India's current account deficit widens in April-June; seen worsening

The current account deficit (CAD) stood at $23.90 billion in the first quarter of fiscal year 2022/23. As a percentage of GDP, the CAD was at 2.8%, its highest in nearly four years. A median forecast in a poll of 18 economists was for a CAD of $30.5 billion.
#Reuters #India #News #Business #Economy

37 minutes ago

Oil prices rise towards $90 as OPEC-plus considers output cut

Crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT. A stronger dollar and weak economic outlook kept a lid on gains.
#BusinessStandardNews #News #Business #Economy

15 hours ago

Dousing the inflation fire: The price tag is really high

The sweeping tax cuts and spending plans to spur the economy triggered a rout in the country’s bond market. The 10-year US treasury yields are at the highest level in a decade. Many fear the UK’s measures can be inflationary and work against the central bank’s monetary policy tightening.
#News #Business #Economy

15 hours ago

Ex-BoE boss Carney says UK tax cuts complicate BoE inflation fight

Former bank of England governor criticises new government's tax cuts. Finance minister Kwasi Kwarteng followed through on prime minister's promises of tax cuts by announcing further tax reductions.
#Carney #BoE #News #Business #Economy

18 hours ago

Carney Says Truss Government Is Undercutting UK Institutions - Bloomberg

Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Monitor your investments 24 hours a day, around the clock from around the globe.
#London #News #Business #Economy

18 hours ago

DA Hike Under 7th Pay Commission: How Much Will Your Salary Increase After 4% Hike? Check Details

The decision to raise the DA was taken at a union cabinet meeting on Wednesday. It will now be 38 per cent of the basic pay or pension, respectively. If somebody’s salary is Rs 50,000 per month and has Rs 15,000 as basic pay, you will get Rs 5,700 per month.
#7thPayCommission #News #Business #Economy

18 hours ago

LIVE: RBI Monetary Policy Review Meeting - MPC to recommend another hike? Announcement Date, Time, Expectations, Possible Outcomes

The MPC will continue to front load its rate hikes and will likely raise the Repo rate by another 50 bps in its upcoming policy. India’s retail inflation rate has been above the RBI’s tolerance band for eight months now and is unlikely to come down before Q4 of FY23. The real policy rate remains in the negative territory.
#MPC #India #News #Business #Economy


India Forex Reserves Set to Shrink Further, Stir Memories of 2008 Crisis: Poll

The RBI has drawn down its foreign exchange reserves by nearly $100 billion to $545 billion from a peak of $642 billion a year ago, and more is coming. If realised, that would be the lowest level in over two years. Forecasts were in a $500-540 billion range, suggesting the RBI will run down forex reserves at a rate last seen during the global financial crisis of 2008.
#IndiaForex #News #Business #Economy


Govt hikes DA by 4% under 7th Pay Commission; details here

The union cabinet has hiked Dearness Allowance (DA) of central government employees and pensioners by 4 percent under the 7th Pay Commission. The hike takes DA to 38 percent from current 34 percent of basic pay/pension.
#PayCommission #News #Business #Economy


DA Hike: 7th Pay Commission, Central Government Hike 4% DA Latest News Today

The union cabinet announced a 4 per cent increase in the Dearness Allowance (DA) the government has also hiked the dearness relief (DR) for pensioners with same percentage.
#7thPayCommission #News #Business #Economy


APPEC China's oil demand set to recover as COVID curbs ease

China's economy is recovering from a trough hit in the second quarter. Oil demand expected to rebound next year as china eases COVID-19 restrictions. The recovery will come on the back of an expected contraction in oil demand in 2022.
#Reuters #China #News #Business #Economy


World Bank projects 2022 EAP growth to dip to 3.2% from 7.2% in 2021 - Fibre2Fashion

Growth in the East Asia and the Pacific (EAP) region is projected to decelerate from 7.2 per cent in 2021 to 3.2 per cent this year. The slowing growth is mostly due to China, where activity is predicted to deceelerate sharply to 2.8% in 2022. Global commodity prices are also expected to decline from their current highs but will remain significantly higher than before the war in Ukraine.
#WorldBank #EastAsia #News #Business #Economy

2 days ago

Larry Summers Blasts UK Tax Plan, Warns of Turmoil From Pound's Decline

The former US Treasury secretary predicted short-term rates could soar above 7%. The pound could also fall below parity with the euro and the dollar, which could impact the global economy.
#LarrySummers #USTreasury #Plan #News #Business #Economy

2 days ago

Why India will remain relatively insulated from US Fed action

The RBI is encumbered with a rather thankless task of maintaining fiscal stability while ensuring a fertile environment for growth. The global economy may soon be about to see a third phase of contraction since the 2009 Great Financial Crisis. However, many tend to forget that this inflation has been imported from the US.
#RBI #GreatFinancialCrisis #India #News #Business #Economy

2 days ago

China to grow slower than rest of Asia for the first time since 1990

Xi Jinping's zero-Covid policy has restricted mobility and consumer activity in the property sector. The country is expected to grow 5.3 per cent in 2022-23 on the back of a rebound in domestic consumption.
#BusinessStandardNews #China #News #Business #Economy

2 days ago

Asia’s economic outlook started to worsen amid global headwinds: ADB President

The outlook has started to worsen amid growing challenges arising from the Russia-Ukraine war, stronger than expected monetary tightening in advanced economies, and sharp exchange rate depreciation, asakawa said. The multilateral lender is working to support developing member countries through these challenging conditions.
#ADB #Asia #News #Business #Economy

2 days ago

How RBI repo rate hike will impact your money

The repo rate is the rate at which the RBI lends short-term funds to banks. Economists say economic growth will be unintendedly adversely affected by consecutive rate hikes in a short period of time.
#RBI #News #Business #Economy

2 days ago

Gold price today: Yellow metal marginally up; SELL call - price target

Gold was seen trading 0.23 per cent up at Rs 49,263 per 10 grams. Silver advance around 0.70% to comfortably sit above 55,700. Focus will now shift to RBI's upcoming MPC meeting.
#ZeeBusiness #News #Business #Economy

2 days ago

MC Explains: Why is the British pound getting pounded? Blame it on Liz Truss's tax largesse

The pound sterling hit a record low against the dollar on tuesday. The measures were aimed at lending a hand to the economy that is stumbling towards a recession. But the government estimates that the cuts will cost $45 billion by 2026.
#LizTruss #British #News #Business #Economy

2 days ago

Bank of England Vows to Raise Rates as Much as Needed as Pound Slumps By

The bank of England said it won’t hesitate to raise interest rates as needed. It said it will reassure markets spooked by the plans of the new government. The government has announced the biggest tax cuts in 50 years.
#BankofEngland #News #Business #Economy

3 days ago