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Global Economy
Yellen to call for increased economic pressure on Russia
US Treasury Secretary Janet Yellen this week will call on her counterparts to ramp up the economic pain on Moscow over its invasion of Ukraine, a senior Treasury official said Monday.
19 April 2022, 18:00 PM
Denmark unveils energy plan to be ‘free from Putin’
Denmark presented on Tuesday a roadmap to end its dependence on Russian gas through a mix that includes renewable energy and biogas to become “free” from President Vladimir Putin.
19 April 2022, 18:00 PM
Soaring battery costs fail to cool electric vehicle sales
Buyers around the world are lining up to purchase electric vehicles this year even with sticker prices surging, flipping the script on a decade and a half of conventional auto industry wisdom that EV sales would break out only after battery costs dropped below a threshold that was always just over the horizon.
19 April 2022, 18:00 PM
High debt could slow countries’ recoveries
Debt accumulated by businesses and individuals worldwide could slow economic recoveries from the pandemic crisis, the IMF warned Monday.
19 April 2022, 18:00 PM
WB plans $170b crisis fund for poor nations
The World Bank is seeking to create a $170 billion emergency fund to help the poorest nations being buffeted by multiple crises, the bank’s President David Malpass said Monday.
19 April 2022, 18:00 PM
China likely to lower benchmark lending rates
Benchmark lending rates for China’s commercial banks are likely to be lowered at a monthly fixing on Wednesday, a Reuters survey showed, as Beijing cautiously eases monetary conditions to aid an economy hit by coronavirus lockdowns in several cities.
19 April 2022, 18:00 PM
India urges IMF to immediately provide financial assistance to Sri Lanka
India today urged the International Monetary Fund (IMF) to urgently provide financial assistance to the economic crisis-hit Sri Lanka.
19 April 2022, 07:04 AM
US banks’ commodity trading exposures rise
Wall Street banks’ commodities trading exposures are rising, which could leave them vulnerable to large swings in asset values following Russia’s invasion of Ukraine, first quarter earnings disclosures showed.
18 April 2022, 18:00 PM
China’s daily coal output hits record high
China’s coal output rose 15 per cent in March from the same month a year ago, with daily production climbing to a record, as Beijing urged miners to crank up operations to ensure steady market supply.
18 April 2022, 18:00 PM
200,000 risk losing jobs in Moscow over sanctions
Around 200,000 employees of foreign companies in Moscow could lose their jobs due to sanctions over Russia’s military campaign in Ukraine, the city’s mayor said on Monday.
18 April 2022, 18:00 PM
Asian markets slide on inflation, Covid fears
Asian stocks closed lower on Monday in cautious trade, as figures showed China’s economic growth accelerated in the first quarter of the year, but the government warned of “significant challenges” ahead.
18 April 2022, 18:00 PM
Sri Lanka’s reluctance to tap IMF pushed it into an economic abyss
Sri Lanka’s worst economic crisis has triggered an unprecedented wave of spontaneous protests as the island nation of 22 million people struggles with prolonged power cuts and a shortage of essentials, including fuel and medicines.
18 April 2022, 18:00 PM
Sri Lanka fuel prices up ahead of IMF talks
A key fuel retailer in Sri Lanka raised prices by up to 35 per cent on Monday as the cash-strapped government was set to open crucial bailout talks with the International Monetary Fund.
18 April 2022, 18:00 PM
China economy accelerates in Q1
China’s economic growth accelerated in the first quarter of the year to 4.8 per cent, official data showed Monday, but the government warned of “significant challenges” ahead while massive Covid-19 lockdowns started to bite.
18 April 2022, 18:00 PM
Libya firm announces closure of major oil field
Libya’s National Oil Corporation announced Sunday the closure of production at a major oil field in the country’s south, declaring a “force majeure”.
17 April 2022, 18:00 PM
Sri Lanka halts share trading
Sri Lanka on Saturday announced a five-day share trading halt after the crisis-hit country hiked interest rates and declared a default on its external debt during the traditional New Year holiday, as trade unions and top cricket stars joined protests demanding the president’s resignation.
17 April 2022, 18:00 PM
Tough to find alternative to Russian thermal coal
Alternatives for Russian thermal coal are difficult to find as the market is getting tighter, the head of a group representing Japanese utilities said on Friday.
17 April 2022, 18:00 PM
Lankan bondholders brace for losses in debt restructuring
Some big US banks have again started stockpiling cash to cushion potential loan losses due to growing worries over the war in Ukraine and the impact of inflation on the US economy, although trading continues to be bright spot for Wall Street.
17 April 2022, 18:00 PM
New EU sanctions on Russia to target Sberbank
The European Union’s forthcoming sanctions on Russia will target banks, in particular Sberbank, as well as oil, the head of the European Commission Ursula von der Leyen told a German newspaper.
17 April 2022, 18:00 PM
US banks build reserves on Russia, inflation risks
Some big US banks have again started stockpiling cash to cushion potential loan losses due to growing worries over the war in Ukraine and the impact of inflation on the US economy, although trading continues to be bright spot for Wall Street.
17 April 2022, 18:00 PM