Bank of England cuts rate for first time since pandemic

In a tight 5-4 vote, BoE policymakers agreed to reduce borrowing costs by a quarter-point to 5.0 percent, the central bank announced following a regular meeting.
1 August 2024, 11:13 AM

Ransomware attack hits small banks across India

Nearly 300 small banks have been isolated from the country’s broader payment network to prevent any wider impact, the sources
1 August 2024, 04:01 AM

Boeing names new CEO

The company also posted a bigger quarterly loss, as its troubled defense and space business exacerbated the financial strain on the US planemaker that has already scaled back commercial aircraft production to tackle a quality crisis.
31 July 2024, 11:55 AM

Citi breached a rule meant to keep banks safe, made liquidity reporting errors

The rule is meant to protect depositors whose money is insured up to $250,000 by the government.
31 July 2024, 11:14 AM

Bank of Japan raises key interest rate for second time in 17 years

Its decision, announced after a two-day policy meeting, caused the yen to surge briefly before weakening to levels above 153 per dollar.
31 July 2024, 04:37 AM

HSBC records $21.6 billion pre-tax profit in first half 2024

The Asia-focused lender and its peers were buoyed by rising interest rates earlier this year.
31 July 2024, 04:32 AM

US considers China chip crackdown

The US, facing pushback to its chip crackdown on China, has told its allies it is considering using the most severe trade restrictions available if companies continue giving the country access to advanced semiconductor technology, Bloomberg News reported on Tuesday.
18 July 2024, 18:00 PM

Losses of state enterprises may rise fivefold in FY25

The overall losses of state-owned enterprises in Bangladesh may rise by nearly five times in the current fiscal year compared to the previous year, according to a projection by the government.
10 July 2024, 18:00 PM

Global oil market will be in supply deficit next year: EIA

Global oil demand will outpace supply next year, the US Energy Information Administration said on Tuesday, reversing a prior forecast for a surplus.
10 July 2024, 18:00 PM

Gold ticks higher

Gold prices eked out gains on Tuesday despite a stronger dollar and higher bond yields, as investors looked forward to the US June inflation data due later this week for more clarity on the US interest rate path.
10 July 2024, 18:00 PM

China’s GDP recovery likely lost steam in Q2 as consumption sags: poll

China’s economy likely grew 5.1 percent in the second quarter from a year earlier, slowing from a strong start in the first three months due to sluggish consumer demand, keeping alive expectations Beijing will need to unleash more stimulus.
10 July 2024, 18:00 PM

Rising shipping costs hit global trade hard

The offshoot conflict in the Red Sea has meant higher freight costs and increased expenses for insuring commercial trade goods.
10 July 2024, 05:37 AM

Gold prices rise

Gold prices extended gains on Friday to their highest level in over a month following key US jobs data that showed the labor market was softening, lifting expectations around a Federal Reserve interest rate cut in September.
6 July 2024, 18:00 PM

Gold shines on rate-cut hopes

Gold prices steadied on Friday and were headed for a third straight quarterly gain after a key US inflation report was broadly in line with expectations, boosting hopes that the Federal Reserve could cut interest rates by September.
29 June 2024, 18:00 PM

Sri Lanka’s inflation doubles to 1.7% in June

Crisis-hit Sri Lanka’s annual inflation almost doubled to 1.7 percent in June, up from 0.9 percent the previous month, as food prices began rising again, official data showed Saturday.
29 June 2024, 18:00 PM

H&M net profit jumps 52% in second quarter

Chief executive Daniel Erver said the company had achieved its "best profit and cash flow for many years" in the April-to-June period, with profit after tax reaching five billion Swedish kronor ($473 million).
27 June 2024, 08:17 AM

Sri Lanka seals partial debt deal

Cash-strapped Sri Lanka said Wednesday it had clinched a restructuring deal with a majority of bilateral lenders covering up to $5.8 billion in debt, a key step towards recovery after a 2022 financial crash.
26 June 2024, 18:00 PM

Global debt risks beginning to recede

The debt crisis risk that has overshadowed the global economy for four years is beginning to recede, the Paris Club of rich creditor nations said in its 2023 annual report on Wednesday.
26 June 2024, 18:00 PM

China wants EU to remove tariffs on EVs by July 4

Beijing wants the EU to scrap its preliminary tariffs on Chinese electric vehicles by July 4, China’s state-controlled Global Times reported, after both sides agreed to hold new trade talks.
24 June 2024, 18:00 PM

Some Vietnam coffee farms thrive despite drought, but may not stop espresso price hikes

Domestic forecasts for next season's harvest in Vietnam, the world's second biggest coffee producer, remain grim.
24 June 2024, 04:26 AM