Digital RMB application expanding in China

China has expanded its pilot areas for digital RMB or e-CNY in 15 provinces so far this year, the People’s Daily reported recently.
24 July 2022, 18:00 PM

Fed set for another big rate hike

US central bankers face an increasingly difficult balancing act as they struggle to douse scorching inflation while still keeping the economy growing, though they have made it clear they are willing to risk a recession.
24 July 2022, 18:00 PM

India has zero tolerance for rupee volatility

India’s central bank has zero tolerance for volatile and bumpy movements in the rupee and will continue to engage with the foreign exchange market to ensure the rupee finds its appropriate level, its chief Shaktikanta Das said on Friday.
24 July 2022, 18:00 PM

Evergrande ousts top executives

Embattled Chinese real estate giant Evergrande has ousted its CEO and CFO after an internal investigation into why banks seized over $2 billion from the firm’s property services arm, the company has said.
23 July 2022, 18:00 PM

EU to pause crop rotation to help fight food crisis

The European Commission on Friday gave the go-ahead to the renewed suspension of crop rotation rules that require European farmers to leave 1.5 million hectares of arable land lying fallow.
23 July 2022, 18:00 PM

Twitter says Musk ‘uncertainty’ hurting revenue

Twitter blamed disappointing results Friday on  “headwinds,” including the uncertainty imposed on the company by Elon Musk’s chaotic buyout bid.
23 July 2022, 18:00 PM

China plans ‘great efforts’ for economic recovery

China will make great efforts to consolidate its economic recovery particularly in the crucial third quarter, putting a priority on stabilising employment and prices, state media reported on Friday after a regular cabinet meeting.
23 July 2022, 18:00 PM

Global slowdown fears darken

The global economy looks increasingly likely to be heading into a serious slowdown, just as the highest inflation in a generation prompts central banks to aggressively reverse the ultra-loose monetary policy adopted during the pandemic to support growth, data showed on Friday.
23 July 2022, 18:00 PM

Implement Ukraine grain deal ‘swiftly’

The United States called Friday on Russia to let out Ukrainian grain quickly and voiced hope that a Turkish-brokered deal was well-structured enough to monitor compliance.
23 July 2022, 18:00 PM

Saudi Arabia to sign energy deals with Greece

Saudi Crown Prince Mohammed bin Salman will visit Greece on July 26 to meet Prime Minister Kyriakos Mitsotakis, the Greek foreign ministry said on Friday, in his first visit to an EU country since the 2018 killing of Saudi journalist Jamal Khashoggi.
23 July 2022, 18:00 PM

Wheat prices tumble

Wheat prices tumbled Friday, retreating to levels last seen prior to the Russian invasion of Ukraine following a landmark agreement to unblock Ukraine’s Black Sea grain exports.
23 July 2022, 18:00 PM

US crude ends below $95

US crude prices settled below $95 a barrel for the first time since April in choppy trading on Friday after the European Union said it would allow Russian state-owned companies to ship oil to third countries under an adjustment of sanctions agreed by member states this week.
23 July 2022, 18:00 PM

Asian cenbanks forced to play catch-up in raising rates

Having bucked a global dash to tighten monetary policy for a year, Asian central banks find themselves scrambling to catch up in order to tackle rising inflation and defend weakening currencies.
21 July 2022, 18:00 PM

Gas crisis to cost 1.5pc of German economy: IMF

Halting Russian gas supplies to Germany would cost Europe’s largest economy 1.5 per cent of its GDP in 2022, the International Monetary Fund said Wednesday, as concerns mount that Moscow will further squeeze supply.
21 July 2022, 18:00 PM

Turkey to resume drilling for gas near Cyprus

Turkey next month will resume drilling operation near the divided island of Cyprus, a top official said Wednesday, threatening to spark a new diplomatic row with the EU.
20 July 2022, 18:00 PM

EU to unblock Russian bank funds for food trade

The EU is preparing to carve out exceptions in its tough sanctions against Moscow that would unblock assets at Russian banks linked to trade in food and fertiliser, a document showed on Tuesday.
20 July 2022, 18:00 PM

China speeding up approvals for new coal plants: Greenpeace

China has ramped up approvals for new coal power plants this year, Greenpeace said Wednesday, with authorities trying to lower the risk of economically painful electricity shortages.
20 July 2022, 18:00 PM

Yellen sees hope to avoid recession

The US economy is on solid footing and in good position to avoid a downturn, even amid rising interest rates, but still faces a number of global hazards, Treasury Secretary Janet Yellen said Tuesday.
20 July 2022, 18:00 PM

Russia to restart gas export from Nord Stream 1 on schedule

Russian gas flows via the Nord Stream 1 pipeline are likely to restart on time on Thursday after the completion of scheduled maintenance but at lower than its full capacity, two Russian sources familiar with the export plans told Reuters.
20 July 2022, 18:00 PM

Oil price windfall tests Gulf’s fiscal discipline

A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal discipline as governments try to shield citizens from inflation.
20 July 2022, 18:00 PM