Burned Twitter deal bankers see silver lining in Musk’s startups

Wall Street’s top investment banks that stand to lose lucrative fees from Elon Musk abandoning his $44 billion acquisition of Twitter Inc hope the start-ups backed by the world’s richest person will make up for the lost business.
14 July 2022, 18:00 PM

India’s inflation stays above 15pc in June

India’s annual wholesale price-based inflation kept above 15 per cent in June, government data showed on Thursday, but the slight easing from the prior month’s three-decade high of 15.88 per cent strengthens prospects for more rate hikes next month by the central bank.
14 July 2022, 18:00 PM

EU cuts euro zone growth forecasts

The European Commission cut its forecasts for economic growth in the euro zone for this year and next and revised up its estimates for inflation on Thursday largely due to the impact of the war in Ukraine.
14 July 2022, 18:00 PM

It’s in China’s interest to restructure Lankan debt

China is a “very important” creditor of Sri Lanka and it would likely be in the interest of both countries if China participated in restructuring Sri Lanka’s debt, US Treasury Secretary Janet Yellen said on Thursday.
14 July 2022, 18:00 PM

Women to face the brunt of cost-of-living crisis: WEF report

​​​​​​​A cost-of-living crisis sparked in part by higher fuel and food prices is expected to hit women the hardest, the World Economic Forum reported Wednesday, pointing to a widening gender gap in the global labor force.
13 July 2022, 14:28 PM

Apple getting beefed up against spyware

Apple on Wednesday unveiled a new way for activists, journalists and other targets of state-sponsored espionage to protect themselves from spyware.
7 July 2022, 18:00 PM

IMF doesn’t rule out possible global recession

The head of the International Monetary Fund (IMF) on Wednesday said the outlook for the global economy had “darkened significantly” since April and she could not rule out a possible global recession next year given the elevated risks.
7 July 2022, 18:00 PM

Sri Lanka hikes interest rates, warns trouble ahead

Cash-strapped Sri Lanka has raised interest rates one percentage point on Thursday, the second sharp hike in three months, as the central bank warned of 80 per cent inflation and a painful recession.
7 July 2022, 18:00 PM

Hoping for a calmer H2? Forget it

Investors hoping the second half of the year would bring some relief after a bruising six months, may not be feeling very optimistic after the last 24 hours.
7 July 2022, 18:00 PM

Dollar reigns as investors fear recession pain

Asian stocks fell and the dollar stood by a two-decade high on the euro on Wednesday as investors’ fears deepened that the continent is leading the world into recession, while oil and European equity futures made a wobbly attempt to steady.
6 July 2022, 18:00 PM

Rouble keeps falling

The Russian rouble extended the previous session’s sharp slide on Wednesday, slumping to its lowest since late May against the dollar and euro and heading back towards levels the government prefers as intervention speculation swirled.
6 July 2022, 18:00 PM

Eurozone consumers cut food spending

Eurozone consumers cut spending on food, drinks and tobacco for the second straight month in May amid a spike of prices, according to estimates from the European Union statistics office Eurostat released on Wednesday.
6 July 2022, 18:00 PM

Oil price rises after sell-off

Oil prices rose Wednesday after suffering a painful drop the previous day, though the euro remained wedged at a 20-year low and equities mostly fell in Asia as recession fears continue to flow through trading floors.
6 July 2022, 18:00 PM

Russian court orders halt to Caspian oil pipeline

Caspian Pipeline Consortium (CPC), which takes oil from Kazakhstan to the Black Sea via one of the world’s largest pipelines, has been told by a Russian court to suspend activity for 30 days although sources said exports were still flowing.
6 July 2022, 18:00 PM

Nordic cenbanks join 50bps rate hike club

Norway and Sweden have joined the ranks of central banks opting for 50 basis-point interest rate rises, delivering their biggest policy tightening moves in two decades.
5 July 2022, 18:00 PM

New Zealand business confidence down

New Zealand’s business confidence continued to worsen in the second quarter of this year as companies grappled with increased costs and higher interest rates, a private think tank said on Tuesday.
5 July 2022, 18:00 PM

Turkish inflation hits two-decade high of 78.6pc

Inflation in Turkey in June soared to an annual rate of 78.6 per cent -- the highest in 24 years, according to official data released Monday -- as President Recep Tayyip Erdogan’s unconventional economic policies continued to take their toll.
5 July 2022, 18:00 PM

Is US in a recession? GDP is not the only measure

By some early estimates, the US economy, as measured by gross domestic product, may have shrunk in the three months from April through June. Add that to the decline from January through March, and that would be a contraction for two quarters in a row.
5 July 2022, 18:00 PM

Wheat war: Ukraine conflict raises hunger fears

Russia’s invasion of agricultural power Ukraine has severely disrupted the global wheat market, prompting warnings that the conflict could lead to hunger in some countries.
5 July 2022, 18:00 PM

Zimbabwe to sell gold coins as currency plunges

Zimbabwe’s central bank said it would start selling gold coins this month as a store of value to tame runaway inflation, which has considerably weakened the local currency.
5 July 2022, 18:00 PM