Economy Financial News

Canada’s industrial heartland has had a tough year.

Bank managers and financial authorities need to develop ways to react more quickly and effectively to bank runs, such as the one that led to the collapse of California-based Silicon Valley Bank last year, leaders of G20 countries were warned on Monday.

Inflation in October came in at two per cent, back to the Bank of Canada’s target, but accelerating faster than economist predictions of 1.9 per cent year over year and higher than the 1.6 per cent recorded in September.

Compared to other Organization for Economic Co-operation and Development countries, Canada relies more on personal taxation revenues, which generally account for about 50 per cent of overall government revenues — that’s a big number — though it varies annually.

Big money to respond to climate change is key to the United Nations talks underway in Azerbaijan

Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could

He had questioned Amazon's announcement of a USD 1 billion investment in India, saying the US retailer was not doing any great service to the Indian economy but filling up for the losses it had suffered in the country. Addressing an event in Mumbai, Goyal said e-commerce companies should stick to the rule of the law.

Walmart ratcheted up sales and profits again in the third quarter with its comparatively low prices proving a powerful draw for shoppers seeking to cut spending where they could.

US recession fears had become a strong concern the last time when the economy of the nation was at a weaker level. Soon after the US Federal Reserve issued an interest rate cut by a whopping margin, things began falling in line. However, after the US Presidential elections, there are chances that recession fears may flare up in the circumstance that mass deportations begin under the Donald Trump regime, that will begin right after Joe Biden's tenure is over at the White House. Also Read: British PM Keir Starmer raises human rights violations in China with Xi Jinping; this is what happened to journalists after that, watch video

Subscribe to enjoy similar stories. As regular readers of this column will know by now, I have long advocated the benefits of embedding regulatory principles directly into digital infrastructure.

electric two-wheelers are becoming a common sight. Once seen as a luxury for a few, electric two-wheelers are now accessible to everyday commuters and gig economy workers alike, thanks to government subsidies that are transforming EVs into a viable option for all. The PM E-Drive scheme is at the forefront of this movement, providing essential support that makes two-wheeler EVs more affordable for gig workers, delivery fleets, and individuals.

Subscribe to enjoy similar stories. This year’s United Nations Climate Change Conference (CoP-29) in Baku is taking place against a tumultuous geopolitical backdrop. In addition to shifting strategic alliances, trade tensions and violent conflict, the ‘year of elections’ has ushered in a period of heated political rhetoric and led to changes of government.

Subscribe to enjoy similar stories. The US elections are over and the outcome is an uncontestable victory for Donald Trump and the Republican Party. Trump got 50.4% of the national vote, a margin of more than 2 percentage points over Kamala Harris.

Singapore’s red-hot leasing market for private housing finally began to cool this year as supply of new apartments got the better of post-pandemic demand. Although the outlook for 2025 is still unclear, the dice seem to be loaded in favor of tenants. While landlords will fight tooth and nail to pass the burden of property taxes and interest rates when contracts come up for renewal, global banks, tech firms, and other multinationals may be cautious about how many more employees they bring into the city-state. As a major Asian financial center, Singapore is highly exposed to the current uncertainty in the global economy. The post-election euphoria around President-elect Donald Trump’s economic agenda of deregulation and tax cuts is starting to wane. Higher-for-longer borrowing costs are emerging as a real risk. After jumping nearly 60% in three years, the island-wide rental index has softened by 4% over the last four quarters. The decline would have been somewhat sharper had it not been for a small bounce in the three months to September.

BAKU: With no much headway on the critical issue of climate finance at UN climate talks COP29 here, negotiators of 198 countries appear to be looking at any big signal from the G20 summit in Brazil’s Rio de Janeiro, where heads of state/government of rich nations and emerging economies are brainstorming on multiple issues, including climate and renewable energy. «We urge them to use the G20 meeting to send a positive signal of their commitment to address the climate crisis. We want them to provide clear mandates to deliver at COP29,» said COP29 president Mukhtar Babayev. At a press conference, he did not mince words while speaking on how important the G20 was for the success of COP29 when the big stake issue of climate finance continues to elude the convergence point among rich and developing countries. «We cannot succeed without them (G20 nations), and the world is waiting to hear from them… They account for 85% of global GDP and 80% of emissions,» said Babayev.

Subscribe to enjoy similar stories. Most central banks are cutting interest rates. Not Russia’s.

Apple Inc. has increased its offer to invest in Indonesia by almost tenfold, according to people familiar with the matter, in the US tech giant’s latest bid to persuade the government to lift its sales ban on the iPhone 16. The proposal would see Cupertino-based Apple invest almost $100 million in Southeast Asia’s largest economy over two years, the people said, asking not to be identified because they’re not authorized to speak publicly. Apple’s previous investment plan of close to $10 million would have involved the company investing in a factory making accessories and components in the city of Bandung, located southeast of Jakarta, Bloomberg News reported earlier. After Apple submitted its increased offer, Indonesia’s Ministry of Industry, which last month blocked a permit allowing the sale of the iPhone 16, is now demanding that the technology behemoth alter its investment plans to focus more on research and development for its smartphones in the country, the people said. The Ministry of Industry hasn’t made a final decision on Apple’s newest proposal, they added.

Xi Jinping warned Monday the world faces «turbulence,» as G20 leaders met in Brazil two months before Donald Trump returns to the White House. US President Joe Biden was attending his last summit of the world's leading economies, but as a lame duck eclipsed by Xi who has cast himself as a protector of the international order in the Trump 2.0 era. World leaders are meeting for two days to try to jumpstart stalled UN climate talks and overcome their differences on wars in the Middle East and Ukraine, and extracting more tax from the super-rich.

G20 Summit in Brazil on Monday and Tuesday will bring leaders of all major economies together once again. The task before them is cut out. Prime Minister Narendra Modi is representing India for a record eleventh successive time. Such continuity is an advantage in a world of turmoil...when there is a deficit of global governance. Nothing is more powerful than the force of example. Since the first G20 Summit in 2008, and particularly since 2014, India has been a source of economic stability and growth. India, the fastest growing large economy, has quadrupled its GDP to almost $4 trillion since 2008. It is on track to become the third-largest economy in the next few years.

Nirmala Sitharaman on Monday expressed concerns over the mis-selling of products, particularly insurance, stating that it adds to the customers' borrowing costs. Speaking at the State Bank of India Economist Conclave, on whether there is a case for a policy rate cut, the FM said «banks’ interest rates will have to be far more affordable» while adding that she does not want to get into the debate about whether perishables should be part of the inflationary measure index. Banks have facilitated the distribution of insurance project products, Sitharaman said. «While this model has significantly contributed to improving insurance penetration across the country, it has also raised concerns about instances of mis-selling … I would say, it added or contributed in indirect ways to the increased cost of borrowing for the customers.»

Xi Jinping warned Monday the world faces «a new period of major changes» as G20 leaders met in Brazil two months before Donald Trump returns to the White House. US President Joe Biden was attending his last summit of the world's leading economies, but as a lame duck eclipsed by Xi who has cast himself as a protector of the international order in the Trump 2.0 era. World leaders are meeting for two days to try to jumpstart stalled UN climate talks and overcome their differences on wars in the Middle East and Ukraine, and extracting more tax from the super-rich.