Economy Financial News

By Stephen Culp

job vacancies also declined, official figures showed on Tuesday, in a sign that the labour market is losing momentum. British average earnings, excluding bonuses, were 7.8% higher than a year earlier during the three months to August, down from an upwardly revised 7.9% in the three months to July, the first such fall since January. Average earnings are being monitored by the Bank of England as it considers whether to resume raising interest rates to counter the risks from still-high inflation. The latest reading from Britain's Office for National Statistics was in line with expectations from economists polled by Reuters, but sterling fell slightly against the U.S. dollar after the data. «While wage growth is still much too strong for the Bank of England's liking, there's nothing in the latest data that's likely to push the committee into a rate hike at the November meeting,» ING economist James Smith said. Private-sector regular pay — the component looked at most closely by the BoE — saw annual growth slow to 8.0% in the three months to August, from 8.1%. Annual growth in total pay — a more volatile measure which includes one-off bonuses — slowed more than expected to 8.1% in the quarter through August, from an unrevised 8.5% in the May to July period. However, with consumer price inflation of 6.7% in August, the real-terms increase in pay was far smaller. Regular pay, adjusted for CPI inflation, grew by an annual 0.7% in the three months to August.

(Reuters) -Fitch on Tuesday placed Israel's sovereign debt rating of «A+» on rating watch negative and warned a major escalation of the ongoing conflict with the Palestinian Islamist group Hamas could result in a negative rating action.

A recent working paper by the International Monetary Fund (IMF) titled «Assessing Macrofinancial Risks from Crypto Assets» has shed light on the complexities and potential risks in the rapidly growing crypto sector. The paper serves as a comprehensive guide for understanding the various risks associated with crypto assets, particularly the systemic risks that could affect global financial stability.

Supreme Court ruling on Monday on treating annual licence fees paid by telecommunication companies as capital expenditure is likely to create a hump in their tax outgo. But the effects over the entire licence period should not be significant. This is because the switch in accounting will raise future amortisation and depreciation charges.

By Manya Saini and Nupur Anand

Mumbai: Lightbox India Advisors Pvt. Ltd expects 10 out of its 14 portfolio companies in India to turn profitable over the next year, a top executive at the venture capital firm said. The company, which entered India in 2014 by acquiring six portfolio firms of venture firms Kleiner Perkins Caufield & Byers (KPCB) and Ram Shriram-led Sherpalo Ventures, has raised $450 million across three funds over the last decade and has backed the likes of Dunzo and Rebel Foods.

NEW DELHI : Prime Minister Narendra Modi on Sunday confirmed that India will formally bid for hosting the 2036 Olympic Games. How much does it cost to host the 16-day event and is it worth the effort? Mint evaluates the economic implications of a successful bid. The members of the International Olympic Committee choose the host through a secret ballot where the majority vote gets to be the host.

Gold prices ticked up on Tuesday as tensions in the Middle East buoyed safe-haven demand for the metal, while speech from Federal Reserve Chair Jerome Powell later this week will be eyed for more clarity on the rate path. Spot gold was up 0.5% at $1,928.59 per ounce by 9:51 a.m. ET (1351 GMT), and U.S.

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com .

(Reuters) — U.S. asset management giant Vanguard Group has sold its 49% stake in a joint venture with Jack Ma-backed Ant Group Co, Bloomberg News reported on Tuesday, citing people familiar with the matter.

By Karen Brettell and Samuel Indyk

Investing.com — Oil prices steadied Tuesday after the previous session’s selloff as traders keep an eye on developments in the Middle East as well as the potential for additional supply from Venezuela.

The Middle East’s latest conflagration has got Wall Street’s forex researchers on the overdrive, forecasting possibilities for the euro to reach parity with the US dollar amid speculation the crisis will drive up Europe’s inflation with higher energy costs.

WASHINGTON (Reuters) -U.S. retail sales increased more than expected in September as households stepped up purchases of motor vehicles and spent more at restaurants and bars, cementing expectations that economic growth accelerated in the third quarter.

Investing.com — Oil prices steadied Tuesday after the previous session’s selloff as traders keep an eye on developments in the Middle East as well as the potential for additional supply from Venezuela.

real estate services and investment major ESR Group is planning to develop a large logistics park spread over 1.4 million sq ft in Nagpur and has acquired 58 acres of land for the same. The Hong Kong Stock Exchange-listed company will be investing over Rs 400 crores for the construction and development of the warehousing hub, ESR Nagpur Logistics Park 2, which will be its second logistics park in Nagpur and its twentieth park in India. The park is being designed to accommodate 10 buildings, with each building size ranging from 67,000 sq ft to 190,000 sq ft to meet a broad spectrum of tenant needs ranging from e-commerce to third-party logistics (3PL), retail and fast-moving consumer goods (FMCG). “ESR’s investment in this new grade A asset builds upon the robust response to our first logistics park in Nagpur. Our flagship 22.5-acre development, ESR Nagpur Logistics Park 1, has been operating at full occupancy since completion in 2020 having attracted high-profile tenants from retail and e-commerce domains… Our work is focussed on driving long-term sustainable growth of the economy and uplifting local communities,” said Abhijit Malkani, CEO, ESR India. According to him, the company is looking to harness Nagpur’s strategic advantages and support the burgeoning demand for new economy spaces with this second logistics park in the city.

Days after a devastating earthquake killed over a thousand in Afghanistan, the beleaguered country experienced another seismic event of 6.3 magnitude. On top of current challenges such as food shortages, unemployment, and infrastructure deficiencies, this new disaster further complicates matters. Here's a dive into Afghanistan's troubles.

Reserve Bank of India’s governor Shaktikanta Das during the bi-monthly MPC meeting on October 6 said that onion production needs to be “watched closely.” Onions aren't the main dish in Indian kitchens but onions do add depth and complexity to dishes, playing the role of a supporting actor that steals the show. But it’s not the first time onions and politics have their paths crossed in India. In Indian politics, onions have often been a barometer of public sentiment, capable of making or breaking governments. The pungent politics of onions Onions have deep-fried governments before.

By Ankika Biswas and Shashwat Chauhan

Bank of America (NYSE:BAC) shares gained modestly following the banking giant's third quarter results that beat on the top and bottom lines.