The surprise oil output cuts announced on Sunday by Opec+ members illustrate their greater power over the market, given limited supply growth by other producers such as US shale firms and still-growing demand despite the energy transition.

The dollar wallowed near two-month lows on Wednesday after weak data supported the view that the Federal Reserve may not need to raise rates much further, while the New Zealand dollar hit two-month highs after a larger-than expected rate hike.

Growth in India’s dominant services industry eased last month from February’s 12-year high due to a softer expansion in demand, according to a private survey, which also showed input cost inflation falling to its lowest since September 2020.

India’s power generation grew at the fastest pace in over three decades in the just-ended fiscal year, a Reuters analysis of government data showed, fuelling a sharp surge in emissions as output from both coal-fired and renewable plants hit records.

In 2008, the Japanese government announced the “China Plus One” policy, focusing on relocating its sunset industries from China to other countries.

Oil prices rose on Tuesday after Opec+ plans to cut more production jolted markets the previous day, with investors’ attention shifting to demand trends and the impact of higher prices on the global economy.

State-run Bangladesh Agricultural Development Corporation (BADC) yesterday signed a memorandum of understanding (MoU) with National Group, a private entity in Russia, for the export of potato to Russia, according to the agriculture ministry. 

President Joe Biden on Monday shrugged off a sharp output cut by Saudi-led Opec+ oil producers, while the White House criticized the move but said it would be of limited impact on the US economy.

Developing Asia will grow faster than previously thought this year, underpinned by a stronger-than-projected rebound in China, but risks from global banking turmoil could weigh on the outlook, the Asian Development Bank (ADB) said on Tuesday.

India cut its windfall tax on crude oil to zero from 3,500 rupees ($42.56) a tonne and halved the tax on diesel to 0.5 rupee per litre, a government notification said on Tuesday.

The World Bank on Tuesday lowered its forecast for India’s economic growth in the current fiscal year that started on April 1 to 6.3 per cent from 6.6 per cent as it expects higher borrowing costs to hurt consumption.

The World Bank and the Asian Development Bank yesterday emphasised structural reforms of trade policies, public finance management, domestic resource mobilisation and the banking sector in Bangladesh in order to ensure sustainable growth in the upcoming years. 

The global lender says in its latest report on Bangladesh development update

The dollar rose against other major currencies on Monday as fears over inflation resurfaced after a surprise announcement by major oil producers to cut production targets further, with traders wagering the Federal Reserve may need to increase interest rates again at its next meeting.

Global tech giant Huawei has taken an ambitious plan of developing 50,000 ICT talents in South Asia in the next five years.

Oil prices surged yesterday in the global market, posting the biggest daily rise in nearly a year, after a surprise announcement by Opec+ to cut more production jolted markets.

State-run Bangladesh Agricultural Development Corporation and private entity National Group Russia for Potato Export are expected to sign a memorandum of understanding today over the export of potato from Bangladesh to Russia. 

India’s manufacturing sector expanded at its quickest pace in three months in March on improved output and new orders, although firms shed jobs for the first time in over a year, a private business survey showed on Monday.

Global factory activity weakened in March as consumers feeling the pinch from rising living costs cut back, surveys showed on Monday, suggesting a deteriorating outlook will remain a drag on economic recoveries and keep policymakers on their toes.

Saudi Arabia and other Opec+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day in a surprise move they said was aimed at supporting market stability.