Economy Financial News

The nation’s housing market sales slump is dragging on into its third straight year, as evidenced by another weak spring homebuying season

Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve

Pakistan Finance Minister Muhammad Aurangzeb has warned that the cash-strapped country will continue to seek IMF bailouts if it fails to boost tax revenue, according to a media report on Monday. The Pakistan Muslim League-Nawaz (PML-N) leader in an interview with the the UK-based Financial Times newspaper said that he was «relatively confident» of reaching a staff-level agreement with the Washington-based global lender this month for an estimated loan of USD 6-8 billion. Aurangzeb, however, said, «It will not be our last fund programme if we don't bring our tax revenues up.» Last month, the federal government passed the tax-laden Rs 18,877 billion budget for the fiscal year 2024-25, amidst protests from the Opposition which labelled it as an International Monetary Fund-driven document that was harmful to the public.

Youth unemployment jumped last month to 13.5 per cent, a level of joblessness among Canadians aged 15 to 24 not seen since September of 2014, excluding the pandemic.

Britain heads to the polls Thursday, and talk about another election gamble that hasn’t paid off. In the same way President Biden hoped Americans wouldn’t notice his age and Emmanuel Macron assumed the French would rebuff the insurgent right, Prime Minister Rishi Sunak thought—wrongly—that a summer election would focus voters on his virtues. In the event, voters still are trying to figure out what those virtues are supposed to be.

The May outflows marked a trend of investors fleeing the UK equity market over the past couple of years, with £13.6bn withdrawn last year and £12bn in 2022, and marked the highest outflows ever recorded.  Flows into global equity marked a significant contrast to UK equities, evidenced by £434m of inflows making it the top selling IA equity sector. UK economy beats expectation as it grows by 0.4% in May The IA attributed the «diversification of portfolios» to the growing outflows from UK equity funds. «Investors and their advisers continue to reallocate outside of the UK, with stron...

Air India flight, the pilot made special announcements to thank the Indian cricket team for ending the long wait for a World Cup victory. Acknowledgment was also given to head coach Rahul Dravid, who will no longer be part of the Indian dressing room.India Today reported that Indian players, their families, and support staff were accommodated in business class.

The Federal Reserve faces a cooling job market as well as persistently high prices, Chair Jerome Powell said in testimony to Congress, a shift in emphasis away from the Fed’s single-minded fight against inflation that suggests it's moving closer to cut...

Saurabh Mukherjea, the Founder & Chief Investment Officer of Marcellus Investment Managers, a renowned portfolio management service (PMS) player, stressed on three transformative themes driving new investment opportunities in India. These include the democratization of boardroom opportunities, the $300 billion China +1 opportunity, and the empowerment of Indian women.

Intro: Ratnaafin, in association with The Economic Times, presented MSME Growth Conclave to celebrate MSME Day, partnered by the Ahmedabad Chamber of Commerce Welfare Foundation and supported by India SME Forum and Kalyani Sahasik Mahila Vikas Sangh. Ratnaafin—a Non-Banking Financial Company in India—in collaboration with The Economic Times, proudly presented the MSME Growth Conclave to celebrate MSME Day, in partnership with Ahmedabad Chamber of Commerce Welfare Foundation and support of India SME Forum and Kalyani Sahasik Mahila Vikas Sangh. A celebration of the incredible contributions made by micro, small, and medium enterprises, the initiative had some of the most eminent speakers on the panel who discussed about the crucial roles that micro, small and medium enterprises play in driving the economic growth of Gujarat.

CBI has registered a corruption case against former chairman and managing director of Heavy Engineering Corporation Ltd (HECL) Avijit Ghosh, officials said on Monday. Ghosh has been booked for alleged irregularities in setting up a centre of excellence for skill development in collaboration with CNIITMASH, a joint stock company of Russia, they said. The agency has alleged that Ghosh and others entered into a criminal conspiracy with CNIITMASH during 2015-19 with intention to cheat government exchequer by floating manipulated Expression of Interest. The CBI, which registered an FIR under IPC section of criminal conspiracy and provisions of Prevention of Corruption Act after a year-long preliminary enquiry, said that the Centre had launched a scheme in November 2014 with an objective to boost Indian economy by making the Indian Capital Goods Sector globally competitive.

₹50,000 remain high. In particular, NBFC-fintech lenders, which have the highest share in sanctioned and outstanding amounts, also have the second highest delinquency levels, only below that of small finance banks." Indeed, the sharp growth in bank lending to NBFCs from 2.5% of the GDP in 2016-17 to 5.2% in 2023-24, suggests the rise of fintech's lending money. Also, with loans easily available over a smartphone, there has been a drop in lending standards at the lower end of the market, leading to higher delinquencies.

agriculture sector wants the upcoming budget must prioritise funding for climate-smart agriculture, promoting innovations like solar-powered irrigation and rainwater harvesting. Moreover, the sector wants to boost the agricultural supply chain through expanded storage capacities and improved transportation networks are essential to reducing wastage and enhancing farmers' incomes. Rajesh Aggarwal, managing director, Insecticides (India) Ltd said «In anticipation of the upcoming budget, the agricultural sector eagerly awaits increased investment in rural infrastructure and comprehensive reforms. Strengthening road networks, irrigation facilities, and storage infrastructure is pivotal to minimising post-harvest losses and enhancing market access for farmers. This initiative not only intensifies productivity but also generates employment, catalysing rural economies. Collaborative efforts between the government and private sector are imperative, facilitating the integration of advanced technologies and efficient farming practices. Enhanced supply chain management, supported by public-private partnerships, ensures streamlined operations and accessibility to quality agricultural inputs, including crop protection products like insecticides and biologicals. Addressing climate resilience remains critical, necessitating robust strategies for pest management and sustainable water management.»

The number of Americans filing for unemployment benefits inched up last week, but remain at historically healthy levels despite elevated interest rates

The Consumer Price Index (CPI) reading by the Bureau of Labor Statistics today (11 July) marks a drop from the 3.3% recorded in May, while core inflation, which strips out volatile food and energy prices, was down from 3.4% the month prior to 3.3%. Among the biggest contributors to the decrease were gasoline, which fell by 3.8%, and energy, which was down 2%. Meanwhile, shelter, motor vehicle insurance, medical care and personal care, and house furnishings and operations were all up over the month. US economy adds 206,000 jobs in June as unemployment rate inches higher According to...

Central bankers are not born as chronic worriers, but they quickly acquire the trait. They are now spending considerable time fretting about artificial intelligence (AI): Its ability to play havoc with prices, jobs and the security of banking. As gut-wrenching as the meltdown of 2008 was, imagine if a rogue machine turbocharged a market rout.

India’s rapidly growing youth population is a double-edged sword for its economic aspirations. While the demographic dividend presents a tremendous opportunity for growth, capitalizing on it calls for equipping the workforce with skills in line with the changing demands of the global economy. World Bank data shows a concerning trend: India’s labour mobilization rates have fallen from over 70% in 1990 to 56% in recent years.

Federal Reserve officials noted a slowdown in the US economy and diminishing price pressures during their June 11-12 meeting, yet decided to maintain a cautious stance regarding interest rate cuts, as revealed in the meeting minutes released Wednesday.

Presidential debates are mostly about style, not substance; the intended audience isn’t economists, but wavering voters. Last week’s debate was a case in point: President Biden’s disastrous performance led to calls for him to drop out of the race, recasting the election campaign. But substance still matters, and the debate left wavering voters without a clear case for either party on the economy.

tax policy by imposing a 1% Tax Deducted at Source (TDS) on the transfer of Virtual Digital Assets (VDAs), alongside a flat 30% tax on income from these transactions. The Budget also did not allow for set off and carry forward of losses. The taxation framework aimed to monitor VDA transactions, discourage speculative trading, and ensure steady tax revenue. However, recent analyses indicate that these objectives have not been met, prompting calls for urgent reform. Unintended Consequences of the 1% TDS

The German government has announced an agreement on its budget for 2025 and a stimulus package for Europe’s largest economy, easing a monthslong squabble that threatened to upend Chancellor Olaf Scholz’s center-left coalition