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The Federal Reserve gave home shoppers what they hoped for this week: a big rate cut and a signal of more cuts to come

Lydia Hu reports on a potential port strike ahead of the holidays on ‘Mornings with Maria.’

Viksit Bharat 2047 and institutional capacity building would play a key role in that, Union Finance and Corporate Affairs Minister Nirmala Sitharaman said here on Sunday. Viksit Bharat 2047 is the NDA government's roadmap to make the country a developed nation by 2047, when India celebrates its centenary of achieving independence. The FM said the Centre has left no stone unturned towards enhancing self-sufficiency in defence capabilities. «We will also need to look after our banks, overall infrastructure, health of the companies in the market and prioritising the digitisation of the Indian economy,» she said at the Pondy Lit Fest.

It’s not easy going up against Canada’s banking oligopoly, but some are trying.

Economic Framework for Prosperity (IPEF) negotiations have mostly been conducted in secrecy with limited public input and it raises concerns whether the member countries, including India, were able to protect their key interests, think tank Global Trade Research Initiative (GTRI) said Sunday. It cautioned that the commitments related to the effective administration of tax policy might curtail the ability to raise tax revenue. It said in the supply chain pillar, a major issue is whether the agreement might restrict members from trading critical materials, particularly with China as this could pose challenges for Association of SouthEast Asian Nations (Asean) countries, whose largest trading partner is China. “It is hoped that India has negotiated enough flexibility to avoid strict clauses, such as the not to use export restrictions. These are critical during emergencies, as no country can be expected to supply essential goods when facing its own crisis,” GTRI Founder Ajay Srivastava said.

India, were able to protect their key interests, think tank GTRI said on Sunday. The 14-member IPEF bloc was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo. Together, they account for 40 per cent of the world's economic output and 28 per cent of trade. The framework is structured around four pillars relating to trade, supply chains, clean economy and fair economy. India has joined all the pillars except the trade. Australia, Brunei Darussalam, Fiji, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, Thailand, the US, and Vietnam are members of the bloc.

Deloitte South Asia CEO Romal Shetty has said. Shetty, who is the youngest chief executive of a Big Four accounting and consultancy firm in India, said inflation is reasonably under control, there has been a pick-up in rural demand and vehicle sales are improving. «We believe that we would be in the 7-7.1 per cent range in terms of the growth (this fiscal year). You have got the headwinds, the tailwinds… But the fact is, still India is in a better position, in spite of whatever is happening globally but we can't say we're decoupled from the world,» he said, adding that the geopolitical crisis in the Middle East and Ukraine and the slowdown in the western world will impact GDP growth. According to Deloitte projections, growth is likely to be 6.7 per cent in the next fiscal year (2025-26). The Indian economy grew 8.2 per cent in the previous fiscal year — 2023-24.

Subscribe to enjoy similar stories. The US Federal Reserve on Wednesday began its policy easing with a bang. Much of the focus was on its decision to cut interest rates by half a percentage point from a two-decade high.

fossil fuels will continue to play a major role in meeting global energy needs, accounting for 40 to 60 per cent of global energy supply by 2050 due to the slower-than-expected adoption of electric vehicles (EVs) and challenges in scaling clean energy technologies, according to McKinsey report. Gas will continue to be an important energy source, providing stability to power grids as renewables, which are often intermittent, become more prevalent, the report Though fossil fuel consumption is expected to plateau between 2025 and 2035, investments in this sector are likely to continue in order to ensure energy reliability during the global transition to cleaner sources.

Indian economy recording 7 per cent growth rate for the fourth consecutive year. The budget for the next financial year would focus on reforms to be pushed to further accelerate growth momentum and measures to generate jobs and boost demand in the economy. "Pre-budget meetings chaired by Secretary (Expenditure) shall commence in the second week of October 2024. Financial Advisers shall ensure that necessary details...are properly entered in UBIS (Union Budget Information System) before/latest by October 7, 2024," Budget circular 2025-26 issued by the Department of Economic Affairs said. Hard copies of the data in the specified formats should be submitted for cross-verification, it said.

GCCI) has demanded an urgent review of the mineral taxation ruling by the Supreme Court, stating that the increased cost of mining will inevitably lead to higher prices for essential commodities, including steel, power and cement. The Supreme Court last month allowed states to collect past dues on royalty on minerals bearing land from the Centre and mining companies from April 1, 2005 onwards. «The imposition of further taxes/ cess/ levies, if any, as permitted by the ruling, will further impact the economics of mining operations possibly making it unviable with its natural consequences. »Additionally, the increased cost of mining will inevitably lead to higher prices for essential commodities e.g., steel, power, cement, etc. further fuelling inflation and consequential impact on the nation's economy," GCCI said in a statement.

Subscribe to enjoy similar stories. You can spend a lot of time on Federal Reserve kremlinology, analyzing policymaker statements and forecasts. Or you can ignore what they say, and just look at what they do—as markets decided after the Fed’s supersize rate cut on Wednesday.

A federal judge has dismissed a lawsuit that sought to protect dolphins along Mississippi's coast from harm by a spillway used for flood control

Sri Lanka voted for its next president Saturday in an effective referendum on an unpopular IMF austerity plan enacted after the nation's unprecedented financial crisis. Turnout was nearly 70% an hour before polling stations shut at 1030 GMT, an election commission official said, citing provisional figures. The record for voter turnout in a Sri Lankan presidential election was set in 2019 with 83.72%. President Ranil Wickremesinghe is fighting an uphill battle for a fresh mandate to continue belt-tightening measures that stabilised the economy and ended months of food, fuel and medicine shortages. His two years in office restored calm to the streets after civil unrest spurred by the downturn in 2022 saw thousands storm the compound of his predecessor, who promptly fled the country. «I've taken this country out of bankruptcy,» Wickremesinghe, 75, said after casting his ballot. «I will now deliver Sri Lanka a developed economy, developed social system and developed political system.»

Bank of Canada Governor Tiff Macklem on Friday said adoption of artificial intelligence (AI) by businesses could add to price pressures in the short term by boosting demand, even though its full effects would not be visible any time soon. Macklem said strong investment in AI technologies was already boosting the economy and noted surging electricity demand as new data centers are built. «In the short run, AI could boost demand more than it adds to supply through faster productivity growth,» Macklem said in Toronto at an AI conference.

Inflation is back at the coveted two per cent annual rate.Wage hikes have outpaced inflation for 19 months in a row.The Bank of Canada is three rate cuts into an easing cycle, with no signs of stopping anytime soon.The recent run of positive economic news had the Liberal government — long challenged by an affordability crisis in Canada — celebrating in the House of Commons this week.Finance Minister Chrystia Freeland on Tuesday hailed the August inflation report as “good news for Canadians” and the “light at the end of the tunnel” after years of surging prices and pandemic-related disruptions in the economy.RBC assistant chief economist Nathan Janzen tells Global News that there’s indeed reason to celebrate as price stability shows signs of returning and the Bank of Canada unwinds from the most rapid tightening cycle in its history.But he also warns that focusing on inflation and rate cuts may ignore economic pain looming for Canadians around the corner.“Light at the end of the tunnel, silver lining, whatever the phrase you want to use is, it’s important to remember that what we’re seeing in terms of inflation and the interest rate cuts is a result of a softening Canadian economy,” Janzen says.“So it’s not all great news.”Quick refresher on how all of these dynamics play together: when inflation is trending away from the Bank of Canada’s two per cent target, the central bank will raise its policy rate in an effort to rein in rampant price growth.Higher interest rates raise the cost of borrowing for Canadians, businesses and governments.

Subscribe to enjoy similar stories. Wall Street commentary around this week’s Fed rate cut could have filled a very long and boring book, but much of what you need to know about its effect on the stock market can be found in a movie rarely linked with monetary policy: “The Wizard of Oz." The great and powerful man behind the central bank curtain, Jerome Powell, really can’t do as much as people think to keep their portfolios from shriveling if the wheels are already starting to come off the economy. Stocks’ initial reaction to Wednesday’s cut was exuberant.

Fall is back, and bringing with it jack-o’-lanterns, football, pumpkin spice everything and, in some parts of the country, especially vibrant foliage

Oil prices settled lower on Friday but recorded a second straight week of gains, garnering support from a U.S. interest rate cut and a dip in U.S. supply. Brent futures settled down 39 cents, or 0.52%, at $74.49 a barrel. U.S. WTI crude futures settled down 3 cents, or 0.4%, to $71.92.

Annex Wealth Management chief economist Brian Jacobson discusses the impact of immigration on the U.S. economy on Making Money.