The Financial Express

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Sri Lanka's economy shrinks 11.8pc in Q3

-- 2022-12-15 18:20:58

Sri Lanka's economy shrank 11.8 per cent in the July-September quarter from a year ago, the second worst for the country, government data showed on Thursday, as it struggled with deep unrest sparked b...

Sri Lanka expects up to $8bn more in loans, asset restructuring

FE ONLINE DESK 2022-12-15 10:33:45

Sri Lanka is expecting as much as $5 billion in loans next year from multilateral agencies besides an IMF deal, while the government is aiming to raise up to $3 billion via restructuring of stat...

Elon Musk sells Tesla shares worth $3.58 billion

-- 2022-12-15 10:22:11

Tesla Chief Executive Officer Elon Musk has sold 22 million shares worth $3.58 billion in the electric-vehicle maker this week, a US securities filing showed on Wednesday. The latest sale, Musk'...

Global trade growth turns negative after record year: UNCTAD

-- 2022-12-14 22:11:43

The UN trade facilitation agency has said global trade is set to hit a record high of $32 trillion in 2022, but inflation has reversed some of the gains made in recent months. The global growth turne...

UK inflation eases in Nov, remains close to 40-year high

-- 2022-12-14 16:58:23

UK inflation eased in November as gasoline and diesel prices rose more slowly than the previous month. The consumer price index rose 10.7 per cent in the 12 months through November, down from a 41-ye...

IMF not expected to approve Sri Lanka’s bailout before year-end

-- 2022-12-14 12:57:10

The executive board of the International Monetary Fund is not expected to formally approve Sri Lanka's $2.9 billion bailout before year-end, a key step required for the embattled country to receive fu...

ADB trims growth outlook for developing Asia

REUTERS 2022-12-14 12:24:47

The Asian Development Bank cut its growth forecasts for developing Asia for this year and next as the region faces persistent headwinds from the Russia-Ukraine conflict, China's COVID-19 policies, and...

China readying $143b package for its semiconductor industry

-- 2022-12-13 18:40:11

China is working on a more than 1.0 trillion yuan ($143 billion) support package for its semiconductor industry, three sources said, in a major step towards self-sufficiency in chips and to counter US...

IMF says global debt well above pre-pandemic levels despite steep 2021 drop

-- 2022-12-12 22:58:48

Global public and private debt saw its biggest drop in 70 years in 2021 after reaching record highs because of the impacts of COVID-19, but overall remained well above pre-pandemic levels, the Interna...

US inflation will be much lower by end of 2023, Yellen says

REUTERS 2022-12-12 10:46:39

US Treasury Secretary Janet Yellen on Sunday forecast a substantial reduction in US inflation in 2023, barring an unexpected shock. "I believe by the end of next year you will see much lower inflatio...

'The worst is yet to come': the curse of high inflation

-- 2022-12-09 11:55:16

Globally, people are experiencing inflation at levels not seen for decades as prices surge for essentials like food, heating, transport and accommodation. And though a peak could be in sight, the effe...

Asian shares higher as dollar retreats, risk events abound

REUTERS 2022-12-09 09:23:39

Asian shares tracked Wall Street higher amid hopes that China's economy would pick up pace as COVID-19 curbs ease, although caution ahead of a week full of risk events, including the Federal Reserve's...

Elon Musk loses title of world's richest man to LVMH's Arnault: Forbes

FE ONLINE DESK 2022-12-08 08:28:17

Twitter owner and Tesla Inc boss Elon Musk lost his title as the world's richest person on Wednesday, according to Forbes, following his expensive bets to buy the social media firm and selling...

Russia, mired in war, faces economic pain and attempts to isolate it

FE ONLINE DESK 2022-12-07 09:43:46

Russia's invasion of Ukraine plunged Europe into its biggest land war since World War Two, igniting a conflict that has killed thousands, displaced millions, pulverised Ukrai...

Foreign equity funds pile into Indian financials as credit cycle picks up

-- 2022-12-06 16:53:19

Foreign investors are buying into Indian financial firms, lured by the prospects of a fresh credit cycle that may boost the stocks of the country's largest lenders. According to Reuters, Indian share...

World Bank sees India's growth at 6.9pc this year

REUTERS 2022-12-06 14:11:28

India's economy is expected to grow 6.9 per cent in the current fiscal year, the World Bank said on Tuesday, adding that it is well positioned to tackle global headwinds. Asia fourth-largest economy...

UK economy to shrink in 2023, risks 'lost decade': CBI

REUTERS 2022-12-05 10:02:47

Britain's economy is on course to shrink 0.4 per cent next year as inflation remains high and companies put investment on hold, with gloomy implications for longer-term growth, the Confederation of Bu...

After FTX collapse, pressure builds for tougher crypto rules

-- 2022-12-03 15:07:47

Regulators must step in to protect crypto investors after the collapse of FTX, financial industry executives and lawmakers said at the Reuters NEXT conference this week, the latest call for...

As IMF funding delayed, Pakistan expects $3bn from friendly country

FE ONLINE DESK 2022-12-03 11:33:06

Pakistan expects to secure $3 billion in external financing from a friendly country in two weeks, its finance minister said on Friday as the South Asian country awaits I...

Venezuela signs contracts with US oil giant Chevron

-- 2022-12-03 11:03:04

Venezuela's oil minister and top representatives of state-run company PDVSA on Friday signed contracts with US oil firm Chevron Corp intended to help revive the nation's oil output and expand ope...

Inflation may be peaking, but doubts emerge about its decline

-- 2022-12-02 09:57:17

With central banks ratcheting up their response to a global inflation shock, debate is shifting from when they'll win the war to whether faster rising prices are here to stay i...

World Bank chief says poorest countries owe $62bn on bilateral debt

FE ONLINE DESK 2022-12-02 09:42:30

The world's poorest countries now owe $62 billion in annual debt service to official bilateral creditors, an increase of 35 per cent over the past yea...

IMF chief sees higher chance of global growth below 2.0pc in 2023

-- 2022-12-01 21:04:00

International Monetary Fund managing director Kristalina Georgieva said on Thursday the chance of global growth falling below 2.0 per cent next year was increasing due to the continued effects of the...

India cuts windfall tax on diesel exports

-- 2022-12-01 18:37:05

India has cut the windfall tax on crude oil to 4,900 rupees ($60.34) per tonne, according to a government order. It also cut the export tax on diesel to 8 rupees per litre, reports Reuters. Changes...

India annual GDP growth slows to 6.2pc in Sept quarter

-- 2022-11-30 19:22:18

Annual growth in the Indian economy likely slowed in the July-September quarter as Covid distortions faded, economists said ahead of GDP data due on Wednesday that will provide clues about its resilie...

Sri Lanka's key inflation rate eases to 61pc in November

-- 2022-11-30 17:21:09

Sri Lanka's key inflation rate eased to 61 per cent in November from 66 per cent in October, the crisis-struck country's statistics department said on Wednesday. The Colombo Consumer Price Index (CCP...

Crypto exchange Bitfront shuts down

-- 2022-11-29 15:03:24

Bitfront, a US crypto exchange backed by Japanese social media firm Line Corp, said it has suspended new sign-ups and credit card payments and will cease operations in a few months despite efforts to...

Pakistan, IMF begin talks on $7bn loan review

FE ONLINE DESK 2022-11-29 09:46:03

Pakistan and the International Monetary Fund have begun talks online on a ninth review of a $7 billion loan programme, the Finance Ministry said on Monday, aft...

Region sees partial recovery from Covid impacts

FE Report 2022-11-29 08:57:52

Asia-Pacific labour markets have recorded a partial rebound from the impacts of COVID-19, yet full recovery in the region remains elusive with conditions expected to remain difficult into 2023. Accor...

Stocks tumble as China's COVID protests roil sentiment

REUTERS 2022-11-28 13:16:39

Stocks and commodities prices slid sharply on Monday as rare protests in major Chinese cities against the country's strict zero-COVID curbs raised investors' concerns about the growth implications for...