Search results for: Global

India hikes repo rate by 40 bps to 4.4pc in first change after two years

-- 2022-05-06 19:19:58

India's central bank has raised the benchmark interest rate for the first time in two years in an attempt to rein in high consumer prices. The Reserve Bank of India (RBI) raised the repo rate - at wh...

FAO says food security remains a concern despite slight drop in prices

-- 2022-05-06 16:37:16

World food prices eased slightly in April after hitting a record high in March, but global food security remained a concern because of the difficult market conditions, UN food agency said on Friday....

BoE flags risk of recession and 10 per cent inflation as it raises rates again

-- 2022-05-06 13:54:49

The Bank of England sent a stark warning that Britain risks a double-whammy of a recession and inflation above 10 per cent as it raised interest rates on Thursday to their highest since 2009, hiking b...

Interest rate hikes: Shares fall in Asia and the US

-- 2022-05-06 11:42:19

Stock markets in Asia and America have tumbled after the US central bank this week announced the biggest interest rate rise in 22 years. The sell-off comes as worries intensified over how...

Sri Lankan tea pickers' dreams shattered by economic crisis

-- 2022-05-05 13:12:43

On a lush plantation in Sri Lanka, Arulappan Ideijody deftly plucks the tips of each tea bush, throwing them over her shoulder into an open basket on her back, Reuters reports. After a month of picki...

Global hunger may worsen without urgent action, says UN agency

-- 2022-05-04 17:53:09

Conflict, extreme weather and economic shocks increased the number of people facing a severe lack of food by a fifth to 193 million last year and the Ukraine war means the outlook will worsen without...

Sri Lanka plans to replace 'unrealistic' budget

-- 2022-05-04 14:36:41

Sri Lanka plans to replace its current "unrealistic" budget and is in talks with the World Bank to extend its support by $300 million to $700 million, the country's finance minister said on Wednesday....

ADB approves policy-based lending to $18b for 2022–24 

-- 2022-05-03 22:26:17

The Asian Development Bank (ADB) has approved a ceiling of up to $18 billion in policy-based lending (PBL) between 2022 and 2024 and enhanced its crisis-response instruments to support its developing...

Australia hikes interest rates by surprisingly-large 25 basis points

-- 2022-05-03 22:20:39

Australia's central bank on Tuesday raised its cash rate by a surprisingly-large 25 basis points to 0.35 per cent, the first hike in over a decade, and flagged more to come as it pulls down the curtai...

Modi vows to bolster ties with Europe amid Russia-Ukraine war 

-- 2022-05-01 18:56:37

Indian Prime Minister Narendra Modi has vowed to bolster ties with India's European partners in the country's quest for "peace and prosperity", ahead of his tour of Germany, Denmark and France amid th...

Musk sells Tesla shares worth $4 billion, says no more sales planned

-- 2022-04-29 11:30:26

Tesla Inc Chief Executive Officer Elon Musk sold $4 billion worth of shares in of the electric vehicle maker, US securities filings showed on Thursday, in sales likely aimed at helping finance his pla...

‘World may lose 4.0pc GDP by 2050 due to climate change'

-- 2022-04-27 19:55:10

Climate change could see 4.0 per cent of global annual economic output lost by 2050 and hit many poorer parts of the world disproportionately hard, a new study of 135 countries has estimated. Rating...

Food, fuel price shocks from Ukraine war to last at least three years: WB

-- 2022-04-26 20:56:18

Global food and fuel price shocks linked to the Russia-Ukraine war are set to last until at least the end of 2024 and raise the risk of stagflation, the World Bank said in its latest Commodities Marke...

World Bank readies Sri Lanka aid package, IMF calls loan talks 'fruitful'

-- 2022-04-24 09:52:26

The International Monetary Fund said on Saturday it held "fruitful technical discussions" with Sri Lanka on its loan request, while the World Bank said it was preparing an emergency aid package for th...

World Bank, IMF, WTO leaders urge quick action on food security

-- 2022-04-23 09:09:31

The leaders of the International Monetary Fund, World Trade Organization and the World Bank on Friday called for quick work on a new action plan on food security to be prepared by international financ...

World Bank estimates Ukraine physical damage at roughly $60 billion so far

-- 2022-04-22 11:28:21

Physical damage to Ukraine's buildings and infrastructure from Russia's invasion has reached roughly $60 billion and will rise further as the war continues, World Bank President Davi...

Musk secures $46.5 billion in funding for Twitter bid

-- 2022-04-22 10:45:23

Elon Musk has secured $46.5 billion in funding to buy Twitter Inc and is considering a tender offer for its shares, a filing with US regulators showed on Thursday. Musk himself has committed to put u...

World Bank warns of 'human catastrophe' food crisis

-- 2022-04-21 12:31:14

The world is facing a "human catastrophe" from a food crisis arising from Russia's invasion of Ukraine, according to the President of the World Bank, David Malpass. In an interview with BBC e...

Wealth shock: Property bust in small Chinese cities rattles households

-- 2022-04-20 19:12:14

Home owners in small Chinese cities are battling a rare property market downdraft as buyers keep away, eroding the wealth of millions in a blow to already brittle consumer confidence in the world's se...

UK PM to offer India alternatives to Russia ties

-- 2022-04-20 17:56:48

British Prime Minister Boris Johnson will offer to help India cut reliance on Russian oil and defence equipment when he begins a two-day visit this week that will test his diplomatic skills and provid...

IMF says any loan to Sri Lanka requires debt sustainability

-- 2022-04-20 12:01:04

The International Monetary Fund said discussions with Sri Lanka on a potential IMF loan program are at an early stage and any deal would require "adequate assurances" that the island country's debts c...

‘Higher food prices can alone push 10m more people into poverty’

-- 2022-04-19 21:21:34

Russia’s war in Ukraine has worsened the ‘already dire’ food insecurity situation facing the world, with price and supply shocks adding to global inflationary pressures, US Treasury...

War dims global economic outlook as inflation accelerates, says IMF

-- 2022-04-19 20:21:27

The International Monetary Fund (IMF) on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, citing Russia's war in Ukraine, and warned that inflation was now a...

Sri Lanka says IMF to consider request for rapid aid

-- 2022-04-19 13:54:16

The International Monetary Fund will consider providing quick financial assistance to debt-burdened Sri Lanka following representations by India, Sri Lanka's finance ministry said on Tuesday. A deleg...

China spending, employment hit amid lockdowns

-- 2022-04-18 15:17:36

China's consumer spending fell and unemployment rose last month as Covid lockdowns confined millions of people to their homes, official figures show. Joblessness reached the highest level sin...

Nepal seeks overseas nationals' help to build up forex reserves

-- 2022-04-16 17:50:55

Nepal is asking citizens living abroad to deposit funds in domestic banks as part of efforts to ensure the financial system has enough liquidity and to preserve foreign exchange reserves, finance mini...

Colombo Stock Exchange to suspend trading for five days from Monday

-- 2022-04-16 13:48:12

The Securities And Exchange Commission of Sri Lanka said on Saturday it was directing the Colombo Stock Exchange to suspend the stock market for five business days from Monday, reports Reuters.

US to resume oil, gas drilling on public land despite Biden campaign pledge

-- 2022-04-16 11:46:01

The Biden administration on Friday said it has resumed plans for oil and gas development on federal lands, a move that could break a pledge Joe Biden made while campaigning for president. The plan ca...

IMF to downgrade its growth outlooks for 143 economies

-- 2022-04-15 20:10:55

The International Monetary Fund (IMF) will cut its global growth estimates for 2022 and 2023 as Russia's war in Ukraine drives food and energy prices higher, piling pressure on already fragile economi...

Russia asks Brazil to help keep sway at IMF, World Bank

-- 2022-04-15 10:47:56

Russia has asked Brazil for support in the International Monetary Fund, the World Bank and the G20 group of top economies to help it counter crippling sanctions imposed by the West since it invaded Uk...