Russian financial institutions including the central bank, all commercial banks, investment funds, insurers and other enterprises...

US nominates former MasterCard chief Banga to head World Bank

-- 2023-02-23 23:02:20

US President Joe Biden on Thursday nominated Indian-American business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address...

Sri Lankan officials asked to travel in economy class

-- 2023-02-23 20:54:14

Sri Lankan officials have been required to purchase economy class air tickets for official travel abroad to ensure that government resources are utilised efficiently, the President's Media Unit (PMD)...

Ukraine war expected to cost Germany $171 billion by year-end

-- 2023-02-22 20:06:48

The Ukraine war will have cost the German economy around 160 billion euros ($171 billion), or some 4 per cent of its gross domestic output, in lost value creation by the end of the year, the head of t...

China expects sharp rebound in tourism this year

FE ONLINE DESK 2023-02-22 10:38:45

China expects its tourism market to flourish this year, starting with a busy and robust summer travel season as travellers flock to vacation destinations after the government ended its zero-Covid poli...

Electricity bill increase pushes crisis weary Sri Lankans to the brink

-- 2023-02-21 19:09:21

The latest electricity price rise in crisis-hit Sri Lanka has left stall owner Mohammed Lafeel in a quandary: the 66 per cent increase means he can't afford to pay for electricity but can't manage wit...

Russia says its economy contracted by 2.1pc in 2022

-- 2023-02-21 16:29:58

Russia's economy shrank last year by less than had been expected given its invasion of Ukraine, figures suggest. The economy contracted by 2.1 per cent, according to the country's statistics agency,...

G7 finance chiefs to meet on Feb 23 to discuss measures against Russia

FE ONLINE DESK 2023-02-21 10:32:47

Financial leaders of the Group of Seven (G7) will meet on February 23 to discuss measures against Russia that will put pressure on it to end the Ukraine war, Japan's Finance Minister Shunichi Suzuki s...

Gas shortage exposes South Asian economies to more pain

-- 2023-02-20 17:34:13

With a little over a month to go for peak shopping season during Ramadan, the head of Pakistan's retail industry body is shuttling between meetings, pressing officials to relax orders that forced mall...

US says it is concerned about debt owed to China by Pakistan

FE ONLINE DESK 2023-02-17 10:45:11

The United States is concerned about debt owed to China by Pakistan and other countries, US State Department Counselor Derek Chollet said on Thursday during a visit to Islamabad as the country dealt w...

Turkey quake could result in loss of up to 1pc of country's GDP in 2023

FE ONLINE DESK 2023-02-16 12:56:51

The potential economic effects of the earthquake in Turkey could result in a loss of up to 1 per cent of the country's gross domestic product this year, the European Bank for Reconstruction and Develo...

Pakistan's remittances fall 9.9pc in January

-- 2023-02-14 19:19:05

Remittances sent by overseas Pakistani workers decreased 9.9 per cent in January on a month-on-month basis, the State Bank of Pakistan said on Monday. The workers' remittances recorded an inflow of 1...

Adani saga spotlight shifts to Indian regulator

FE ONLINE DESK 2023-02-13 15:36:37

India's market regulator is set to brief the federal government on its investigation into Adani group's shelved share sale, two sources said, thrusting the watchdog into the limelight in a week when i...

Europe's spend on energy crisis nears 800b euros

FE ONLINE DESK 2023-02-13 12:16:48

European countries' bill to shield households and companies from soaring energy costs has climbed to nearly 800 billion euros, researchers said on Monday, urging countries to be more targeted in their...

Earthquake impact on Turkey's GDP unlikely to be as much as in 1999

-- 2023-02-12 19:37:00

The impact of last week's earthquake on Turkey's growth domestic product (GDP) is unlikely to be as pronounced as after the earthquake that hit the country in 1999. IMF Executive Director Mahmoud Moh...

Adani crisis deepens with Moody's downgrades and index weighting cuts

FE ONLINE DESK 2023-02-11 12:19:01

Moody's downgraded on Friday the ratings outlook for some Adani Group companies, while MSCI said it would cut the weightings of some in its stock indexes, the latest blows for the Indian conglomerate...

Pakistan approves circular debt management plan

FE ONLINE DESK 2023-02-11 12:11:07

Pakistan's Economic Co-ordination Committee on Friday approved a plan it is negotiating with the International Monetary Fund to slash its circular debt, a form of public debt that builds up in the pow...

Japan set to appoint Kazuo Ueda as next BOJ governor

-- 2023-02-10 21:01:40

The Japanese government plans to appoint Kazuo Ueda, an economist and former member of the Bank of Japan (BOJ) Policy Board, as the central bank's next governor after Haruhiko Kuroda's resignation, lo...

World Bank to provide Turkey $1.78b in earthquake relief financing

-- 2023-02-10 20:02:24

The World Bank has said it is providing Turkey with $1.78 billion in relief and recovery financing assistance as the country struggles with the aftermath of an earthquake that has killed over 20,000 p...

Honda reports 22pc rise in Q3 operating profit

FE ONLINE DESK 2023-02-10 14:30:34

Japan's Honda Motor on Friday posted a better-than-expected 22 per cent rise in third-quarter operating profit, as a weak RBRyen helped offset rising raw material costs and lower vehicle production an...

Yahoo to lay off more than 20pc of staff

FE ONLINE DESK 2023-02-10 10:26:29

Yahoo said on Thursday it plans to lay off more than 20 per cent of its total workforce as part of a major restructuring of its ad tech division, reports Reuters. The cuts will impact nearly 50 per c...

Pakistani PM approves IMF agreement

-- 2023-02-09 22:04:40

Pakistan's Prime Minister Shahbaz Sharif has approved a deal with the International Monetary Fund (IMF) and all matters over the bailout programme are settled, local broadcaster Geo said on Thursday,...

Pakistan finmin says expect IMF matters to be settled Thursday

-- 2023-02-09 18:11:37

Pakistan's finance minister was quoted on Thursday as saying he expects talks with a visiting International Monetary Fund mission to be settled today (Thursday). "It is expected matters will be settl...

Disney to cut 7,000 jobs in major revamp

-- 2023-02-09 15:29:07

Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming...

Alphabet shares dive after Google AI chatbot Bard flubs answer in ad

FE ONLINE DESK 2023-02-09 11:05:54

Alphabet Inc lost $100 billion in market value on Wednesday after its new chatbot shared inaccurate information in a promotional video and a company event failed to dazzle, feeding w...

Sri Lanka hints at returning to growth

-- 2023-02-08 17:14:52

Sri Lanka's economy is expected to grow again from the end of this year and the government hopes the country will emerge from an economic crisis by 2026, the president said on Wednesday, as hundreds p...